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Q3 2022 and capital markets update

The third quarter of the year was characterised by record high production of iron ore concentrate, reduced costs per metric ton produced, and good progress with the company’s strategic development projects.

The iron ore concentrate production totalled 469 thousand metric tons. This is the largest amount produced in one quarter in the history of Rana Gruber. The production increase was a result of continuous improvement in the entire operations from the mine to the processing plant. While total costs remained stable, the increased production volumes resulted in reduced costs per ton.

“Our record high production volumes are results of our continuous efforts for optimisation of our production processes,” says CEO Gunnar Moe.

The company also progressed well with its strategic development projects.

“We are on track with our strategic projects. Before the end of 2024, we expect to increase the minimum iron content in our hematite production to 65 per cent, and to increase our magnetite production by 50 per cent. Before the end of 2025, we expect to be the world’s first carbon free iron ore producer, Moe says.”

The revenues of the quarter increased by 17 per cent compared to the third quarter of 2021 and came in at NOK 230.5 million. The operating profit (EBITDA) ended at NOK 64 million, up from negative NOK 8.3 million in the comparable period last year.

“The increase in revenues is largely explained by the fall in the prices for iron ore during the third quarter of 2021. This also explains the improved operating profit,” says Moe.

The adjusted net profit amounted to NOK 55.4 million, and the board decided to pay out dividends per share of NOK 1,05

Please find enclosed the report and presentation for the third quarter of 2022.


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