Gunnar Moe
Chief Executive Officer
Welcome to this presentation of Rana Gruber’s results for the fourth quarter and full year of 2025. My name is Gunnar Moe, and I am the CEO at Rana Gruber. With me today is our CFO, Erlend Hoyen. We will now take you through our operational and financial performance, and you are welcome to send us questions during the presentation by using the Q&A feature. Questions will be answered at the end of the session.
The strong production trend from previous years continues, both at the mine site and at the processing plant. The production processing plant was close to our capacity at 1.85 million metric tonnes, and the mine site delivered another strong year. For the underground mine, we had a record high production at 3.4 million metric tonnes. Fourth quarter was slightly below internal expectations and concentrate production reached 413,000 tonnes in the quarter. The reduction compared to previous quarters was related to a temporary production disruption in the processing plant and reduced recovery as we increased quality.
Mitigating actions to improve recovery is described and will be implemented during the first half of 2026. Global macro uncertainty remained during fourth quarter, but iron ore prices has remained quite stable above USD 100. Revenues for the quarter landed at NOK 413 million, below last year’s NOK 443 million. Cost discipline is and will be one of our main focus going forward. Fourth quarter was a challenging quarter as we were hit by increased energy prices and lower production. This resulted in a cash cost per tonne of NOK 647 or USD 64.
In absolute terms, cost
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