Rana Gruber ASA: Rana Gruber Enters into Fixed Freight Rate Agreements

30 Oct 2024 15:26 CET

For November and December this year, Rana Gruber has secured fixed freight rate
agreements of USD 21.7/mt and USD 22.3/mt, respectively, for 60,000 mt per
month.

For the second quarter of 2025, Rana Gruber has secured fixed freight rate
agreements at USD 22.2/mt for a monthly volume of 30,000 mt.

Total volume of fixed freight rate agreements after today is:
November 24: 60.000 mt per month (avg. 21.7 USD/mt)
December 24: 60.000 mt per month (avg. 22.3 USD/mt)
Q1-25: 90.000 mt per month (avg. 22.35 USD/mt)
Q2-25: 90.000 mt per month (avg. 23.00 USD/mt)
Q3-25: 60.000 mt per month (avg. 23.40 USD/mt)
Q4-25: 60.000 mt per month (avg. 23.40 USD/mt)

After this agreement Rana Gruber has secured a total of 1.020.000 mt for 2024
and 2025 at the average of 22.85 USD/mt.

Rana Gruber is subject to fluctuations in the freight market through a deduction
of freight costs in the realized price of hematite products, and these positions
will help reduce the volatility in Rana Gruber's cash flow going forward.
Unrealized effects will be recognized in other financial gains/(losses) in the
P&L. Positions that are not relevant for the quarter will be adjusted in the
adjusted net profit, similar to positions related to iron ore and FX going
forward.

For more information, please contact:
Gunnar Moe, Chief Executive Officer: +47 941 47 650
Erlend Høyen, Chief Financial Officer: +47 902 02 741

About Rana Gruber
Rana Gruber is a Norwegian iron ore producer established in 1964, with
operations based on more than 200 years of mining experience. The company's
products are based on natural mineral resources, which are processed and
exported to customers worldwide. Key customers include steel producers and
participants in the chemical industry. The company has about 370 employees and a
production capacity of 1.8 million metric tons of iron ore concentrates.

More information:
Access the news on Oslo Bors NewsWeb site