The Norwegian mining company Rana Gruber increased production significantly and delivered the strongest quarter in the company's history.
The mining company Rana Gruber, which operates iron ore extraction northeast of Mo i Rana in Nordland, achieved record production in the third quarter of the year.
That was revealed in a stock exchange announcement on Wednesday.
The company produced 503 thousand tonnes of iron ore concentrate in the quarter, which is a significant increase from the same quarter the previous year – and is the strongest quarter in the company's history.
"It is extra gratifying that we concurrently manage to maintain quality while increasing volume," the message reads.
Significantly increased revenue
Revenues ended at NOK 470.8 million, up from NOK 230.5 million in the third quarter of 2022.
Rana Gruber writes that the increase is due to higher realized prices than recorded income from shipments in the previous quarter, increased sales volume, higher prices for iron ore, and currency effects from a weakened Norwegian krone.
Together with operating costs of NOK 228.7 million, this resulted in increased operating profit, which ended up at NOK 251.2 million.
The net profit after tax was NOK 171.2 million, up from NOK 55.4 million in the third quarter of 2022.