Annual report 2024
Contents
RANA GRUBER ANNUAL REPORT 20242 CONTENTS
About Rana Gruber
Highlights and key figures .................4
Letter from the CEO ........................6
About Rana Gruber.........................8
Our products ...............................9
Resources and mines .....................10
Strategic priorities ........................12
Shareholder information ..................14
Corporate governance
Corporate governance statement.........18
The management team ....................26
The board of directors.....................28
Board of directors’ report.................34
RANA GRUBER ANNUAL REPORT 2024 3CONTENTS
Sustainability statement
Sustainability overview ...................88
General information . . . . . . . . . . . . . . . . . . . . . . . 90
Environmental information...............110
Social information ........................146
Governance information..................176
Financial statements
Statement of comprehensive income .....48
Statement of financial position ............49
Statement of cash flows...................50
Statement of changes in equity ...........51
Notes to the financial statements .........52
Independent auditor’s report .............83
PRODUCTION SPLIT 2024
Hematite: 1 691 000 mt
Magnetite: 156 000 mt
Colorana: 4 400 mt
91.5%
8.4%
0.2%
Total
production:
1.85
million mt
Financial highlights and key figures
Amounts in NOK million, except where indicated otherwise
2024 2023
Revenues 1 664 1 932
EBITDA 533 930
EBITDA margin (%) 32 48
Net profit 371 490
Adjusted net profit 387 644
Cash cost 1 073 902
Cash cost per mt produced (NOK) 579 495
EPS (NOK) 10 13
DPS (NOK) paid out during the year 9.2 11.1
Equity ratio (%) 55.7 50.0
1) Dividend yield calculated as dividends per share paid during the period divided by the share price at the beginning of the period.
For explanation of EBITDA, EBITDA margin, adjusted net profit, cash cost, and cash cost per mt produced, see appendix to the financial statements.
Record high concentrate production and all-time high sales
volumes
Strengthened strategy to transition into a high-grade iron ore
producer, increasing competitiveness for years to come
Increased magnetite production with 50.9 per cent to 156 000 mt
Solid revenue of NOK 1.66 billion despite softening iron ore prices
during the year
NOK 9.2 per share distributed to shareholders in 2024,
corresponding to a dividend yield of 12 per cent
1)
202420232022
CONCENTRATE PRODUCTION
In thousand mt
1 848
1 728
1 817
202420232022
REVENUES
NOKmillion
1 664
1 423
1 932
XX
202420232022
DIVIDENDS PER SHARE
NOK
11.1
9.2
6.2
RANA GRUBER ANNUAL REPORT 20244 HIGHLIGHTS AND KEYFIGURES
Sustainability highlights and key figures
Reduced carbon footprint to 6.14 kg per
ton iron ore concentrate from 7.17 kg in
2023, confirming Rana Gruber’s position
as one of the industry leaders
High safety focus with no serious injuries
Towards Sustainable Mining (TSM)
published in January 2025, Rana Gruber
reported on all protocols and achieved a
top-tier score of A-AAA
The proportion female employees
continue to increase, now 17.6 per cent
Sorting rate of 92.2 per cent, close
to the ambition of 92.5 per cent. Rana
Gruber’s largest waste fraction is metal
complexes and steel
202420232022
SORTING RATE
Per cent
92.2%
86.3%
86.1%
202420232022
FEMALE EMPLOYEES
Per cent
17.6%
16.1%
17.3%
2024202320222021
CARBON FOOTPRINT
Per kg. iron ore concentrate
7.2
6.1
9.3
8.5
-33.9%
202420232022
FEMALE EMPLOYEES IN TOP MANAGEMENT
Per cent
25.0%
33.0% 33.0%
RANA GRUBER ANNUAL REPORT 2024 5HIGHLIGHTS AND KEYFIGURES
Letter from the CEO
Setting new standards: Advancing
high-grade iron ore efforts
2024 was a defining year for Rana Gruber, marked by solid operational results, continued
attractive shareholder distributions, and important progress toward our long-term
ambitions of producing high-grade iron ore. We operate in a market undergoing
transformative change, with global steelmakers accelerating efforts to decarbonise. Our
ambition remains clear: to lead the transition toward sustainable steelmaking by offering
high-grade iron ore of around 67 per cent iron content by the end of this decade.
Growing demand for higher-grade products to
facilitate green steel production
The global steel industry is on the verge of a fundamen-
tal shift, facing a strong need to reduce carbon emissions.
High-grade iron ore, as an input factor, enables steelmak-
ers to substitute old production methods and produce
steel more efficiently, potentially reducing energy use
and emissions by up to 75 per cent.
In recent years we have had a strategy to increase the
iron content of our products, enable the steel industry
to convert from traditional blast furnaces technology
to direct reduction technology. The implication for us is
assessing all the various steps in the production line to
lift the quality to new heights without reducing volume.
We have already lifted the quality of our hematite prod-
uct significantly, achieving up towards 64.5 per cent iron
content during 2024. Based on deeper knowledge and
pilot studies throughout the year, we know that our iron
ore resources have excellent properties to be refined
into an even higher-grade product.
Therefore, we are accelerating our transition to high-
grade iron ore production. We expect to reach 65% Fe by
the end of the first half of 2025, with continuous efforts to
improve quality throughout the year. By the end of 2025,
we aim to define the scope for future production beyond
Fe65, enabling the steel industry to reduce its carbon
emissions while enhancing our competitiveness and cre-
ating more value.
Record volumes of high-quality magnetite
Another key strategic initiative for us has been to lift
the production volume of our premium magnetite con-
centrate, a product highly rich in iron. I’m pleased to
see the increased magnetite volumes we were able to
deliver in 2024, setting a record with annual production
of 156 000 mt highly specialised magnetite products.
We will continue to increase our magnetite produc-
tion in the coming years and expect a run rate above
200000 mt in 2026.
Leveraging a robust operational foundation
With one of the lowest carbon emissions per unit of iron
ore concentrate in the industry, we continue to enhance
our sustainability profile. Our aim is to be a leader in the
global iron ore industry by eliminating carbon emissions
in own production, combined with increasing the iron
content in finished goods to facilitate customers demand
for raw materials of higher quality to support new tech-
nology with lower CO
2
footprint. We are proud to con-
tribute meaningfully to the decarbonisation of iron ore
production and steelmaking value chain, aligning our
operations with the green transformation of the sector.
By advancing exploration and development initiatives,
we have ensured sustainable production capacity capa-
ble of supporting operations for decades to come.
Delivering solid operational and financial
results over time
Financially, 2024 was a solid year for Rana Gruber.
We operate in global markets, where iron ore prices
have experienced some moderation in 2024, influenced
by the broader macroeconomic environment and evolv-
ing demand dynamics, particularly in China. Revenues
reached NOK 1 664 million, with an operating profit
(EBITDA) of NOK 533 million. We distributed total div-
idends of NOK 9.24 per share, amounting to NOK 343
million, underscoring our dedication to delivering share-
holder value. Since our listing in 2021, Rana Gruber has
RANA GRUBER ANNUAL REPORT 20246 LETTER FROM THE CEO
“We continue to
have a strong
foundation for
sustainable long-
term value creation
in years to come.“
delivered consistent shareholder returns with a total of
more than NOK 1.3 billion distributed through dividends.
Prioritising increased efficiency
Over the years, Rana Gruber has built a strong foun-
dation by maintaining cost-efficient operations, which
support free cash flow. In 2024, we announced several
initiatives to meet rising costs and further improve our
operational base. Our strategic partnership with Cargill
provides stability, validates the quality of our products
and strengthens our market position, while enabling us
to focus on optimisation of our operational capabilities.
Health, safety and environment is at the forefront at
everything we do. There was one production-related
injury in 2024, which led to short-term absence from
work. We constantly work to ensure safety measures
in all parts of production and promoting a healthy work
environment for all employees.
Positioned for sustainable and valuable
growth in 2025
As we embark on 2025, Rana Gruber is in pole position
to continue advancing the green transition in the steel
industry and contributing to a more sustainable future.
Our strategic advantages allow Rana Gruber to serve
global markets with an increasing need for premium
products. Our prime location with short sailing distances
to European steel mills, low-emission profile and the
attractive offtake agreement and partnership with Car-
gill, further strengthen our position. Together, these fac-
tors enable Rana Gruber to meet evolving market needs.
We continue to have a strong foundation for sustaina-
ble long-term value creation in years to come, and I am
excited for what lies ahead.
Gunnar Moe
CEO, Rana Gruber
RANA GRUBER ANNUAL REPORT 2024 7LETTER FROM THE CEO
About Rana Gruber
Rana Gruber is Norway’s only iron ore producer, located in Mo i Rana in Nordland county.
We mine and process iron ore to produce high-quality concentrate and specialised
products, all without use of chemicals. With a clear focus on production of iron ore with a
high iron content, we are positioning ourselves as a key enabler for a low-carbon future.
Rana Gruber deposits are located in the Dunderland Val-
ley in Norway, approximately 35 kilometers north-east
of the city of Mo i Rana. The iron ore production takes
place at the company’s iron ore deposits at Ørtfjell. Rana
Gruber’s processing plant is also located near the city
centre of Mo i Rana, with direct access to the company’s
own port and railway connection.
With one of the industry's lowest carbon emissions per
unit of iron ore concentrate, Rana Gruber is committed
to further reducing its footprint and advancing the green
transition for steel mills globally. By steadily increasing
the iron content of our products, we enable lower emis-
sions across the entire value chain as we transition to
higher-grade production. Powered by locally sourced
hydropower, our operations exemplify sustainable and
responsible production.
We have an extensive reserve of iron ore. These
resources are expected to maintain current produc-
tion levels and guarantee decades of future supply. This
assurance is founded on over 200 years of mining exper-
tise derived from these abundant resources.
We operate at the beginning of the value chain for the
ferrous industry. After the production of iron ore con-
centrates and Colorana, the products are shipped to
different customers, primarily in Europe, such as steel
mills and for use in water purification systems.
RANA GRUBER ANNUAL REPORT 20248 ABOUT RANA GRUBER
Hematite
Hematite constituted 91.5
per cent of our total pro-
duction in 2024. The prod-
uct is used in metallurgical
applications. Key custom-
ers are steel manufacturers,
mainly in Europe. They pro-
cess steel for various pur-
poses, including constructing
buildings, infrastructure,
and serving the automo-
tive industry. Rana Gruber
has a close cooperation with
Cargill metals and miner-
als which include an off-take
agreement for our hematite,
technical support, product
development and risk man-
agement.
Magnetite
Our magnetite is a pure
iron-oxide concentrate with
ultra high-grade proper-
ties, produced without use of
processing chemicals. The
product is therefore free of
any chemical additives, and
highly valued by water treat-
ment chemical producers, a
rapidly growing sector that
has gained increasing atten-
tion in recent years.
Colorana
®
Our specialised product
Colorana is based on mag-
netite concentrate and is
used both for colorants and
highly advanced products
such as magnetic stripes and
chemical processes. Cus-
tomers are located all over
the world and are within a
diverse group of industries
and market segments, such
as concrete, paint, plastics,
the automotive industry, heat
management, and toner pro-
duction.
High quality products
Iron ore is an essential component in modern society as it is used as input in everything
from buildings, cars and electronic devices. Rana Gruber produces and sells iron ore
concentrate to the global market. Our main market is the European steel industry, but
our product is also used in other applications, including water purification systems. We
produce three products, each with distinct applications:
RANA GRUBER ANNUAL REPORT 2024 9ABOUT RANA GRUBER
OPEN-PIT MINE
Excavated using one or
more horizontal benches
OUR RESOURCES AND MINES
UNDERGROUND MINING
Ore from the underground
operations is transported
by truck to the underground
crushing station
TRANSPORTATION TO
CRUSHER
Ore transported by trucks
UNDERGROUND SILO
Here the crushed ore
is mixed and loaded
directly from the silo
to rail wagons for
further transport
FROM SILO TO
RAIL WAGONS
Unique and efficient
process using gravity
to load ore directly
from underground
silos to rail wagons
UNDERGROUND
CRUSHING STATION
CRUSHING STATION
Above the
underground silo
HYDRO-ELECTRIC POWER
Powering the mining
process
CONVEYOR
BELTS
LOGISTICS
Shipping
Processing plant
Mines
Stensundtjern
Ørtvann
Ørtfjell
Finnkåteng
Railway
connected
to Bane Nor
Railway
connected
to Bane Nor
2 km6 km
34 km
Resources and mines
Our mines are located 35 kilometres north-east of the city Mo i Rana, in the Dunderland Valley.
The mining takes place at our deposits at Ørtfjell in both open-pit and underground mines. The
open-pit operations are outsourced to the local entrepreneur HJH Fjell og Anleggsentreprenør
AS, and the underground mine is operated by Rana Gruber’s own personnel.
RANA GRUBER ANNUAL REPORT 202410 ABOUT RANA GRUBER
OPEN-PIT MINE
Excavated using one or
more horizontal benches
OUR RESOURCES AND MINES
UNDERGROUND MINING
Ore from the underground
operations is transported
by truck to the underground
crushing station
TRANSPORTATION TO
CRUSHER
Ore transported by trucks
UNDERGROUND SILO
Here the crushed ore
is mixed and loaded
directly from the silo
to rail wagons for
further transport
FROM SILO TO
RAIL WAGONS
Unique and efficient
process using gravity
to load ore directly
from underground
silos to rail wagons
UNDERGROUND
CRUSHING STATION
CRUSHING STATION
Above the
underground silo
HYDRO-ELECTRIC POWER
Powering the mining
process
CONVEYOR
BELTS
LOGISTICS
Shipping
Processing plant
Mines
Stensundtjern
Ørtvann
Ørtfjell
Finnkåteng
Railway
connected
to Bane Nor
Railway
connected
to Bane Nor
2 km6 km
34 km
Our organisation possesses a vast resource base, with
a significant portion officially designated as reserves.
We have an on-going exploration drilling programme
with intention to develop our resource and reserve
bases. This initiative not only enhances our understand-
ing of the geological and physical properties of the rock
masses but also enables greater precision in our long-
term mine planning.
The Ørtfjell deposit is our main deposit and is located on
our own property. It is connected to the existing infra-
structure, including a silo, crusher, railway, and a net-
work of roads. The deposit plays a substantial role in
our overall resource base and reserves, making up a
significant proportion of both. It is designated for exten-
sive mining operations over the coming decades, under-
scoring its critical importance in our long-term plans. In
addition, there are three other deposits in areas called
Finnkåteng, Ørtvann, and Stensundtjern.
Operations at the Ørtfjell open-pit mine are expected to
conclude by the end of 2025. Preparations for the tran-
sition to the Stensundtjern deposit are well underway
and production is expected to start in the second half of
2025.
Favourable logistics
All our mines are located substantially higher than sea
level, ensuring highly energy-efficient transportation to
the processing plant at the port.
Ore loaded directly from silo to rail wagons
Ore is loaded directly from underground silos to rail
wagons, using gravity for efficient processing.
Connection to public railway
Fully loaded rail wagons connect directly to the public
railway (Nordlandsbanen) and move to the processing
plant. The processing plant is located lower in the land-
scape than the mines, reducing the energy required for
ore transportation.
Short distance to processing plant
The processing plant is located only 35 km from the
mines.
Processing
The processing plant is integrated with the shipping
location at our own port.
Sales
Our products hematite and magnetite are loaded on ves-
sels at our own ice-free port terminal. Most products
are sold to customers free on board. Every month, two
or three Panamax vessels are loaded with hematite, and
two or three short sea vessels are loaded with magnet-
ite. The Colorana® iron oxide pigments are packed into
bags and placed on pallets for dispatch via truck or a
combination of truck and rail transport to the final cus-
tomer.
RANA GRUBER ANNUAL REPORT 2024 11ABOUT RANA GRUBER
Strategic priorities
Rana Gruber is in pole position to lead the transformation of the iron ore industry by focusing
on high-grade iron ore production and our industry-leading carbon footprint. Our strategic
initiatives are designed to align with the evolving needs of the steel industry, address global
sustainability challenges, and ensure long-term value creation for all stakeholders.
Transition to high-grade iron ore production
The global steel industry is fundamentally shifting
toward decarbonisation, with direct reduced iron (DRI)
technology emerging as a key catalyst for sustainable
steel production. This method requires high-grade iron
ore, making the transition to high-grade production both
a necessity and an opportunity.
Rana Gruber has been progressively increasing the iron
content of our products. Over the past four years, we
have lifted our average iron content from 62 per cent
to 64 per cent, with a target of achieving 65 per cent by
mid-2025. Our long-term ambition is to produce high-
grade concentrates around 67 per cent, which will sig-
nificantly enhance the decarbonisation potential of steel
mills. By enabling our customers to reduce emissions
up to 75 per cent, Rana Gruber is contributing to a lower
carbon footprint across the entire value chain.
Increasing magnetite production volumes
Our M40 magnetite concentrate is a natural, chemi-
cal-free, ultra high-grade product which is used in the
global water purification market. Magnetite produc-
tion remains a strategic priority, with plans to further
increase volumes significantly over the next years. This
expansion is supported by recent upgrades to our pro-
cessing facilities and the anticipated start of operations
at the Stensundtjern open-pit mine in 2025. The higher
magnetite concentration at this site will enable us to
achieve a production run rate of 200 000 tonnes by 2026,
doubling the levels from recent years.
Pushing the green transition through higher-grade
iron ore
While electrification and net-zero operations remain inte-
gral to our identity, our focus has shifted toward the
broader impact of our products on global decarboni-
RANA GRUBER ANNUAL REPORT 202412 ABOUT RANA GRUBER
sation. High-grade iron ore from Rana Gruber is a crit-
ical enabler for the adoption of DRI technology, which
reduces reliance on traditional coal-based blast fur-
naces. This aligns with the European steel industry’s
targets for emission reductions by 2030 and carbon neu-
trality by 2050.
Our low-emission production methods, powered by local
hydropower, already set us apart as an environmen-
tally responsible producer. As we increase the grade
and purity of our products, our contribution to sustaina-
ble steelmaking will grow, amplifying the environmental
benefits we bring to the value chain.
Long-term planning and resource optimisation
Mining is a long-term endeavour, requiring precise plan-
ning and resource management. As we finalise oper-
ations at the Ørtfjell open-pit mine, preparations for
the Stensundtjern mine are well underway. Our under-
ground operations also provide a stable resource base,
with new production levels planned through 2030 and
beyond. We continue to explore opportunities to opti-
mise production, balancing quality and volume to meet
market demands and maximise profitability.
A trusted partner in the steel industry
Through our strategic partnership with Cargill, we gain
valuable insights into market trends and the evolving
needs of steelmakers. This collaboration positions Rana
Gruber as a key supplier of high-grade iron ore for the
European steel markets in the years to come. By con-
sistently delivering superior-quality products, we aim to
secure premium pricing linked to the Fe65 index during
the year and establish ourselves as a leader in the high-
grade segment in the longer-term.
Driving local impact and community engagement
Rana Gruber remains committed to the development of
our local community in Mo i Rana. As a cornerstone of
the region’s economy, we create jobs, foster innovation,
and support cultural and social initiatives. Our focus on
safety and professional development ensures that we
continue to attract top talent, strengthening our work-
force and sustaining our role as a vital contributor to the
local economy.
Through strategic planning, technological innovation,
and a commitment to sustainability, Rana Gruber is
building a resilient and competitive future in the iron ore
industry. We are proud to play a central role in enabling
the global transition to low-carbon steel production
while delivering long-term value for our stakeholders.
RANA GRUBER ANNUAL REPORT 2024 13ABOUT RANA GRUBER
Shareholder information
Rana Gruber aims to be an attractive investment for shareholders, delivering competitive
return through sustained growth and an attractive dividend policy.
Rana Gruber’s shares are listed on the Oslo Stock
Exchange under the ticker code “RANA”. Rana Gru-
ber ASA has one share class, and all shares have equal
rights and are freely transferable. Each share grants
the holder one vote and there are no structures grant-
ing disproportionate voting rights. The nominal value of
each share is NOK 0.25. At 31 December 2024, the share
capital of Rana Gruber ASA was NOK 9271273 divided
into 37085092 shares.
At 31 December 2024, Rana Gruber’s market value was
NOK 2.8 billion. The average daily volume of Rana Gru-
ber shares traded on Oslo stock exchange in 2024 was
105348, equivalent to 0.2 per cent of the total number of
Rana Gruber shares.
Share price
Rana Gruber’s share price opened at NOK 80.00 on
2January 2024 and closed at 76.3 per share on 30
December 2024. During 2024, the share traded between
NOK 63.30 and NOK 83.90 per share.
Dividends
Pursuant to the company’s dividend policy, the company
targets to distribute 50-70 per cent of its adjusted net
profit as quarterly dividends. The board of directors may
decide that up to 30 per cent of the allocated dividend
amount can be applied for the acquisition of Rana Gruber
shares.
Rana Gruber paid out total dividends of NOK 9.24 per
share in 2024.
Adjusted net profit is defined as the profit for the period,
adjusted for the after-tax net effects of unrealised fair
value changes in derivatives. For hedging positions
related to iron ore prices, the adjustment applies to posi-
tions maturing within three months from the report-
ing date. For other hedging positions, the adjustment
includes the total effect of unrealised fair value changes.
The board also has power of attorney to adjust for
extraordinary events that it does not consider to be of
relevance for normal business.
On 12 February 2025, the board of directors declared
a dividend of NOK 1.80 per share for the fourth quarter
of 2024, to be paid on or about 27 February 2025. For
a detailed overview of historical dividend distributions,
please visit Rana Gruber’s website.
Shareholders
At 31 December 2024, Rana Gruber had 8197 sharehold-
ers, of which the 10 largest held 58.74 per cent of total
shares.
TotalQ4 2024Q3 2024Q2 2024Q1 2024
DIVIDENDS PER SHARE
NOK per share, period paid
4.27
1.29
2.23
1.45 9.24
50
55
60
65
70
75
80
85
90
95
100
SHARE PRICE DEVELOPMENT 2024 (NOK)
–
Rana Gruber share price
–
Rana Gruber incl. dividends
31 December
2023
31 April
2024
31 August
2024
31 December
2024
RANA GRUBER ANNUAL REPORT 202414 SHAREHOLDERINFORMATION
Analysts
Four analysts are covering Rana Gruber,
providing market updates and estimates for
Rana Gruber’s financial development:
DNB Markets
Niclas Gehin
niclas.gehin@dnb.no
+47 24 16 91 98
Sparebank1 Markets
Rune Tryti
rune.tryti@sb1markets.no
+47 47 63 07 95
Clarksons
Roald Ross
roald.ross@clarksons.com
+47 46 74 18 58
Pareto
Marcus Gavelli
marcus.gavelli@paretosec.com
+47 97 10 90 67
Top 10 largest shareholders at 31 December 2024
Shareholder Number of shares Per cent holding
1 Leonhard Nilsen & Sønner - Eiendom 5589265 15.07
2 Morgan Stanley & Co. Int. Plc. 5570275 15.02
3 Skandinaviska Enskilda Banken AB 3766257 10.16
4 Zolen & Månen AS 1655000 4.46
5 UBS AG 1235856 3.33
6 Grafo AS 1202113 3.24
7 AH Gruppen AS 1168008 3.15
8 Eidissen Consult AS 669991 1.81
9 J.P. Morgan Securities LLC 463904 1.25
10 Goldman Sachs International 463902 1.25
Total 10 largest shareholders 21784571 58.74
Other shareholders 15300521 41.26
Total shares outstanding 37085092 100.00
Shareholder distribution
Number of shares
Number of
shareholders
Per cent of
share capital
1 - 100 3010 0.32
101 - 1000 3599 3.92
1001 - 10000 1349 11.09
10001 - 100000 210 14.90
100000 - 1000000 22 15.34
Above 1000000 7 54.43
Financial calendar 2025
11 April 2025: Annual General Meeting
14 May 2025: Report for Q1 2025
27 August 2025: Half-yearly report 2025
12 November 2025: Report for Q3 2025
GEOGRAPHICAL DISTRIBUTION OF SHAREHOLDERS
Norway: 59%
UK: 20%
Sweden: 12%
USA: 4%
Other: 5%
RANA GRUBER ANNUAL REPORT 2024 15SHAREHOLDER INFORMATION
CORPORATE GOVERNANCE
RANA GRUBER ANNUAL REPORT 202416 CORPORATE GOVERNANCE
Contents
Corporate governance statement.........18
The management team....................26
The board of directors ....................28
Board of directors’ report.................34
RANA GRUBER ANNUAL REPORT 2024 17CORPORATE GOVERNANCE
Corporate governance statement
Rana Gruber seeks to maintain high standards for corporate governance and believes that
good corporate governance is an important condition for value creation.
Rana Gruber is required to issue an annual corporate
governance statement in accordance with section 3-3b
of the Norwegian Accounting Act and the Norwegian
Code of Practice for Corporate Governance; cf. section
7 on the continuing obligations of stock exchange listed
companies. The Accounting Act may be found (in Norwe-
gian) at www.lovdata.no. The Norwegian Code of Prac-
tice for Corporate Governance, which was last revised
on 14 October 2021, may be found at www.nues.no.
The board of directors (“the board”) of Rana Gruber has
prepared and approved a corporate governance pol-
icy that describes the company's main principles for
corporate governance and establishes a framework of
guidelines and principles that regulate the relationship
between the company's shareholders, the board, the
chief executive officer (“CEO”), and the other manage-
ment positions of the company.
Corporate governance at Rana Gruber shall be based on
the following main principles:
Rana Gruber shall at all times comply with all laws
and regulations that apply to the company.
The board shall ensure that the company has
appropriate corporate governance.
The company shall at all times seek to comply with the
recommendations in the Norwegian Code of Practice
for Corporate Governance. If, in the opinion of the board,
there are special considerations which indicate that the
company should deviate from any of these recommen-
dations, the board must provide a justification for any
deviance. In each annual report, the board will give a
statement on the company's corporate governance.
The company's operations must be conducted in accord-
ance with high ethical standards. The company shall
actively take social responsibility.
The company must create value for shareholders in a
sustainable way. In its work, the board shall take into
account economic, social, and environmental conditions.
The board shall ensure that the company has clear
goals and strategies for its operations.
The Company's equity shall be in accordance with the
Company's goal, strategy and risk profile.
The board shall ensure that the company has a clear
and predictable dividend policy.
The company shall avoid any unreasonable
discrimination of shareholders.
The company's transactions with related parties shall
be based on normal business terms and the arm's
length principle.
The company's shares must be freely tradeable.
The board of directors should facilitate the
participation of as many shareholders as possible at
the company's general meeting, so that shareholders
can exercise their rights.
The board shall ensure that the company has good
internal control and appropriate systems for risk
management in relation to the scope and nature of
the company's activities.
Rana Gruber’s corporate governance principles have
been developed in accordance with the Norwegian
Accounting Act §3-3b and based on the current Norwe-
gian Code of Practice for Corporate Governance (“the
Code”).
1. Implementation of and reporting on corporate
governance
Rana Gruber’s corporate governance principles are
determined by the board, which has the overall respon-
sibility for ensuring that the company has a high stand-
ard of corporate governance. The board has prepared
a corporate governance policy document addressing
the framework of guidelines and principles which regu-
late the interaction between the shareholders, the board,
and the CEO. The corporate governance policy can be
changed by the board and shall be reviewed by the
board on a regular basis.
The board of directors has provided this report on the
company’s corporate governance as referenced to in the
directors’ report. The report covers every section of the
Code, and if the company does not fully comply with the
Code, the board has provided an explanation of the rea-
son for the deviation and what solution it has selected.
Deviations from the Code: None
RANA GRUBER ANNUAL REPORT 202418 CORPORATE GOVERNANCE
RANA GRUBER ANNUAL REPORT 2024 19CORPORATE GOVERNANCE
2. Business
Rana Gruber is a Norwegian iron ore producer estab-
lished in 1964, with operations based on more than 200
years of mining experience. The business purpose is set
out in the company’s articles of association and reads as
follows:
The company's objective is to conduct production and
sales of mining products and related activities, and,
through economically sound business operations, create
lasting and safe jobs in the company. The company shall
seek to develop new products and businesses, and the
company may participate in other companies as owner or
to fulfil the above objectives.
It follows from the company’s corporate governance
principles that the company must create value for
shareholders in a sustainable way, for which purpose
the board has defined clear objectives, strategies, and
risk profiles related to the company's business activ-
ities. In its work, the board shall consider economic,
social, and environmental conditions. The board evalu-
ates these objectives, strategies, and risk profiles on a
yearly basis.
Deviations from the Code: None
3. Equity and dividends
The board is committed to maintaining a satisfactory cap-
ital structure for the company to support its goals, strat-
egy, and risk profile, thereby ensuring that there is an
appropriate balance between equity and other sources of
financing. The board will continuously assess the capital
requirements related to the company’s strategy and risk
profile.
Equity
At 31 December 2024, the company’s equity totalled NOK
929.6 million, which corresponds to an equity ratio of
55.7 per cent. The board considers Rana Gruber’s finan-
cial position to be solid with the necessary capacity to
support its objectives, strategy, and risk profile.
Dividends
Pursuant to the company’s dividend policy, the company
will target to distribute 50-70 per cent of its adjusted
net profit as quarterly dividends. Adjusted net profit is
defined as the profit for the period, adjusted for the after-
tax net effects of unrealised fair value changes in deriv-
atives. For hedging positions related to iron ore prices,
the adjustment applies to positions maturing within
three months from the reporting date. For other hedg-
ing positions, the adjustment includes the total effect of
unrealised fair value changes.
The board has the flexibility to utilise approximately 30
per cent of the estimated dividend payments to repur-
chase Rana Gruber shares for subsequent redemption
and reduce the dividend payments correspondingly. Any
buyback programme to achieve the same purpose for
future quarters will be announced separately.
When deciding whether to propose a dividend and when
determining the dividend amount, the board will take
into account legal restrictions as well as capital expend-
iture plans related to announced strategic projects,
financing requirements, and the volatile nature of the
market in which the company operates.
During the financial year 2024, the company has distrib-
uted total dividends of NOK 9.24 per share, equal to NOK
342.7 million.
Board mandates
At the annual general shareholder meeting in 2024, the
board was granted the following mandates:
The board of directors was authorised pursuant to the
Public Limited Companies Act section 8-2 (2) to approve
quarterly distribution of dividends based on the com-
pany annual accounts for 2023. The authorisation shall
remain in force until the annual general meeting in 2025.
The authorisation cannot be used by the board of direc-
tors until it is registered with the Norwegian Register of
Business Enterprises.
The board of directors was authorised pursuant to
acquire shares in the company ("own shares") on behalf
of the company with an aggregate nominal value of up to
NOK 927127 (corresponding to 10 per cent of the com-
pany's share capital.) The authority also encompasses
contractual pledges over own shares. When acquiring
own shares, the consideration per share may not be less
than NOK 1 and may not exceed NOK 400. The board of
directors determines the methods by which own shares
can be acquired or disposed of. The authority shall
remain in force until the annual general meeting in 2025,
but in no event later than 30 June 2025
No shares in the company were acquired on behalf of the
company in 2024.
In the event that a board mandate is proposed, the man-
date should be limited to a specific purpose and treated
as a separate issue, subject to vote by the sharehold-
ers at the general meeting. Board authorisations are
valid for the period of time determined at the sharehold-
ers' meeting. The board's authorisations to increase the
share capital or buy Rana Gruber shares will normally
RANA GRUBER ANNUAL REPORT 202420 CORPORATE GOVERNANCE
only be given for an interval lasting no longer than until
the next annual general meeting after the authorisation
is given.
Deviations from the Code: None
4. Equal treatment of shareholders
Rana Gruber has one single class of shares, and all
shares carry the same voting and dividend rights. It fol-
lows from the company’s guidelines for investor rela-
tions that all communication with shareholders shall be
based on equal treatment.
Any decision to waive the pre-emption rights of exist-
ing shareholders to subscribe for shares in the event
of an increase in share capital shall be justified. In the
event that the board resolves to carry out an increase in
share capital and waive the pre-emption rights of exist-
ing shareholders on the basis of a mandate granted to
the board, the justification will be publicly disclosed in a
stock exchange announcement.
The company’s transactions in treasury shares shall be
carried out through the Oslo Stock Exchange’s trading
platform at the prevailing trading price or by making a
public offer to all shareholders.
Deviations from the Code: None
5. Shares and negotiability
Rana Gruber’s shares are listed on the Oslo Stock
Exchange and the ticker code is RANA. Rana Gruber
ASA has one share class, and all shares have equal
rights and are freely transferable. Each share grants the
holder one vote and there are no structures granting
disproportionate voting rights.
Deviations from the Code: None
6. Annual shareholders’ general meeting
Notice of the annual general meeting
Rana Gruber’s highest decision-making body is the gen-
eral meeting. All shareholders have the right to partici-
pate in general meetings of the company. It follows from
Rana Gruber’s corporate governance principles that the
board of directors shall facilitate the participation of as
many shareholders as possible at the general meeting,
so that they can exercise their rights. The general meet-
ing for 2025 will take place on 11 April 2025.
The full notice for general shareholder meetings shall
be sent to the shareholders no later than 21 days prior
to the meeting. The board will ensure that the notice
includes information about resolutions and that support-
ing information is sufficiently detailed to allow share-
holders to form a view on all matters to be considered at
the meeting.
Shareholders will be able to vote on each individual
proposition, including on each individual candidate nomi-
nated for election.
Shareholders who wish to participate in a general share-
holder meeting, shall notify the company of this within
a deadline which is set out in the notice of the general
meeting. The deadline for shareholders to give notice of
their intention to attend the meeting is set as close to the
date of the meeting as possible.
In accordance with §7 of the company’s articles of asso-
ciation, documents relating to matters to be addressed
at a general meeting of shareholders shall be made
available on Rana Gruber’s website. The same applies to
documents which by law must be included in or attached
to the invitation to attend the general meeting. If the
documents are made available in this way, the statutory
requirement with respect to distribution to shareholders
is not applicable. A shareholder may ask to be sent doc-
uments relating to matters to be discussed at the gen-
eral meeting. The company cannot demand any form of
compensation for sending the documents to the share-
holders.
Meeting chair and voting
The chair of the board, the chair of the nomination com-
mittee, and the company’s auditor are expected to attend
the general meetings. The shareholders at the general
meeting elect a person to chair the meeting. The board
shall ensure that the shareholders at the general meet-
ing are able to elect an independent chair.
Shareholders who are unable to attend a general meet-
ing may cast advance votes on matters to be consid-
ered at general meetings of the company. Such votes
may be cast by post or electronically. The right to vote
in advance is conditional on the existence of a reassur-
ing method for authenticating the sender. The board
decides whether such a method is appropriate prior to
the individual general meeting and may lay down more
detailed guidelines for advance votes. It shall be stated
in the notice of the general meeting whether access to
advance voting has been granted and what guidelines
may have been laid down for such voting.
Shareholders unable to attend may also vote by proxy.
The company will nominate a person who may act as a
proxy for shareholders or individual shareholders may
select to vote by proxy via another person. The proce-
RANA GRUBER ANNUAL REPORT 2024 21CORPORATE GOVERNANCE
dures for electronic voting and proxy voting instructions
are described in the meeting notification and published
on the company’s website. The form provided for share-
holders to appoint a proxy should be drawn up so that
separate voting instructions can be given for each mat-
ter to be considered at the meeting and for each of the
candidates nominated for election.
Minutes of general meetings will be published as soon
as possible via the Oslo Stock Exchange’s messaging
service www.newsweb.no (ticker: RANA) and on the
company’s website www.ranagruber.no.
Deviations from the Code: the Code states that all direc-
tors should attend the general meeting. However, if the
agenda is such that it is not deemed necessary for every
director to participate, not all of Rana Gruber's board
directors participate at every general meeting.
7. Nomination committee
Rana Gruber has appointed a nomination committee as
required by §8 of the company’s articles of association.
At 31 December 2024, the nomination committee con-
sisted of the following members:
Robert Sotberg, chair,
elected in April 2024 for one year
Lisbeth Flågeng, member,
elected in April 2024 for one year
Tom Lileng, member,
elected in April 2024 for one year
The guidelines for the nomination committee were
approved by the general meeting in December 2021.
The primary tasks of the nomination committee are, at
the general meeting, to recommend and propose candi-
dates for, and remuneration of the company’s directors
and nomination committee, and remuneration of mem-
bers of the board committees. The recommendations
will include a proposal for appointment of a chair and,
if applicable, a deputy chair, to be elected by the share-
holders at the general meeting.
According to the company’s articles of association, the
nomination committee shall consist of three mem-
bers who shall be shareholders or representatives of
shareholders. The period of service for members of the
nomination committee shall be two years unless the
shareholders at the general meeting decide otherwise.
The nomination committee shall be composed so that the
interests of the shareholder community are taken into
account, and the members shall be independent of the
company's board and executive management team.
In its work to propose candidates, the nomination
committee shall contact, among others, the largest
shareholders, board members, and management. A jus-
tification for the nominations will be provided for each
candidate.
The nomination committee's recommendation to the
general meeting regarding the election of sharehold-
er-elected board members, members of the nomination
committee, and fees should be available early enough to
be sent to the shareholders together with the notice of
the general meeting.
Information regarding the composition of the nomination
committee, which members are up for election, and how
proposals may be submitted to the committee is posted
on Rana Gruber’s website under "Governance".
Deviations from the Code: None
8. Board of directors: Composition and
independence
Composition
According to §5 of Rana Gruber’s articles of associations,
the board shall consist of a minimum of three and a max-
imum of twelve directors. Directors are elected by the
shareholders at the general meeting for a period of up
to two years. The shareholders at the general meeting
elect the chair of the board and the deputy chair of the
board.
Proposed candidates for the board of directors shall
have the necessary experience, competence, and work
capacity, and there should be an appropriate replace-
ment for each individual holding a position. The board
should be composed so that it can safeguard the inter-
ests of the shareholder community and the company's
need for competence and diversity. When appointing
candidates to the board, it should be taken into account
that the board aims to function as a collegial body.
At 31 December 2024, Rana Gruber’s board consisted of
11 directors, seven of which were elected by the compa-
ny’s general meeting and four of which are worker direc-
tors elected from 1 July 2024, all for a two-year period.
Directors are encouraged to own shares in the company.
The board is presented on page 27 to 32 of this report,
including an overview of each director’s independence,
competence, shareholding, and board meeting attend-
ance.
Independence of the board
Rana Gruber’s board is composed such that it is able to
act independently of any special interests. All directors
RANA GRUBER ANNUAL REPORT 202422 CORPORATE GOVERNANCE
of the board of directors are independent from the com-
pany's executive management. Being the chief executive
officer of Leonhard Nilsen & Sønner - Eiendom AS, Frode
Nilsen is not independent from the company's largest
shareholder, Leonhard Nilsen & Sønner - Eiendom AS.
Deviations from the Code: None
9. The work of the board of directors
The board has adopted instructions for the work and
management of the board, as well as the CEO's work in
relation to the board.
The board shall ensure proper organisation of the com-
pany's activities and supervise the company's day-to-day
management. The board shall determine the neces-
sary plans and budgets for the company's activities. The
board’s primary responsibility shall be (i) participating
in the development and approval of the company’s strat-
egy, (ii) performing necessary monitoring functions, and
(iii) acting as an advisory body for the executive manage-
ment team. The board is also responsible for ensuring
that the operations of the company are compliant with
the company’s values and ethical guidelines. The chair
of the board is responsible for ensuring that the board’s
work is performed in an effective, efficient, and correct
manner.
All directors of the board shall receive information about
the company’s operational and financial development
regularly. The company’s strategies shall also be subject
to review and evaluation by the board on a regular basis.
It follows from the company’s corporate governance
principles that transactions with related parties shall be
based on normal business terms and the arm’s length
principle. A presentation of transactions and balances
with related parties is available in note 26 to the annual
consolidated financial statements.
According to the instructions for the board and CEO, a
board director with prominent personal or financial
interests in a particular matter (or with relation to a per-
son with such interests, as defined in the Public Limited
Liability Companies Act, section 1-5) shall not participate
in the consideration of, or decision related to, that matter.
Board directors must also not participate in any action
the board might take concerning a loan or other credit to
themselves or actions concerning a guarantee for their
own debt.
A board director shall inform the board if he or she,
directly or indirectly, has a significant interest in an
agreement entered into by the company.
Additional information on transactions with related par-
ties can be found in note 26 to the annual consolidated
financial statements.
The board evaluates its own performance and expertise
once a year. The report from this evaluation is presented
to the nomination committee.
Sub-committees of the board
Audit committee
Pursuant to the Norwegian Public Limited Liability
Companies Act and the listing rules of the Oslo Stock
Exchange, the company shall have an audit committee.
The audit committee is appointed by the board.
The committee’s main tasks are to prepare the board’s
follow-up of the financial reporting process, monitor the
performance of the company’s internal control and risk
management systems, and maintain an ongoing dialogue
with the selected auditor.
At 31 December 2024, the audit committee consisted of
the following directors:
Hilde Rolandsen, chair
Morten Støver, member
The board has decided not to appoint a remuneration
committee.
Deviations from the Code: None
10. Risk management and internal control
The board shall ensure that Rana Gruber has a sound
internal control, and systems for risk management that
are appropriate in relation to the extent and nature of
the company’s activities. The internal control and the
systems for risk management shall also encompass the
company’s corporate values and ethical guidelines.
The objective of the risk management and internal con-
trol is to manage exposure to risks in order to ensure
the successful conduct of the company’s business, and
to support the quality of financial reporting and compli-
ance with relevant laws and regulations.
The board shall carry out an annual review of the com-
pany’s most important areas of exposure to risk and its
internal control arrangements.
The audit committee supports the board’s responsibil-
ities in ensuring the integrity of financial reporting and
the financial reporting process. Internal control of finan-
cial reporting is achieved through day-to-day follow-up by
RANA GRUBER ANNUAL REPORT 2024 23CORPORATE GOVERNANCE
the management, and supervision by the audit commit-
tee. The committee conducts regular meetings to review
the quality of all interim and annual reports before they
undergo the board’s scrutiny and subsequent publication.
In 2024, the committee held five meetings.
Deviations from the Code: None
11. Remuneration of the board of directors
Remuneration of directors shall be reasonable and
reflect the board's responsibilities, expertise, time
invested, and the complexity of the business. Remunera-
tion of the directors is not performance-related and does
not include share option elements.
The annual general meeting shall determine the board’s
remuneration after considering recommendations by the
nomination committee.
In 2024, the remuneration of the chair of the board was
NOK 600000 per year prior to the annual general meet-
ing and increased to NOK 700000 per year thereaf-
ter. The remuneration of the other shareholder-elected
directors was NOK 400000 per year prior to the annual
general meeting and NOK 470000 per year thereafter.
Additional remuneration of the audit committee was NOK
100000 per year for the chair and NOK 50000 per year
for members. Remuneration of worker directors was
NOK 200000 per year prior to the annual general meet-
ing and NOK 210000 per year thereafter.
A complete overview of remuneration of directors for
2024 is presented in note 26 to the annual consolidated
financial statements, pursuant to the Accounting Act sec-
tion 7-31b, and in the annual remuneration report, which
will be presented to shareholders in connection with
the annual general meeting, in accordance with the Nor-
wegian Public Limited Liabilities Companies Act section
6-16b.
None of the board directors or companies with which
they are associated have assignments for the company
other than their appointment as a director of the board.
The board shall be informed if individual directors per-
form tasks for the company or any company entities
other than exercising their role as directors. Fees for
any such services shall be approved by the board. Work
in sub-committees may be compensated in addition to
the remuneration received for board directorship.
Deviations from the Code: None
12. Salary and other remuneration for executive
personnel
Pursuant to the Norwegian Public Limited Liabilities Com-
panies Act, section 6-16a, the company has established
guidelines for the remuneration of the executive manage-
ment, which have been approved by the general meeting
in the form of a separate document and made available
on the company’s website.
Further information about remuneration to executive per-
sonnel is provided under note 26 to the annual consol-
idated financial statements pursuant to the Accounting
Act, section 7-31b, and in the annual remuneration report,
which will be presented to the shareholders in connec-
tion with the annual general meeting, in accordance with
the Norwegian Public Limited Liabilities Companies Act,
section 6-16b.
Deviations from the Code: None
13. Information and communications
Investor relations
Rana Gruber has established guidelines for the compa-
ny’s reporting of financial and other information based
on the principle of transparency and equal treatment of
all participants in the securities market. The purpose
of these guidelines is to ensure simultaneous access
to accurate, relevant, and up-to-date information about
Rana Gruber. In addition, the guidelines shall contribute
to investor relations being exercised in accordance with
applicable laws, rules, and recommendations.
These guidelines also include principles for the compa-
ny’s contact with shareholders at occasions other than
general meetings.
The company’s ambition is to comply with the Oslo Stock
Exchange’s Code of Practice for IR.
Financial information
The company holds open investor presentations in con-
nection with the company's quarterly financial reports.
The presentations are made publicly available together
with the quarterly financial reports. Important events
that affect the company’s financial performance will be
reported immediately. The company publishes an annual
financial calendar with an overview of dates for financial
reporting and other important events.
RANA GRUBER ANNUAL REPORT 202424 CORPORATE GOVERNANCE
Quiet period
In the 30-day period prior to the publication of financial
results, Rana Gruber will minimise meetings and con-
tact with investors, analysts, media, or other parties. This
is to ensure that all interested parties in the market are
treated equally.
Deviations from the Code: None
14. Takeovers
The board has established guidelines on how to act in
the event of a takeover bid. It follows from these guide-
lines, that if an offer is made for the purchase of shares
in Rana Gruber, the board shall comply with the general
principle of equal treatment of all shareholders, and, as
far as possible, ensure that the company's activities are
not unnecessarily interrupted.
The board of directors shall not seek to prevent an offer
to purchase shares unless it believes such an action can
be defended with regard to the company's or sharehold-
ers' interests. The board will not exercise any author-
ity or make any decisions aimed at counteracting such
offers, unless this has been approved by the sharehold-
ers at the company's general meeting after the offer has
been made public.
If an offer is made for the purchase of shares in the com-
pany, the board shall obtain a valuation from an inde-
pendent expert and make a recommendation to Rana
Gruber’s shareholders, in accordance with statutory
requirements and the Code. The board will ensure that
shareholders receive the necessary information and
time to assess the offer.
Any transaction that is in effect a disposal of the com-
pany’s activities shall be submitted for approval by the
shareholders at the general meeting.
Deviations from the Code: None
15. Auditor
The external auditor presents the plan for the audit of
the company to the audit committee annually. Further-
more, the external auditor provides the board with a
written confirmation of its independence.
The external auditor participates in all meetings of the
audit committee and in the board meeting that deals
with the approval of the annual financial statements.
At these meetings, the external auditor reports on any
material changes in the company’s accounting princi-
ples and key aspects of the audit, and comments on
any material estimated accounting figures. The exter-
nal auditor also annually provides an assessment of the
internal control of the financial reporting process to the
audit committee and the board. There have been no dis-
agreements between the auditor and management on
any material matters in 2024.
Once a year, the board of directors reviews the compa-
ny’s internal control procedures with the auditor, includ-
ing weaknesses identified by the auditor and proposals
for improvement.
The board and the audit committee meets with the exter-
nal auditor at least once a year without representatives
of the executive management present.
The board of directors has established guidelines for the
use of the external auditor by the company’s executive
management for services other than the statutory finan-
cial statement audit.
At the annual general meeting, the board shall present
a review of the auditor’s compensation required by law
for auditory work and remuneration associated with
other specific assignments. The total fee paid in 2024 is
presented in note 6 to the annual consolidated financial
statements.
The board shall facilitate the attendance of the external
auditor at all general meetings.
Deviations from the Code: None
RANA GRUBER ANNUAL REPORT 2024 25CORPORATE GOVERNANCE
Management team
GUNNAR MOE (1959)
Chief executive officer (CEO)
Gunnar Moe has extensive experience
across diverse industries, including
four years as chief business
development officer at Leonhard Nilsen
& Sønner AS and Momek Group. His
background also includes 10 years as
a journalist and editor at Rana Blad, 13
years as a teacher, and three years as
head of personnel and administration
at Rana Gruber.
Gunnar holds a BA in pedagogy from
Nesna University College.
Shareholding at 31 December 2024:
15733
DR STEINTORE LILJENSTRÖM
(1968)
Chief operation officer (COO)
Dr. Stein Tore Liljenström has previous
experience from key positions,
including six years as department
manager at Molab AS and nine years as
plant manager and production manager
at Rana Gruber. He also served as CEO
at Glør AS.
Stein Tore holds an MSc and a PhD
in physical chemistry from Umeå
University.
Shareholding at 31 December 2024:
10005
ERLEND HØYEN (1982)
Chief financial officer (CFO)
Erlend Høyen has experience as a
business controller and a controller
manager at TDC Norge AS, as well as
a senior associate at PWC AS. Erlend
also worked as a field economist/
controller and procurement manager at
Rana Gruber for five years before being
appointed CFO in 2020.
Erlend holds a BA in economics
and administration from Trondheim
Business School and an MSc in financial
economics from BI Norwegian Business
School.
Shareholding at 31 December 2024:
10000
RANA GRUBER ANNUAL REPORT 202426 BOARD AND MANAGEMENT
NANCY STIEN SCHREINER
(1969)
Environment and sustainability manager
Nancy Schreiner joined Rana Gruber
in 2009 and is responsible for the
company’s environmental and
sustainability efforts, leveraging
nearly 30 years of HSE and industry
experience. Before joining Rana Gruber,
Schreiner worked for several years
as a Department Manager at Ruukki
Profiler and Elkem Rana.
Nancy holds an MSc in Chemistry from
NTNU.
Shareholding at 31 December 2024:
606
CHARLOTTE STRÅMYR
NORWICH (1982)
Head of IT, security and safety
Charlotte Norwich has more than
20 years of experience in risk, fraud,
security, and compliance management,
including more than 11 years at EVRY
and TietoEvry in roles such as COO
fraud prevention and head of Financial
Crime Prevention Defence Centre.
She has also held various risk and
compliance roles at Teller AS and Visa.
Charlotte has a management education
from BI Norwegian Business School
and other universities and is a certified
risk manager, lead auditor and SAFe
lean agile leader.
Shareholding at 31 December 2024:
503
JIM KRISTIAN JOHANSEN
(1977)
HR manager
Jim Kristian Johansen joined Rana
Gruber in 2022 after serving as a
manager and HR manager for TietoEvry
for several years.
He holds qualifications in personnel
management and competence
development from Nord University
and Agder University, supplemented
by several management development
programmes, such as NNL and Dale
Carnegie.
Shareholding at 31 December 2024:
681
RANA GRUBER ANNUAL REPORT 2024 27BOARD AND MANAGEMENT
MORTEN STØVER (1957)
Chair of the board
LARSERIC AARO (1956)
Non-executive director
RAGNHILD WIBORG (1961)
Non-executive director
FRODE NILSEN (1963)
Non-executive director
First elected 2020 2024 2021 2008
Term expires 2025 2026 2025 2026
Board committees Member of audit committee None None None
Independent Yes Yes Yes No
Board meeting attendance 7/7 5/5 7/7 6/7
Directorships Chair of Eksportfinansiering Norge NYAB AB, Blastr green Steel (chair),
Mobilaris AB (chair), Predge Holding AB
(chair)
Energeia ASA (Chair) Leonhard Nilsen & Sønner AS
Shareholding at year-end 2024 6000 0 3000 5701915
1)
Experience Morten Støver has extensive experience from
Nordlandsbanken and DNB where he held several
management positions.
Lars-Eric Aaro is an industrial advisor
and board worker in Swedish, Finnish
and Norwegian companies. Has held the
position as CEO and several executive
management positions in Europe’s
biggest iron ore producer, LKAB.
Divisional manager for the underground
mines in Boliden AB, mine superintendent
in Aitik copper and gold open pit mine
and Viscaria Copper mine. Sales director
in other raw material related companies.
He is a fellow of Royal Swedish Academy
for engineering science.
Ragnhild Wiborg has experience from investment
banking and asset management as CIO and
portfolio manager and is currently a partner at
Wiborg Kapitalförvaltning AB. Throughout the
years she has been actively involved in several
boards in the Nordics.
Frode Nilsen has many years of experience as a site
engineer, project manager, and project director at
Leonhard Nilsen & Sønner AS (LNS).
Education MSc in economics from BI Norwegian Business
School, and multiple leadership courses from eg
IMD
MSc and PhD from Lukeå University of
Technology in Sweden
BSc in finance and macroeconomics from the
Stockholm School of Economics and Business
Administration.
MSc in civil engineering from the Norwegian University
of Science and Technology (NTNU), with specialisation in
tunnels and mining.
Citizenship Norwegian citizen residing in Norway Swedish citizen residing in Sweden Swedish and Norwegian dual citizen residing in
Norway
Norwegian citizen residing in Norway
1) 20250 shares held through direct ownership, 92400 through
TunComp AS and 5589265 through Leonhard Nilsen & Sønner
Eiendom.
Board of directors
RANA GRUBER ANNUAL REPORT 202428 BOARD AND MANAGEMENT
MORTEN STØVER (1957)
Chair of the board
LARSERIC AARO (1956)
Non-executive director
RAGNHILD WIBORG (1961)
Non-executive director
FRODE NILSEN (1963)
Non-executive director
First elected 2020 2024 2021 2008
Term expires 2025 2026 2025 2026
Board committees Member of audit committee None None None
Independent Yes Yes Yes No
Board meeting attendance 7/7 5/5 7/7 6/7
Directorships Chair of Eksportfinansiering Norge NYAB AB, Blastr green Steel (chair),
Mobilaris AB (chair), Predge Holding AB
(chair)
Energeia ASA (Chair) Leonhard Nilsen & Sønner AS
Shareholding at year-end 2024 6000 0 3000 5701915
1)
Experience Morten Støver has extensive experience from
Nordlandsbanken and DNB where he held several
management positions.
Lars-Eric Aaro is an industrial advisor
and board worker in Swedish, Finnish
and Norwegian companies. Has held the
position as CEO and several executive
management positions in Europe’s
biggest iron ore producer, LKAB.
Divisional manager for the underground
mines in Boliden AB, mine superintendent
in Aitik copper and gold open pit mine
and Viscaria Copper mine. Sales director
in other raw material related companies.
He is a fellow of Royal Swedish Academy
for engineering science.
Ragnhild Wiborg has experience from investment
banking and asset management as CIO and
portfolio manager and is currently a partner at
Wiborg Kapitalförvaltning AB. Throughout the
years she has been actively involved in several
boards in the Nordics.
Frode Nilsen has many years of experience as a site
engineer, project manager, and project director at
Leonhard Nilsen & Sønner AS (LNS).
Education MSc in economics from BI Norwegian Business
School, and multiple leadership courses from eg
IMD
MSc and PhD from Lukeå University of
Technology in Sweden
BSc in finance and macroeconomics from the
Stockholm School of Economics and Business
Administration.
MSc in civil engineering from the Norwegian University
of Science and Technology (NTNU), with specialisation in
tunnels and mining.
Citizenship Norwegian citizen residing in Norway Swedish citizen residing in Sweden Swedish and Norwegian dual citizen residing in
Norway
Norwegian citizen residing in Norway
1) 20250 shares held through direct ownership, 92400 through
TunComp AS and 5589265 through Leonhard Nilsen & Sønner
Eiendom.
RANA GRUBER ANNUAL REPORT 2024 29BOARD AND MANAGEMENT
HILDE ROLANDSEN (1963)
Non-executive director
ANE NORDAHL CARLSEN (1987)
Non-executive director
SIMON COLLINS (1966)
Non-executive director
HENRIETTE ZAHL PEDERSEN (1995)
Worker director, operator and team leader
First elected 2021 2024 2024 2023
Term expires 2025 2026 2026 2026
Board committees Chair of audit committee None None None
Independent Yes No Yes Yes
Board meeting attendance 6/7 5/5 5/5 7/7
Directorships Norwegian Hospital Construction Agency
Board member Air Ambulance Services of Norway
Pioneer Property Group ASA
Grafo AS
Otiga Group AS
Tantalex Lithium Resources Corporation (TTX) None
Shareholding at year-end 2024 2800 2000
1)
0 1000
Experience Hilde Rolandsen held various positions at Elkem
for 23 years, was plant director at Renewable
Energy Corporation for two years, and served as
director of ownership at the Northern Norway
Regional Health Authority since 2011.
Ane Nordahl Carlsen is a partner in the
investment company Arctic Investment
Group AS and the CEO of Grafo AS. She
has experience from various commercial
positions for Philip Morris International.
Carlsen has held various board positions
in private companies and is currently a
director in, among others, Otiga Group
AS.
Simon Collins has a total of 25 years in the
commodity trading business covering metals,
minerals, and energy. He sat on the management
board of Trafigura for five years and now holds
various management positions for mining and
technology companies.
After an apprenticeship, Henriette Zahl
Pedersen worked as an automation technician
before assuming the role of team leader at
Rana Gruber in 2018.
Education MSc in economics and business administration
from the Business School in Bodø (Nord
University)
MSc in finance and executive MBA with
specialisation within innovation and
entrepreneurship from the Stockholm
School of Economics.
BA (Hons) in political economy from the University
of Hertfordshire
Through her upper secondary education,
Pedersen specialised in the field of automation
and she holds a certificate as an automation
technician.
Citizenship Norwegian citizen residing in Norway Norwegian citizen residing in Norway Swiss and British dual citizen residing in
Switzerland
Norwegian citizen residing in Norway
1) At 31 December 2024, Grafo AS, of which Ane
Nordahl Carlsen is the CEO and chair, held
1202113 shares.
RANA GRUBER ANNUAL REPORT 2024
30 BOARD AND MANAGEMENT
HILDE ROLANDSEN (1963)
Non-executive director
ANE NORDAHL CARLSEN (1987)
Non-executive director
SIMON COLLINS (1966)
Non-executive director
HENRIETTE ZAHL PEDERSEN (1995)
Worker director, operator and team leader
First elected 2021 2024 2024 2023
Term expires 2025 2026 2026 2026
Board committees Chair of audit committee None None None
Independent Yes No Yes Yes
Board meeting attendance 6/7 5/5 5/5 7/7
Directorships Norwegian Hospital Construction Agency
Board member Air Ambulance Services of Norway
Pioneer Property Group ASA
Grafo AS
Otiga Group AS
Tantalex Lithium Resources Corporation (TTX) None
Shareholding at year-end 2024 2800 2000
1)
0 1000
Experience Hilde Rolandsen held various positions at Elkem
for 23 years, was plant director at Renewable
Energy Corporation for two years, and served as
director of ownership at the Northern Norway
Regional Health Authority since 2011.
Ane Nordahl Carlsen is a partner in the
investment company Arctic Investment
Group AS and the CEO of Grafo AS. She
has experience from various commercial
positions for Philip Morris International.
Carlsen has held various board positions
in private companies and is currently a
director in, among others, Otiga Group
AS.
Simon Collins has a total of 25 years in the
commodity trading business covering metals,
minerals, and energy. He sat on the management
board of Trafigura for five years and now holds
various management positions for mining and
technology companies.
After an apprenticeship, Henriette Zahl
Pedersen worked as an automation technician
before assuming the role of team leader at
Rana Gruber in 2018.
Education MSc in economics and business administration
from the Business School in Bodø (Nord
University)
MSc in finance and executive MBA with
specialisation within innovation and
entrepreneurship from the Stockholm
School of Economics.
BA (Hons) in political economy from the University
of Hertfordshire
Through her upper secondary education,
Pedersen specialised in the field of automation
and she holds a certificate as an automation
technician.
Citizenship Norwegian citizen residing in Norway Norwegian citizen residing in Norway Swiss and British dual citizen residing in
Switzerland
Norwegian citizen residing in Norway
1) At 31 December 2024, Grafo AS, of which Ane
Nordahl Carlsen is the CEO and chair, held
1202113 shares.
RANA GRUBER ANNUAL REPORT 2024 31BOARD AND MANAGEMENT
RICKY HAGEN (1978)
Worker director, risk and preparedness manager,
union leader
JOHAN HOVIND (1969)
Worker director, union leader
CAMILLA JOHNSDATTER NILSEN (1991)
Worker director, full-time health and safety representative
First elected 2024 2020 2024
Term expires 2026 2026 2026
Board committees None None None
Independent Yes Yes Yes
Board meeting attendance 3/3 7/7 3/3
Directorships None None None
Shareholding at year-end 2024 0 606 720
Experience Ricky Hagen has 20 years of experience in
industrial companies, and has worked at Rana
Gruber since 2009 in various positions.
Johan Hovind has served as union leader
since 2020 and has more than 30 years
of experience with industrial companies
in Mo i Rana, Norway.
Camilla Johnsdatter Nilsen has 10 years of experience
at Rana Gruber.
Education Ricky Hagen holds a certificate of apprenticeship
in steel forming and technical college in mining
engineering. He is currently enrolled at the
University College of Western Norway, studying
for a bachelor’s degree in technology management.
Johan holds a certificate in metallurgical
processes.
Certificate of apprenticeship in rock and mining
operations and certified blaster
Citizenship Norwegian citizen residing in Norway Norwegian citizen residing in Norway Norwegian citizen residing in Norway
RANA GRUBER ANNUAL REPORT 202432 BOARD AND MANAGEMENT
RICKY HAGEN (1978)
Worker director, risk and preparedness manager,
union leader
JOHAN HOVIND (1969)
Worker director, union leader
CAMILLA JOHNSDATTER NILSEN (1991)
Worker director, full-time health and safety representative
First elected 2024 2020 2024
Term expires 2026 2026 2026
Board committees None None None
Independent Yes Yes Yes
Board meeting attendance 3/3 7/7 3/3
Directorships None None None
Shareholding at year-end 2024 0 606 720
Experience Ricky Hagen has 20 years of experience in
industrial companies, and has worked at Rana
Gruber since 2009 in various positions.
Johan Hovind has served as union leader
since 2020 and has more than 30 years
of experience with industrial companies
in Mo i Rana, Norway.
Camilla Johnsdatter Nilsen has 10 years of experience
at Rana Gruber.
Education Ricky Hagen holds a certificate of apprenticeship
in steel forming and technical college in mining
engineering. He is currently enrolled at the
University College of Western Norway, studying
for a bachelor’s degree in technology management.
Johan holds a certificate in metallurgical
processes.
Certificate of apprenticeship in rock and mining
operations and certified blaster
Citizenship Norwegian citizen residing in Norway Norwegian citizen residing in Norway Norwegian citizen residing in Norway
RANA GRUBER ANNUAL REPORT 2024 33BOARD AND MANAGEMENT
RANA GRUBER ANNUAL REPORT 202434 BOARD OF DIRECTORS’ REPORT
Board of directors’ report
2024 was an exciting year for Rana Gruber characterised by record high production,
considerable progress on our strategic projects, and sustained attractive shareholder
distributions. Throughout the year, Rana Gruber continued to grow its magnetite
production and successfully increased the minimum iron content in its hematite products.
The company has an ambition to further increase magnetite production over the coming
years, while also transitioning its hematite to high-grade iron ore concentrate, enhancing
the value of its products and enabling significant decarbonisation for its customers.
Overview of the business
The board of directors’ report concerns Rana Gruber ASA
(“Rana Gruber” or the “company”).
Business and location
Rana Gruber, established in 1964 and with 200 years of
mining expertise, is an iron ore producer located in Mo i
Rana in Northern Norway. With about 370 employees, the
company operates open-pit and underground mines 35
km from its processing plant. The plant is located at the
coast, with direct access to Rana Gruber’s port and rail-
way, enabling efficient ore transportation.
Purpose, vision, and values
Rana Gruber's mission is to extract, produce and sell iron
ore concentrates. With lean and compact operations and
energy based on hydro power, Rana Gruber has one of
the lowest carbon footprints in the industry. The com-
pany has a strategy of increasing the iron content in its
finished goods in order to meet customers’ demand for
higher-quality raw materials and support the use of new
technology with lower CO
2
footprint. Rana Gruber is mak-
ing considerable progress toward its goals. Guided by its
values of safety, responsibility, pride, and bravery, Rana
Gruber strives to be a positive force for societal and envi-
ronmental change in its industry.
Products, partnerships and end-users
Rana Gruber produces hematite and magnetite concen-
trates, as well as Colorana pigments. Robust and sus-
tained production at maximum capacity resulted in record
production totalling 1.84 million metric tonnes in 2024.
Hematite is used in metallurgical applications and consti-
tuted 90.5 per cent of the company’s production in 2024.
Key customers are steel manufacturers, mainly in Europe,
which process steel for various purposes, including the
construction- and automotive industries.
Magnetite is a pure iron-oxide concentrate with ultra high-
grade properties, produced without the use of process-
ing chemicals. The product is sold to chemical producers,
which use the product in public water purification sys-
tems.
Colorana is based on magnetite concentrate and used in
various industries such as concrete, paint, plastics, auto-
motive, heat management, and toner production.
Rana Gruber has a partnership agreement with Cargill
Metals and minerals. This partnership includes technical
support, market development and an offtake agreement
for Rana Gruber’s entire hematite production. Cargill also
supports Rana Gruber with technical marketing solutions,
cost-effective risk management, and leverages its global
network and industry insights related to the entire supply
chain, enabling Rana Gruber to focus on its core business
and strategic projects.
RANA GRUBER ANNUAL REPORT 2024 35BOARD OF DIRECTORS’ REPORT
Key events in 2024
Production
In thousand metric tons 2024 2023
Production concentrate 1 848 1 817
Production hematite 1 691 1 713
Production magnetite 156 104
Production Colorana 4.4 5.8
Production ore 5 032 4 976
Production underground (ore) 2 881 2 731
Production open-pit (ore) 2 152 2 245
Production open-pit (waste rock) 2 995 2 681
2024 marked the strongest production year in the com-
pany's history with total production volumes of 1 848
000 metric tonnes (“mt”), up from 1 817 000 mt in 2023,
reflecting a 1.7 per cent year-on-year increase. The
majority of production is comprised of hematite concen-
trate, which amounted to 1 692 000 mt in 2024, down
from 1 713 000 mt in 2023. This reduction was offset
by increased magnetite production, which constituted
156000 mt in 2024, up from 104 000 in the previous year.
The increase in magnetite during the year was the result
of strategic investments in upgrades to the magnetite
processing facilities, along with dedicated and hard work
from a Rana Gruber’s employees.
Strategic projects
Rana Gruber is in pole position to play and impor-
tant role in the transformation of the iron ore industry
through high-grade iron ore production, leveraging the
company’s already industry-leading carbon footprint.
The company’s strategic initiatives align with the evolv-
ing needs of the steel industry, address global sustain-
ability challenges, and ensure long-term value creation
for all stakeholders.
Transitioning to high-grade iron ore
Rana Gruber has been progressively increasing the iron
content of its products, reaching an average iron content
of 64 per cent in 2024. The company has a target of reach-
ing 65 per cent by mid-2025 and a long-term ambition to
produce high-grade concentrates of around 67 per cent.
High-grade iron ore is critical for the successful adop-
tion of Direct Reduced Iron (DRI) technology in steel
production, which reduces the reliance on traditional
coal-based blast furnaces and enables CO
2
emis-
sion reductions of up to 75 per cent. As a result, high-
grade iron ore demands significantly higher prices and
is essential for customers worldwide in meeting their
decarbonisation targets.
The zero-carbon emissions project
With unique logistical efficiencies and powered by local
hydropower, Rana Gruber is among the lowest CO
2
emit-
ters in the industry. The company has set ambitious net-
zero emission targets, and further electrification and
decarbonisation remain integral to the company’s strat-
egy and identity. Progress on the zero-carbon emissions
project will depend on technological advancements and
the delivery of compatible equipment that supports
cost-effective production. In addition, it has a strategy
of producing high-grade iron ore, which is a critical ena-
bler for industry-wide decarbonisation.
Increasing magnetite production volumes
Rana Gruber has an ongoing ambition to increase the
production of magnetite concentrate. In 2024, the com-
pany successfully increased production by install-
ing several new and improved separator machines in
the magnetite circuit. With only minor enhancements
remaining and with the anticipated start of operations
at the Stensundtjern open-pit mine in 2025, Rana Gruber
has the capability to ramp up volumes further over the
next years, targeting production of 175 000 mt in 2025
and 200 000 mt in 2026.
Magnetite is a unique natural chemical-free high-grade
concentrate with significant demand, and stable, high
pricing, which shields the project from the iron ore mar-
ket's volatility.
Events after the balance sheet date
On 12 February 2025, the board of directors declared a
dividend of NOK 1.80 per share for the fourth quarter of
2024, approximately NOK 66.7 million in total. The divi-
dend was paid on 27 February 2025.
Over the past few years, Colorana has faced challenges
due to a more demanding market and declining profita-
bility. Significant capital expenditure would be required
to make the production line sustainable in the long term,
while it also occupies critical areas needed for the high-
grade project. As a result, the board of directors has
decided to gradually phase out the production of Col-
orana products by the end of 2025 to enhance Rana Gru-
ber’s future competitiveness. The company aims to offer
employees currently working on the Colorana produc-
tion line positions in other parts of Rana Gruber.
RANA GRUBER ANNUAL REPORT 202436 BOARD OF DIRECTORS’ REPORT
Financial review
All amounts in brackets are comparative figures for
2023 unless otherwise stated.
Accounting policies
The financial statements for Rana Gruber ASA are pre-
pared in accordance with the International Financial
Reporting Standards (IFRS) as endorsed by the EU.
Going concern
The financial statements for Rana Gruber ASA have been
prepared and presented based on the going concern
assumption and in accordance with section 3-3 of the
Accounting Act. The board of directors confirms that the
use of the going concern assumption is appropriate.
Statement of comprehensive income
Total revenues for 2024 came in at NOK 1 664.4 million,
a decrease compared with NOK 1 932.0 million in 2023,
despite strong production volumes, mainly due to lower
spot prices for hematite, somewhat offset by a higher
share of magnetite sales and positive currency effects
from a weaker Norwegian krone.
In 2024, cash cost increased to NOK 1 073.3 million (NOK
901.8 million), which corresponds to NOK 579.5 per mt.
produced (NOK 494.8 per mt.), driven by wage inflation,
higher electricity costs, extensive maintenance work par-
ticularly in the second quarter. In addition to this the cash
cost in 2023 was positively impacted by significant gains
on electricity hedges. Operating costs were higher com-
pared to the previous year, primarily driven by increased
activity related to the company’s strategic projects, infla-
tion, and increased production of waste rock because
of the prolonged operation of the Nordmalmen open pit.
Rana Gruber has a stated ambition to maintain cash costs
in the range of USD 50-55 per mt. produced over time.
RANA GRUBER ANNUAL REPORT 2024 37BOARD OF DIRECTORS’ REPORT
EBITDA was NOK 532.7 million, down from a record
high 929.7 million in the previous year. The reduction
is mainly due to lower spot prices for hematite in 2024
compared to the strong levels in 2023.
Net financial items were NOK 130.2 million (negative
NOK 136.4 million) and consisted of NOK 236.7 million in
gains from hedging of iron ore, NOK 22.8 million in gains
from currency adjustments related to accounts receiva-
ble and bank accounts, NOK 76.5 million in losses from
currency hedges, NOK 29.6 million in losses from hedg-
ing of freight prices, NOK 14.9 million in losses from
hedging of electric power, and negative NOK 8.3 million
in net interest income.
At 31 December, the company had multiple hedging
positions related to both prices of iron ore, exchange
rate, freight and electricity. The total hedging positions
at the end of the quarter of iron ore held by the com-
pany cover 435 000 mt, with an average price of USD
108.57/mt. The company continually evaluates its hedg-
ing portfolio through discussions with customers, part-
ners, industry experts, and analysts. Hedging positions
aim to ensure a sustainable cash flow for future invest-
ments and compliance with the dividend policy, cov-
ering a maximum of 50 per cent of annual production
volumes for up to two years.
At 31 December 2024, the company had three flexi-
ble currency hedging positions of a potential monthly
impact of USD 9.5 million until April 2025, USD 9.0 mil-
lion until June 2025, and USD 4.5 for the remainder of
2025. See note 22 for further information about the
hedging portfolio.
In sum, this resulted in a net profit for the year of NOK
370.8 million (NOK 489.7 million). This corresponds to
earnings per share (EPS) of NOK 10.00 (NOK 13.21).
Statement of financial position
At 31 December 2024, Rana Gruber had total assets of
NOK 1 667.5 million (NOK 1 801.8 million).
Total non-current assets amounted to NOK 1193.2 mil-
lion (NOK 985.9 million) and consisted of mine prop-
erties amounting to NOK 589.3 million, followed by
RANA GRUBER ANNUAL REPORT 202438 BOARD OF DIRECTORS’ REPORT
property, plant, and equipment valued at NOK 302.5
million and right-of-use assets of NOK 301.3 million.
The increase was mainly due to investments in a new
mine level, investments related to the Fe65 project,
research related to Fe67 and agreements for electric
machines.
Total current assets amounted to NOK 474.4 million (NOK
815.9 million) and included inventories of NOK 151.4
million (NOK 194.7 million). The lower inventories are
mainly explained by strong sales volumes throughout
the year. Trade receivables were NOK 174.8 million (NOK
217.4 million) and decreased due to lower forward prices
at the end of the year compared to the end of 2023.
Capital expenditures (capex) for the year totalled NOK
235.1 million (NOK 414.9 million), of which NOK 128.5 mil-
lion for mine development and NOK 106.5 million were
for other investments including machines and building
improvements.
Non-current liabilities, which mainly constitute lease
liabilities and deferred tax liabilities, totalled NOK 256.4
million at 31 December 2024 (NOK 272.4 million). The
decrease is related to lower net deferred tax liabilities
offset by higher lease liabilities.
Total current liabilities were NOK 481.4 million at 31
December 2024 (NOK 628.0 million). The decrease is
primarily explained by a reduction in trade payables
and current tax liabilities.
Total equity at 31 December 2024 was NOK 929.6 million,
up from NOK 901.5 million at 31 December 2023, primar-
ily due to a positive net profit for the year, offset by pay-
out of dividends. This constituted an equity ratio of 55.7
per cent (50.0 per cent) at the end of the year.
Given the economic outlook for the industry, the board
believes that the capitalised assets will ensure a satis-
factory return on capital for Rana Gruber.
Cash flows
Operating activities generated a cash flow of NOK 357.9
million in 2024, a reduction from NOK 944.6 million in
2023, primarily due to a lower revenue and increased
cash cost, higher income taxes paid and lower gains on
hedging positions compared to the previous year.
Depreciation and amortisation amounted to NOK 183.0
million in 2024 (NOK 165.4 million).
Investment activities generated a cash flow of nega-
tive NOK 235.1 million (negative NOK 414.9 million) and
consisted of expenditures on mine development of NOK
128.5 million (NOK 287.4 million) and expenditures on
property, plant, and equipment of NOK 106.5 million
(NOK 127.4 million).
Financing activities generated a cash flow of negative
NOK 389.9 million in 2024 (negative NOK 452.0 million)
and consisted of dividends paid of NOK 342.7 million and
payment of lease liabilities of NOK 47.3 million.
Cash and cash equivalents amounted to NOK 45.1 mil-
lion at 31 December 2024 (NOK 295.2 million). In addition,
the company has access to an undrawn NOK 100 million
revolving credit facility.
Allocation of net profit
The board decided to transfer the profit for the year to
other equity, after paid dividends in 2024.
Dividends
In 2024, Rana Gruber distributed total dividends of NOK
342.7 million (NOK 411.3 million), corresponding to NOK
9.24 per share (NOK 11.1).
Ex. date
Dividend per
share (NOK)
29 February 2024 4.27
27 May 2024 1.29
10 September 2024 2.23
27 November 2024 1.45
Adjusted net profit shall constitute the IFRS based net
profit after tax, adjusted for unrealised gains and losses
from the company’s portfolio of hedging. For price hedg-
ing, the relevant hedging positions are those related to
shipments initiated in the quarter of reporting for which
the final price is concluded in the subsequent quarter.
The board has the flexibility to use approximately 30 per
cent of the estimated dividend payments to repurchase
Rana Gruber shares for subsequent redemption and
reduce the dividend payments correspondingly.
Any buyback program to achieve the same purpose for
future quarters will be announced separately.
The board’s dividend decisions consider legal restric-
tions, capital expenditure plans for announced strategic
projects, financing requirements, and market fluctua-
tions affecting the company.
RANA GRUBER ANNUAL REPORT 2024 39BOARD OF DIRECTORS’ REPORT
Research and development
Research and development (R&D) is a key part of Rana
Gruber’s day-to-day operations. The company has a
dedicated R&D department with three employees. In
2024, salary payments to employees at the R&D depart-
ment amounted to NOK 9.0 million (NOK 6.9 million). In
addition to these costs, Rana Gruber invests significant
amounts related to the company's strategic projects.
The commitment to R&D laid the basis for increased
development activity, and the company’s strategic devel-
opment projects will require continued R&D investments.
Risk management at Rana Gruber
Rana Gruber is acutely aware of diverse risks that could
impact its operational efficiency, financial standing, and
market standing. The corporate management continu-
ally monitors these risks, adopting a nuanced approach
that does not seek to eliminate risk entirely, but rather
strives to engage at an optimal level.
This approach takes into consideration the company's
core competencies, capital adequacy, and overarch-
ing development plans. The fundamental objective is to
identify potential threats and opportunities, strategically
steering risk to a manageable level to reasonably ensure
the achievement of the company's targets.
Below is a summarised presentation of the key risks that
the company currently faces.
Regulatory risk
Rana Gruber's operational lifeline is tied to permits and
registrations, thereby exposing the company to potential
risks such as revocation, alteration, or non-renewal.
Rana Gruber adheres to the Norwegian Minerals Act
regulations for mineral extraction. The company, permit-
ted by the Norwegian Environment Agency since 2012
(updated in 2025) for waste deposition, faces regulatory
risks tied to potential changes in government policies,
especially regarding deposition permits. Additionally,
exposure to local and global carbon emission taxation
exists, although Rana Gruber aims for complete carbon
neutrality in production. The success of this goal will
determine the regulatory risk associated with CO
2
taxa-
tion.
To mitigate these risks, the company actively engages in
ongoing dialogues with policymakers and collaborates
with key trade organisations, such as the Norwegian
Mineral Industry.
Financial and market risk
Rana Gruber faces risks from fluctuating iron ore prices
and rising freight costs influenced by global supply and
demand dynamics. Currency and exchange rate risks
arise due to sales in USD and EUR, while costs are in
NOK. The company also contends with uncertainties in
input prices, particularly electric power.
To mitigate these risks, Rana Gruber employs hedging
positions for iron ore prices, USD, and electric power.
These strategies not only serve to mitigate risks but also
ensure a stable cash flow, support investments, and
align with the company's dividend policy. The transpor-
tation of iron ore brings additional layers of risk, inclu-
sive of a transport tax and uncertainties tied to the
eventual financial outcomes of carbon-free hematite con-
centrate.
Operational risk
Recognising the inherent challenges of mining and min-
eral processing operations, Rana Gruber emphasises
proactive measures in operational risk management.
Efforts are continuously made to identify and mitigate
operational risks associated with challenges that could
impact operational continuity, safety, and productivity,
such as a work accident or exposure to chemicals. This
is achieved through a combination of advanced technical
solutions, strict safety protocols, comprehensive train-
ing, and proactive risk management. Detailed mainte-
nance plans and substantial inventories of spare parts
for critical equipment form the cornerstone of efforts
to minimise the probability of production disturbances.
Additionally, vigilant monitoring and management of rock
stress in underground mining operations, coupled with
strategic rock-support measures, serve to fortify the
operational risk mitigation strategy.
In the digital age, hacking and cybercrime represent for-
midable operational risks. Rana Gruber has implemented
a resilient cybersecurity strategy, encapsulated by a
standalone OT environment devoid of internet access,
thereby reducing vulnerability to external attacks.
Moreover, the company adopts a forward-thinking
stance in addressing long-term challenges arising from
climate change. The potential risks associated with
extreme weather events, such as increased flooding
RANA GRUBER ANNUAL REPORT 202440 BOARD OF DIRECTORS’ REPORT
and landslides, are met with a proactive approach that
involves ongoing exploration and implementation of
adaptive measures. This commitment underscores Rana
Gruber's dedication to effectively managing operational
risks in the face of evolving environmental dynamics.
Business risks
The company is dependent on a small number of sup-
pliers in parts of the business. This reliance introduces
the potential for delays and disruptions in the produc-
tion. To address these risks, the company emphasises
contingency planning and risk modelling for the most
critical parts of the production process. Rana Gruber
has a close collaboration with Cargill Metals and Min-
erals related to the development of the Hematite prod-
uct, which also supports Rana Gruber with 100 per cent
offtake on the hematite product.
Moreover, recognising the environmental risks inher-
ent in its business activities, Rana Gruber underscores
the importance of prioritising responsible environmental
practices. This commitment not only ensures sustaina-
ble operations but also safeguards the company's rep-
utation, emphasising a proactive approach to long-term
success.
RANA GRUBER ANNUAL REPORT 2024 41BOARD OF DIRECTORS’ REPORT
Corporate governance
Effective corporate governance is fundamental for creat-
ing long-term value, benefiting shareholders, employees,
and stakeholders. At Rana Gruber, the board of directors
has instituted governance principles, in accordance with
the Norwegian Code of Practice for Corporate Govern-
ance, ensuring a transparent division of responsibilities
among the board, executive management, and share-
holders.
Rana Gruber adheres to corporate governance reporting
requirements outlined in the Norwegian Accounting Act
(section 3-3b) and the Oslo Stock Exchange Rule Book
II (cf. section 4.4). Rana Gruber also follows the Norwe-
gian Code of Practice for Corporate Governance, and the
company’s practice and reporting is in accordance with
these guidelines.
To access the Norwegian Accounting Act, visit lovdata.no,
and for the Norwegian Code of Practice for Corporate
Governance, refer to NUES.no.
Financial reporting is subject to internal controls, a reg-
ular management reporting process and is verified by
audits. Rana Gruber’s audit committee is responsible for
the oversight of the internal controls, risk management
and audit process and making recommendations or pro-
posals to improve the integrity of reporting.
Further information about the board and audit commit-
tee’s mandates and work can be found in the Corporate
Governance Report.
Corporate social responsibility
Rana Gruber is required to report on its corporate social
responsibility and selected related issues. Reporting on
relevant topics has been approved by the board and can
be found in the sustainability section of this report, on
page 88. The board-approved annual statement on cor-
porate governance can be found on page 35.
In line with the requirements of the Norwegian Transpar-
ency Act, Rana Gruber annually carries out due diligence
assessments related to fundamental human rights and
decent working conditions in its own value chain. The
board has endorsed plans for continued compliance with
the Act, with a comprehensive report (Transparency Act
Statement) attached to this annual report (see page 182),
in accordance with the regulatory requirements.
Equality and anti-discrimination
Rana Gruber is unwavering in its commitment to foster-
ing a work environment built on equality and inclusivity.
The company values and recognises the uniqueness and
worth of each individual, emphasising the importance of
respecting individual abilities. At Rana Gruber, there is
zero tolerance for any form of harassment or discrimina-
tion, be it rooted in gender, religion, race, national or eth-
nic origin, cultural background, social group, disability,
sexual orientation, marital status, age, or political opin-
ion. The company actively endeavours to provide equal
opportunities for employment, ensuring fair treatment
for all employees and job seekers.
In accordance with section 26-a of the Norwegian Equal-
ity and Anti-Discrimination Act, Rana Gruber is man-
dated to furnish an annual equality statement, outlining
the measures taken to promote equal opportunities. The
detailed report can be found on page 189 of this report.
RANA GRUBER ANNUAL REPORT 202442 BOARD OF DIRECTORS’ REPORT
RANA GRUBER ANNUAL REPORT 2024 43BOARD OF DIRECTORS’ REPORT
Employees and organisation
At 31 December 2024, Rana Gruber had in total 368
employees, of which 335 held full-time positions. The
company also hired apprentices and temporary staff,
strategically placing them in roles associated with oper-
ational projects for the new mining level, or to fill in for
absences due to holidays, parental leave, and illness.
Changes to the executive management and
board of directors
The board consists of:
Morten Støver (chair, elected in 2023 for two years)
Frode Nilsen (director, elected in 2024 for two years)
Ragnhild Wiborg (director, elected in 2023 for two years)
Hilde Rolandsen (director, elected in 2023 for two years)
Lars-Eric Aaro (director, elected in 2024 for two years)
Simon Collins (director, elected in 2024 for two years)
Ane Nordahl Carlsen (director, elected in 2024 for two
years)
Henriette Zahl Pedersen (worker director)
Johan Hovind (worker director)
Camilla Johnsdatter Nilsen (worker director)
Ricky Hagen (worker director)
The shareholder-elected directors of the board were
elected at the annual general meetings held in 2023 and
2024, each for a two-year period.
The management team consists of CEO Gunnar Moe, CFO
Erlend Høyen, COO Stein Tore Liljenström, Head of IT,
Security and Safety Charlotte Norwich, HR Manager Jim
Kristian Johansen, and Environmental and Sustainability
Manager Nancy Stien Schreiner.
Insurance
The company has a board liability insurance covering the
entire board and the CEO.
Injuries, accidents, and sick leave
There was one minor production-related injury in 2024,
which led to short-term absence from work. The com-
pany is constantly working to ensure safety measures
in all parts of production and promoting a healthy work
environment.
The company had a total sick leave of 6.73 per cent in 2024.
Natural environment
Rana Gruber has a permit from the Norwegian Environ-
ment Agency for deposition of departure/waste masses
from the production, which was issued in 2012 (updated
2025). The permit involves restrictions on discharges
to water and soil, and to emissions to air. The company
does its utmost to meet the threshold limit values in
the permit. Good routines are in place to monitor dis-
charges/emissions to ensure that negative environmen-
tal effects are prevented or reduced.
The company collaborates with partners and authori-
ties to apply the best solutions for marine deposition in
the Rana Fjord. The company also collaborates closely
with both the Rana local authority and other industrial
companies in the area to monitor the water quality in
the Rana Fjord and the air quality in Rana. Please refer
to page 88 in the sustainability section of this report for
further details on climate and the environment.
Payments to governments
The company has assessed its relations with, and pay-
ments to and from, governmental institutions, in accord-
ance with section 3-3d of the Norwegian Accounting Act
(and section 5-5a of the Norwegian Securities Trading
Act). For more information, please see note 3.17 in the
financial statements.
RANA GRUBER ANNUAL REPORT 202444 BOARD OF DIRECTORS’ REPORT
Share and shareholders
Rana Gruber’s shares are listed on the Oslo Stock
Exchange under the ticker “RANA.” Rana Gruber’s share
price opened at NOK 80.00 on 2 January 2024 and
closed at 76.3 per share on 30 December 2024. During
2024, the share traded between NOK 63.30 and NOK
83.90 per share.
At 31 December 2024, the share capital of Rana Gruber
ASA was NOK 9 271 273 divided into 37 085 092 shares.
At year-end 2024, the company had a total of 8 197
shareholders, of which the 10 largest held 58.74 per cent
of the total issued shares.
Rana Gruber has one share class, and all shares have
equal rights in the company. The shares are registered
in the Norwegian Central Securities Depository (VPS).
The company's registrar is DNB Markets. The shares
carry the securities number ISIN NO0010907389.
Rana Gruber’s annual general meeting for 2025 is
planned to be held on 11 April.
Outlook
Rana Gruber is directly exposed to the global market
for iron ore, which faced volatile prices and changes in
demand throughout 2024 due to macroeconomic uncer-
tainties and softer demand from China. The impact of
U.S. policy on global trade dynamics, including poten-
tial reciprocal policies from the EU, remains notably
uncertain. In the face of volatile market conditions, Rana
Gruber benefits from its stable and efficient off-take
agreement with Cargill that facilitates strong customer
relations while concurrently enabling Rana Gruber to
focus on strategic projects for continued operational
excellence. Additionally, the company’s increasing pro-
duction and sales of magnetite contribute to reducing its
dependency on fluctuations in iron ore prices.
Rana Gruber is committed to long-term quality and
value creation, which is reflected in the company’s stra-
tegic target of reaching 67 per cent iron content by
the end of this decade. The journey to higher grade is
already well underway, with the upcoming milestone of
reaching 65 per cent on track to be completed within the
first half of 2025. These efforts reinforce the company’s
pole position as one of the most sustainable suppliers of
iron ore in a time when the global steel industry is shift-
ing towards decarbonisation and green steel produc-
tion. At the same time, reaching 65 per cent iron content
will ensure less exposure to volatile prices and higher
revenue in the years to come as the premium for higher
grade iron ore is expected to grow.
At our Capital Markets Day in November 2024 we
launched our long term cash cost target on USD 50-55.
Together with the strong offtake agreement with Car-
gill and increasing magnetite volumes we are fully pre-
pared to navigate in a complex and shifting market. This
strategy gives the company a robust foundation for deci-
sion-making in uncertain times and further solidifies
the importance of our commitment to increasing quality,
production and long-term value creation for our stake-
holders.
Mo i Rana, Norway, 20 March 2025
The board of directors and CEO – Rana Gruber ASA
Morten
Støver
Lars-Eric
Aaro
Ane Nordahl
Carlsen
Frode
Nilsen
Ragnhild
Wiborg
Hilde
Rolandsen
Chair Director Director Director Director Director
Henriette Zahl
Pedersen
Simon Matthew
Collins
Camilla Johnsdatter
Nilsen
Johan
Hovind
Ricky Allan Kristian
Hagen
Gunnar
Moe
Director Director Director Director Director CEO
RANA GRUBER ANNUAL REPORT 2024 45BOARD OF DIRECTORS’ REPORT
FINANCIAL STATEMENTS
RANA GRUBER ANNUAL REPORT 202446 FINANCIAL STATEMENTS
Financialstatements 2024
Rana Gruber
Statement of comprehensive income .................................................................................................. 48
Statement of financial position .................................................................................................................. 49
Statement of cash flows ................................................................................................................................50
Statement of changes in equity ................................................................................................................ 51
Notes to the financial statements ............................................................................................................52
Note 01 Corporate information ............................................................................................................................................................... 52
Note 02 Basis of preparation ................................................................................................................................................................... 52
Note 03 Material accounting policies and judgements .......................................................................................................................53
Note 04 Segment information ................................................................................................................................................................. 57
Note 05 Revenue ........................................................................................................................................................................................ 58
Note 06 Other operating expenses ......................................................................................................................................................... 58
Note 07 Finance income and costs ......................................................................................................................................................... 59
Note 08 Other financial gains and losses............................................................................................................................................... 59
Note 09 Income tax.................................................................................................................................................................................... 59
Note 10 Earnings per share (EPS) ...........................................................................................................................................................61
Note 11 Mine properties ............................................................................................................................................................................61
Note 12 Property, plant, and equipment .............................................................................................................................................. 62
Note 13 Leases ........................................................................................................................................................................................... 62
Note 14 Trade receivables ....................................................................................................................................................................... 64
Note 15 Inventories ................................................................................................................................................................................... 64
Note 16 Cash and cash equivalents ....................................................................................................................................................... 65
Note 17 Reconciliation of cash-flows from financing activities ......................................................................................................... 65
Note 18 Financial instruments ................................................................................................................................................................ 66
Note 19 Borrowings and credit facilities ............................................................................................................................................... 67
Note 20 Trade payables and other current liabilities .......................................................................................................................... 67
Note 21 Financial risk and capital management .................................................................................................................................. 67
Note 22 Derivatives ................................................................................................................................................................................... 71
Note 23 Employee benefit expenses.......................................................................................................................................................73
Note 24 Share capital................................................................................................................................................................................ 74
Note 25 Assets pledged as security ....................................................................................................................................................... 76
Note 26 Related parties ............................................................................................................................................................................ 77
Note 27 Provisions .................................................................................................................................................................................... 79
Note 28 Commitments .............................................................................................................................................................................. 79
Note 29 Events after the reporting period ............................................................................................................................................ 79
Appendix: Alternative performance measures .........................................................................................................................................80
Auditor’s report ................................................................................................................................................... 82
RANA GRUBER ANNUAL REPORT 2024 47FINANCIAL STATEMENTS
Statement of comprehensive income
For the period ended 31 December 2024
Amounts in NOK thousand Notes 2024 2023
Revenue 5 1664441 1932039
Changes in inventories 15 (60863) 18020
Raw materials and consumables used (389413) (404915)
Employee benefit expenses 23 (387947) (336050)
Depreciation 11, 12, 13 (182960) (165417)
Other operating expenses 6 (293549) (279401)
Operating profit/(loss) 349709 764276
Financial income 7 9708 14180
Financial expenses 7 (18022) (13436)
Other financial gains/(losses) 8 138516 (137134)
Financial income/(expenses), net 130202 (136390)
Profit/(loss) before income tax 479911 627886
Income tax expense 9 (109 085) (138198)
Profit/(loss) for the year 370 826 489688
Other comprehensive income from items that will not be reclassified to profit or loss:
Net other comprehensive income/(loss) - -
Comprehensive profit for the year 370 826 489688
Earnings per share (in NOK):
Basic and diluted earnings per ordinary share 10 10.00 13.21
RANA GRUBER ANNUAL REPORT 202448 FINANCIAL STATEMENTS
Mo i Rana, Norway, 20 March 2025
The board of directors and CEO – Rana Gruber ASA
Morten Støver Lars-Eric Aaro Ane Nordahl Carlsen Frode Nilsen Ragnhild Wiborg Hilde Rolandsen
Chair Director Director Director Director Director
Henriette Zahl
Pedersen
Simon Matthew
Collins
Camilla Johnsdatter
Nilsen Johan Hovind
Ricky Allan Kristian
Hagen Gunnar Moe
Director Director Director Director Director CEO
Statement of financial position
At 31 December 2024
Amounts in NOK thousand Notes 31 Dec 2024 31 Dec 2023
ASSETS
Non-current assets
Mine properties 11 589315 535865
Property, plant and equipment 12 302517 247825
Right-of-use assets 13 301323 202257
Total non-current assets 1193155 985947
Current assets
Inventories 15 151363 194700
Trade receivables 14, 18 174788 217397
Other current receivables 18 58084 59512
Derivative financial assets 18, 22 45000 49043
Cash and cash equivalents 16 45123 295208
Total current assets 474358 815860
Total assets 1667513 1801807
EQUITY AND LIABILITIES
Equity
Share capital 24 9271 9271
Share premium 24 92783 92783
Other equity 827 573 799413
Total equity 929 627 901467
LIABILITIES
Lease liabilities 13 217021 144890
Net deferred tax liabilities 9 21 067 109429
Provisions 27 18348 17387
Other non-current liabilities - 662
Total non-current liabilities 256 436 272368
Trade payables
1)
20 103229 121 693
Lease liabilities (current portion) 13 95445 59740
Current tax liabilities 9 116 695 174811
Derivative financial liabilities 18, 22 66540 98740
Other current liabilities 20 99 541 172 988
Total current liabilities 481 450 627972
Total liabilities 737 886 900340
Total equity and liabilities 1667513 1801807
1) The company has decided to reclassify part of the accounting provisions from trade payables to other current liabilities. The comparative figures have also been restated.
RANA GRUBER ANNUAL REPORT 2024 49FINANCIAL STATEMENTS
Statement of cash flows
For the period ended 31 December 2024
Amounts in NOK thousand Notes 2024 2023
Cash flow from operating activities:
Profit before income tax 479911 627886
Adjustments for:
Depreciation of tangible assets 11, 12, 13 182960 165417
Unsettled loss/(gain) on derivative financial instruments 22 (90277) 49697
Fair value change on settled derivatives 22 62120 210696
Net exchange differences (16987) (4636)
Net finance income / expense 7 10577 1230
Working capital changes:
Change in inventories 15 43337 (34781)
Change in receivables and payables 14, 20 (47684) 39872
Income tax paid 9 (255453) (109564)
Interests received 7 7445 12206
Interests paid 7 (18022) (13436)
Net cash flow from operating activities 357927 944587
Cash flow from investment activities:
Expenditures on mine development 11 (128539) (287435)
Expenditures on property, plant and equipment 12 (106529) (127421)
Net cash flow from investing activities (235068) (414856)
Cash flow from financing activities:
Payment of principal portion of lease liabilities 17 (47264) (40723)
Dividends paid 24 (342666) (411273)
Net cash flow from financing activities (389931) (451996)
Net increase/(decrease) in cash and cash equivalents (267072) 77735
Cash and cash equivalents at the beginning of the period 16 295208 212837
Effects of exchange rate changes on cash and cash equivalents 16987 4636
Cash and cash equivalents at the end of the period 16 45123 295208
RANA GRUBER ANNUAL REPORT 202450 FINANCIAL STATEMENTS
Statement of changes in equity
For the period ended 31 December 2024
Amounts in NOK thousand Notes
Share capital
(note 24)
Share premium
(note 24)
Retained
earnings
Total
equity
Balance at 1 January 2023 9271 92783 720999 823053
Profit for the year - - 489688 979439
Total comprehensive income - - 489688 489688
Cash dividends 24, 3 - - (411274) (411274)
Balance at 31 December 2023 9271 92783 799413 901467
Profit for the year 370 826 370 826
Total comprehensive income - - 370 826 370 826
Cash dividends 24, 3 - - (342666) (342666)
Balance at 31 December 2024 9271 92783 827 573 929 627
‘Retained earnings‘ is presented as ‘other equity‘ in the statement of financial position.
RANA GRUBER ANNUAL REPORT 2024 51FINANCIAL STATEMENTS
Notes to the financial statements
Note 01 Corporate information
Rana Gruber ASA (henceforth, the ‘company’ or ‘Rana Gruber’) is a
limited liability company incorporated and domiciled in Norway whose
shares are traded on Oslo Stock Exchange under the ticker ‘RANA’.
The company was established in 1964 and the registered office is
located at Mjølanveien 29, Mo i Rana, Norway.
Rana Gruber operates own mines with iron ore deposits. The mines
are located approximately 35 kilometers northeast from the city Mo
i Rana in Norway, in Storforsheia and Ørtfjell, located in the area
called the Dunderland Valley. The iron ore production takes place
at the company's iron ore deposits at Ørtfjell as open pit production
and underground operation. The company's processing plant is also
located near Mo i Rana, more precisely in Guldsmedvik, with direct
access to the company's own port and railway connection.
At 31 December 2024, the company had 368 employees (2023: 381),
and 358 full-time equivalents in 2024 (2023: 373).
These financial statements were authorised by the board of directors
and the CEO on 20 March 2025.
Note 02 Basis of preparation
Rana Gruber’s financial statements are prepared in accordance
with International Financial Reporting Standards (IFRS® Accounting
Standards) and interpretations by the IFRS Interpretations Committee
(IFRIC®) as endorsed by the European Union (EU). There are no
material differences between IFRS as issued by the IASB® and as
endorsed by the EU for the financial statements of the company.
The financial statements are presented in NOK and all amounts are
rounded to the nearest thousand, unless stated otherwise.
The 2024 financial statements have been prepared based on the
going concern assumption. When preparing financial statements,
the management has made an assessment of the company’s ability
to continue as a going concern. There are no material uncertainties
related to events or conditions that may cast significant doubt upon
the company’s ability to continue as a going concern.
2.1. Historical cost convention
The financial statements have been prepared on a historical cost
basis, except for the following items being measured at fair value:
Derivative instruments - note 3.9
Trade receivables subject to provisional price mechanisms
- note 3.10
2.2. Significant accounting judgements, estimates, and assumptions
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires the management to exercise its judgement in the process of
applying the company’s accounting policies. Changes in assumptions
may have a significant impact on the financial statements in the period
the assumptions change. The management believes the underlying
assumptions are appropriate.
This note provides an overview of the areas that involved a higher
degree of judgement or complexity, and of items which are more likely
to be materially adjusted due to estimates and assumptions turning
out to be different when, and to the extent that, the uncertainty is
resolved. These areas are as follows:
Judgements for determining lease term – note 3.6.2
Estimation uncertainty with regards to exploration and evaluation
assets – note 3.4
Estimation of the value of the provisionally priced trade receivables
from the sales of hematite – note 3.10
These estimates are evaluated by the management recurrently. They
are based on historical experience and the best information available
for conditions existing at year-end. The management believes these
estimates are reasonable.
2.3. Functional currency and presentation currency
The financial statements are presented in NOK which is also the
functional currency of the company.
Accounting judgments and estimates
The functional currency of the company is the currency of the primary
economic environment in which it operates. The functional currency of
the company is the Norwegian Kroner. The determination of functional
currency involved certain judgements to identify the primary economic
environment. The management reconsiders the functional currency of
the company if there is a change in events and conditions which can
determine the primary economic environment assessment.
In the case of the company, even though the currency that mainly
influences sales prices for iron ore is USD, Norwegian Kroner is the
currency cash outflows and financing activities are nominated in; and
the currency in which receipts from operating activities are usually
retained. The management has thus determined that Norwegian
Kroner is supported in sum by a stronger set of indicators.
2.4. New standards and interpretations adopted by the company
and other changes in accounting policies
The company has applied certain amendments to the standards and
interpretations that are effective for annual periods beginning 1
January 2024. None of the amendments and interpretations applied
had impacts in the amounts recognised in the current or previous
periods, and are not expected to affect future periods.
2.5. New standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting
standards and interpretations have been published that are not
mandatory for 31 December 2024 reporting periods and have not
been early adopted by the company.
Out of these standards, amendments or interpretations, only IFRS 18
‘Presentation and Disclosure in Financial Statements’ is expected to
RANA GRUBER ANNUAL REPORT 202452 FINANCIAL STATEMENTS
have a material impact on the company’s future reporting periods and
foreseeable future transactions, as described below.
IFRS 18 ‘Presentation and Disclosure in Financial Statements’
(effective for annual periods beginning on or after 1 January 2027)
In April 2024, the IASB® issued IFRS 18, which replaces IAS 1
‘Presentation of Financial Statements’. IFRS 18 introduces a defined
structure for the statement of profit or loss with new totals and
subtotals, and in which all income and expenses should be classified
in one of the following categories: operating, investing, financing,
income taxes and discontinued operations, where the first three are
new. IFRS 18 also requires disclosure of newly defined management-
defined performance measures.
Additionally, IFRS 18 made narrow scope amendments to IAS 7
‘Statements of Cash Flows’. These amendments require companies
to start the cash flow statement with the ‘operating profit’ subtotal
(new subtotal introduced by IFRS 18) and requires companies without
a specified business activity (which is the case for the company)
to present interests and dividends received within the investing
activities, and interests paid within financing activities.
IFRS 18 and corresponding amendments to other standards are
effective for annual periods beginning on or after 1 January 2027.
Early application is permitted, and application should be made
retrospectively.
The management is currently assessing the detailed implications of
applying IFRS 18 on the company’s financial statements.
Note 03 Material accounting policies and judgements
3.1. Transactions and balances in foreign currency
Gains and losses on derivative financial instruments are presented in
the statement of comprehensive income within ‘other financial gains/
(losses)’. All other foreign exchange gains and losses are presented
within ‘other financial gains/(losses)’.
Translation differences on assets and liabilities carried at fair value are
reported as part of the fair value gain or loss, as disclosed in note 8.
3.2. Revenue recognition
Rana Gruber's business is the extraction of iron ore from its own
mines, for it to be processed and then sold to third parties in the form
of hematite, magnetite and other special products. The company’s
revenue stream can be disaggregated as follows on a by-product
basis:
Revenue related to sales of hematite
Revenue related to sales of magnetite
Revenue related to sales of specialty products (Colorana)
Management believes that the disaggregation by product is the
one that best depicts the nature, amount, timing and uncertainty of
revenue and cash flows.
Material accounting policy information with respect to the sale of
hematite
The majority of the revenue generated by the company arises from
the sales of hematite. The company mainly has one off-take agreement
with a customer.
Rana Gruber recognises revenue from its sales of hematite to its
customers, acting as a principal to the transactions. Rana Gruber
does not typically provide freight, shipping or insurance services to
its customers. Therefore, providing the goods is the only performance
obligation identified on the contracts with customers. Each shipment
of hematite is treated as a separate performance obligation.
Typically, Rana Gruber is responsible for the goods until the hematite
is loaded onto the vessels chartered by the customer at the port of
Mo i Rana, under the Incoterms Free on Board (FOB). This is the point
in time when Rana Gruber obtains an unconditional right to payment
and when control is transferred to the customer. The initial invoice
is normally paid by the customer within 3 to 5 working days after the
shipment date. Customer acceptance for the goods is not considered
a relevant indicator for Rana Gruber, as there is certainty on the
specification requirements of the goods when the hematite is loaded
onboard the vessels.
The sale of hematite is typically subject to a provisional price
mechanism. At the moment of the sale, invoices are issued to clients
based on provisional prices, reflecting the average of past spot prices
of iron ore. Final prices are derived from monthly averages of iron
ore prices during the reference period (typically, three months after
each shipment has taken place). Provisional pricing also includes an
element linked to expected transportation costs, which are known at
each quarter-end and correspondingly adjusted to revenue. Typically,
the final invoice is paid by the customer within 3 to 5 working days
after the invoice date.
Under IFRS, revenue is recognised at the shipment date for an
amount that corresponds to the average forward prices for the
month in which the invoice will be finally settled. At each reporting
date after the date of the sale, the corresponding trade receivable
is remeasured using the updated forward prices. Subsequent
changes in the value of the trade receivables due to changes in the
forward prices are recognised as revenue up until the date of the
final settlement for the shipment. When the price is known, the trade
receivables are reclassified to trade receivables which are not subject
to provisional price mechanisms. For disclosures on the provisionally
priced trade receivables, see note 3.10 and notes 14 and 18.
The transaction price for hematite shipments is also subject to
variable consideration depending on several parameters such as
Fe (iron) content and moisture, which can be estimated with a high
level of certainty at the moment the revenue is recognised. When
variable consideration depends on factors that are outside of Rana
Gruber’s influence, the variable consideration is not recognised until
the moment when the uncertainty is resolved, normally being shortly
before the final invoice is sent to the client.
Rana Gruber uses the practical expedient of not disclosing the
information required in paragraph 120 of IFRS 15 (i.e. the aggregate
amount of the transaction price allocated to the performance
obligations that are unsatisfied (or partially unsatisfied) as of the end
of the reporting period).
Material accounting policy information with respect to the sales of
magnetite and specialty products
With respect to the sale of magnetite and specialty products, the
company typically enters into long-term framework contracts with its
RANA GRUBER ANNUAL REPORT 2024 53FINANCIAL STATEMENTS
clients for the provision of magnetite and specialty products. In these
contracts, the company acts as a principal to the transactions.
Typically, only one performance obligation is identified in these
revenue streams: the goods (i.e. magnetite or specialty products) to
be provided. Revenue is recognised at the point in time the control
over the goods is obtained by the customer, which is typically
determined based on the incoterms and the right to payment for the
goods.
Revenue is recognised for the amount that the company expects to
be entitled in exchange for transferring the promised goods to the
customer, excluding sales taxes. The company is not typically exposed
to any variable consideration arising from these contracts in the form
of discounts, rebates, or provisional pricing mechanisms, among
others.
3.3. Mine properties (excluding E&E assets)
The company carries out mining operations in both underground and
open-pit mines. Mine properties are initially measured at cost, which
comprises the development costs, and the directly attributable costs
necessary for the asset to be capable of operating in the manner
intended by the management. These costs also include borrowing costs
(when applicable) and the initial estimate of rehabilitation costs linked
to the development.
Mine properties are subsequently measured at cost less accumulated
depreciation and any accumulated impairment losses.
Mines under construction are reclassified into producing mines when
the development phase of the mine is finalised, which is the point
where the production phase starts. In considering this point in time,
the management considers, among others, the current development
stage and investment levels with respect to the initially planned ones;
and the result of the testing periods for determining whether the stable
extraction period has been reached.
Subsequent expenditure in mine properties is capitalised to the extent
it is probable that future economic benefits associated with the item
will flow to the entity; and the cost of the item can be measured reliably,
following the criteria above. Maintenance costs are charged to profit or
loss during the reporting period in which they are incurred.
3.3.1. Depreciation
Infrastructure used in the underground mining activities, such as the
transportation tunnels, are depreciated using a straight-line method.
Other assets relating to the producing mines assets are depreciated
following the unit-of-production (UOP) method.
The unit of measure for the UoP method is the number of
underground extraction detonations performed during each reporting
period, compared to the total number of extraction detonations
planned for the relevant iron ore deposit. The separate mining levels,
and not the mine as a whole, are used as measurement basis when
applying this method.
Factors such as elevation above the sea level, dimensions of the
planned mining tunnels as well as geological properties (e.g.
distribution between iron ore and waste rock) are considered when
estimating the number of detonations in a new mining level.
The quality of the estimate depends on the accuracy of the modelling,
the number of test samples taken prior to the start of the production
and the properties of the mining level that become known only after
commencement of the mining activities. When circumstances deviate
from the ones used for the estimate, the number of total detonations
is adjusted. Normally deviations do not exceed 10 per cent of the initial
number of detonations estimated for the mining level.
Accounting judgments and estimates
The Company’s assessment of the useful life of mine properties
requires judgement and is considered to be an estimate. The useful
life of mine properties is based on the estimated detonations that are
expected to be economically and technically feasible for the relevant
iron ore deposit. These estimates are based on geological surveys,
past operational history and assumption on future market prices, and
could change depending on technical innovations, iron ore prices,
production costs or updated geological analysis.
The company is monitoring development of the mining activities in
each mining level continuously and adjustments to the total estimated
number of detonations are made when actual circumstances indicate
significant deviation from the estimate.
The following table summarises the useful life and depreciation
method by class of asset:
Producing mines Transportation tunnels (underground infrastructure)
Depreciation method UoP Straight-line
Useful life Based on estimated detonations to deplete iron ore reserves 7-15 years
3.3.2. Stripping activity assets
The company engages in stripping activities, which consists of
the removal of waste rock to access iron ore deposits, during
the production phase of a surface (open pit) mine. The company
recognises stripping activity assets to the extent that it gets an
improved access to the ore body that will be consumed over a period
of more than one year, it can identify the component of ore body for
which access has been improved; and it can measure the associated
costs reliably.
Costs related to stripping activities recognised within the mine
properties were NOK 5687 thousand for the reporting period of
2024. During 2023 there were no stripping costs recognised within
the mine properties assets due to their short-term nature. All
stripping costs have consequently been included as direct costs of
inventory in the period they were incurred.
Accounting judgments and estimates
Judgement is required to distinguish between development stripping
and production stripping and to distinguish between the production
stripping that relates to the extraction of inventory and that which
relates to the creation of stripping activity assets.
3.4. Exploration and evaluation assets
The company recognises expenditures incurred during the
exploration and evaluation (E&E) phase of its mining projects as
assets, according to their tangible or intangible nature. These
are measured initially at cost. E&E assets are not subsequently
depreciated but are periodically assessed for impairment.
Expenditures that are assessed for recognition have mainly included
activities related to exploratory sample drilling and subsequent
RANA GRUBER ANNUAL REPORT 202454 FINANCIAL STATEMENTS
geological analysis carried out to determine the economic viability
and technical feasibility of the mineral resources. The company makes
this assessment for the area of interest the project relates to. See
note 11.2 for further information.
After the company can demonstrate the technical feasibility and
commercial viability of extracting the iron ore, E&E assets are
reclassified into mines under construction. If the conclusion is that
this cannot be demonstrated, E&E assets are expensed.
E&E assets are assessed for impairment when facts and circumstances
suggest that the carrying amount may exceed its recoverable amount.
Such circumstances include changes to operational mining plans, lack
of commercially viable quantities of mineral resources for the areas in
which E&E activities have taken place and changes to market prices
affecting the investments plans for new mining areas.
Accounting judgments and estimates
The application of the company’s accounting policy for E&E expenditure
requires judgement to determine whether future economic benefits are
likely or determining whether the technical feasibility and commercial
viability of extracting a mineral resource are demonstrable. These
conclusions are supported by technical reports produced by the
company, and rely on estimates on the amount, quality, and accessibility
of reserves as well as the uncertainty of those estimations.
3.5. Property, plant and equipment
Property, plant and equipment (‘PPE’) are initially recognised at cost
and subsequently measured at cost less accumulated depreciation
and any accumulated impairment losses.
The following table summarises the useful life and depreciation
method by class of asset:
Buildings Machinery and plants Operating equipment
Depreciation method Straight-line Straight-line Straight-line
Useful life 3-50 years 3-30 years 3-10 years
3.6. Leases
The company recognises right-of-use assets and lease liabilities for
all lease contracts, except for leases that are considered short-term
(lease term of 12 months or less), or for which underlying assets are
of a low value when new.
3.6.1. Right-of-use assets
The right-of-use assets are initially measured at cost, and
subsequently depreciated using the straight-line method over the
shorter of the lease term or the useful life of the underlying asset.
In addition, the right-of-use assets are reduced by any impairment
charges and adjusted for certain remeasurements of the lease
liabilities. No significant purchase options have been held by the
company.
Accounting judgments and estimates
Rana Gruber has an ambition to become the first CO
2
-free iron ore
mine in the whole world and this will be completed through a large-
scale electrification of all machinery and transport.
The management monitors the effects of these future plans with
regards to the electrification of its existing fleet of production
machinery and operation vehicles, in terms of useful lives and
impairment indicators of its right-of-use assets.
The management concluded that, in any case, the useful life of its right-
of-use assets should remain unaffected for the majority of these assets,
as these assets will remain as back-up in case any electrical production
machinery or vehicles, or charging infrastructure suffers technical
problems, during the first phase of the company’s electrification plans.
Therefore, the use of these right-of-use assets will be the reduction of
the company’s exposure to production disruption risks.
The company elects to present its right-of-use assets separately from
other assets in its statement of financial position.
3.6.2. Lease liabilities
The company used, for virtually all of its leases, the incremental
borrowing rate to discount future lease payments at the lease
commencement date, as the implicit interest rates of the leases
entered by the company were not readily determinable. Lease
payments by the company typically include fixed payments, with some
variability due to the updates in consumer price index or rates.
The lease liabilities are subsequently measured at amortised cost
using the effective interest rate method. Additionally, the carrying
amount of the lease liabilities is remeasured when there is a change
in future lease payments arising from a change in an index or rate, if
there is a change in the company’s estimate of the amount expected
to be payable under a residual value guarantee, or if the company
changes its assessment of whether it will exercise a purchase,
extension or termination option. When the lease liabilities are
remeasured, a matching adjustment is made to the carrying amount
of the right-of-use assets.
The company has not exercised any significant extension or termination
options during the periods presented in these financial statements.
Accounting judgments and estimates
In determining the lease term, the management considers all facts
and circumstances that create an economic incentive to exercise
an extension option, or not exercise a termination option. Extension
options are only included in the lease term if the lease is reasonably
certain to be extended (or not terminated).
The assessment on extension and termination options includes the
factor of whether the underlying assets are in alignment with the
company’s strategy to electrify its mining operations.
3.7. Impairment of non-financial assets
At each reporting date, the company assesses whether there is an
indication that an asset may be impaired. When impairment indicators
are identified, the company performs an impairment testing at the level
of the cash-generating unit (‘CGU’), as none of the assets in the company
generate largely independent cash flows from other assets. The company
only has one cash-generating unit, which is the business as a whole.
In assessing impairment indicators, the company considers its
estimated amount and accessibility of iron ore reserves to be
extracted. Additionally, the company also considers whether climate-
related risks could have a significant impact, such as the introduction
of emission-reduction legislation that may increase manufacturing
costs, and price premiums on carbon-free iron ore not sufficient to
cover related increase in production costs. These risks in relation
to climate-related matters are included as key assumptions where
they materially impact the measure of recoverable amount and
RANA GRUBER ANNUAL REPORT 2024 55FINANCIAL STATEMENTS
these assumptions have been included in the cash-flow forecasts in
assessing value-in-use amounts.
Rana Gruber also reviews the estimated residual values and expected
useful lives of assets at least annually. In particular, the company
considers the impact of health, safety, and environmental legislation
in its assessment of expected useful lives and estimated residual
values.
The company holds no assets for which an annual impairment testing
is required.
The company has not identified any impairment indicators leading
to an impairment testing in the periods presented in these financial
statements.
3.8. Inventories
Iron ore stockpiles are valued at the lower of cost or net realisable
value. Net realisable value is the estimated future sales price of
the product the company expects to realise when the product is
processed and sold, less estimated costs to complete production and
bring the product to sale. Stockpiles are measured through surveys
and assays, and estimations of how much iron ore is added and
removed from the stockpile.
Cost of inventories, other than consumables, is comprised of
direct production costs including an appropriate portion of fixed
and variable overhead costs, including depreciation, incurred in
converting materials into finished goods, based on the normal
production capacity. Costs of iron ore produced which is stored on
the ground in the open pit is valued to costs from open-pit operations,
while cost for iron ore stored in the silo is valued to a combination of
cost for both open pit and underground production.
Materials and supplies are measured at the lower of cost or net
realisable value. Any provision for obsolescence is determined by
reference to specific items of stock. A regular review is undertaken to
determine the extent of any provision for obsolescence.
Costs of finished goods and iron ore stockpiles are assigned using
the weighted average cost formula, whereas the costs of production
supplies and spare parts are assigned using the first-in, first-
out (FIFO) method to determine the extent of any provision for
obsolescence.
The company presents changes in inventory separately in the
statement of comprehensive income, representing the net change in
value of inventory from one period to the other.
3.9. Derivatives
The company enters into derivative agreements to reduce cash flow
risk arising from changes in exchange rates, iron ore prices, freight
and electric power prices. Derivatives are measured at fair value
through profit or loss (FVTPL) at each reporting period.
The corresponding effects from derivatives are presented within
‘other financial gains and losses’ line item in the statement of
comprehensive income.
The fair value of these derivatives is derived from observable prices
in quoted markets. See additional information in notes 18 and 22.
3.10. Trade receivables and other financial assets
Trade receivables related to provisional pricing arrangements are
measured at fair value through profit or loss from initial recognition
and until the date the final invoice has been issued, which is the
moment when the final price of the iron ore is known. When the price
is known, the trade receivables are reclassified to trade receivables
which are not subject to provisional price mechanisms. Please see
note 5 for further details.
Accounting judgments and estimates
As indicated in note 3.2, the sales of hematite are subject to provisional
pricing mechanisms where the final settlement for the delivery will
be based on future iron ore prices. Therefore, the management has to
estimate the value of the provisionally priced trade receivables at each
reporting date. For that, the management relies on the forward price
for three months after the sale has been made.
The company initially measures trade receivables not subject to
provisional pricing arrangements at fair value, being the amount of
consideration that is unconditional from the customer.
All other financial assets, excluding derivatives, meet the SPPI
(solely payments of principal and interest) criteria and are managed
in a business model of Hold to Collect. These financial assets are in
the measurement category of amortised cost. Subsequent to initial
recognition, these assets are measured at amortised cost using the
effective interest method.
3.11. Cash and cash equivalents
Cash and cash equivalents presented in the statement of financial
position includes cash at bank. The company does not generally
hold term-deposits assessed to be considered as cash equivalents.
The company typically meets the offsetting requirements to present
its bank overdrafts as part of its cash and cash equivalents in its
statement of financial position.
An integral part of the company’s cash management policies is to hold
bank overdrafts. Overdrafts are repayable on demand and the bank
balance often fluctuates from being positive to overdrawn. Therefore,
bank overdrafts are included as a component of cash and cash
equivalents in the statement of cash flows.
3.12. Impairment of financial assets
For trade receivables and contract assets, the company applies the
simplified approach to measuring expected credit losses, which uses
a lifetime expected impairment provision for all trade receivables and
contract assets.
While cash and cash equivalents also are subject to the impairment
requirements, the expected credit losses are immaterial.
3.13. Statement of cash flows
The cash flow statement is prepared using the indirect method, and
interests paid and received are considered as part of the cash flows
from operating activities.
3.14. Income taxes
The company is subject to ordinary Norwegian company tax with a
tax rate of 22 per cent. Because of timing differences between the
tax bases of assets and liabilities and their carrying amounts in the
financial statements, there will be temporary differences that give
rise to deferred tax liabilities or deferred tax assets.
Deferred income taxes are determined by using tax rates (and laws)
that have been enacted or substantively enacted by the end of the
reporting period and are expected to apply when the related deferred
income tax assets are realised, or the deferred income tax liabilities
are settled.
The management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is subject
to interpretation and considers whether it is probable that a taxation
RANA GRUBER ANNUAL REPORT 202456 FINANCIAL STATEMENTS
authority will accept an uncertain tax treatment. The company
measures its tax balances either based on the most likely amount or
the expected value, depending on which method provides a better
prediction of the resolution of the uncertainty.
Accounting judgments and estimates
The company has an uncertain tax position in respect of the positions
held for its income taxes for the year 2021 and subsequent ones.
Further details on this judgement are included in note 9.2.2.
3.15. Employee benefits
The company is required to have an occupational pension scheme
for its employees in accordance with the Norwegian law on required
occupational pension. Rana Gruber’s pension scheme meets the
requirements of the law and is based on defined contribution plans.
See note 23 for further information.
3.16. Provisions
Provisions for legal claims and future rehabilitation activities are
recognised when the company has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of
economic resources will be required to settle the obligation and the
amount can be reliably estimated. Provisions are not recognised for
future operating losses.
Provisions are measured at the present value of the management’s
best estimate of the expenditure required to settle the present
obligation in the future. The discount rate used to determine
the present value is a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the
liability. The increase in the provision due to the passage of time is
recognised as interest expense.
The impact of climate-related matters on remediation of
environmental damage is considered with determining the
decommissioning liabilities on the mining assets which has been
disclosed in note 27 Provisions.
3.17. Government grants and payments to authorities
Government grants relating to the purchase of property, plant and
equipment are normally included in non-current liabilities as deferred
income and they are credited to profit or loss on a straight-line basis
over the expected lives of the related assets.
Government grants relating to costs are deferred and recognised in
profit or loss over the period necessary to match them with the costs
that they are intended to compensate.
The company received NOK 109 thousand in 2024 (2023: NOK 400
thousand) in grants from the tax incentive scheme.
In relation to the ongoing Fe67 project, the company received grants
from Innovasjon Norge in 2024 amounting to NOK 2817 thousand.
The company also received grants from ENOVA in relation to its new
electric machinery leases. These grants were obtained directly by
the lease suppliers, and indirectly through an adjustment of lease
costs from its lease suppliers amounting to NOK 504 thousand in 2024
(2023: NOK 1 015 thousand).
In accordance with the Norwegian Securities Trading Act, section
5-5a, Rana Gruber has prepared a Report on payments to
authorities. The report is published on the company’s website 21
March. According to the regulations, companies with activities in
the extractive industry or forestry shall disclose such payments.
Rana Gruber has in 2024 paid NOK 258056 thousand as corporate
income tax (2023: NOK 109564 thousand), NOK 34 thousand to Rana
Kommune (2023: NOK 34 thousand), NOK 1227 thousand to the
Norwegian Institute for Water Research (2023: NOK 346 thousand)
and NOK 214 thousand to the Norwegian Directorate of Mining (2023:
NOK 256 thousand).
Note 04 Segment information
Rana Gruber’s business is primarily related to the excavating,
processing and sale of iron oxide in the form of hematite, magnetite
and iron oxide pigments. Hematite is used for iron and steel
production in smelting plants in Europe and magnetite is used in
industrial water purification processes.
Operating segments are components of the company regularly
reviewed by the chief operating decision maker to assess performance
and be able to allocate resources. The company's CEO (Chief Executive
Officer) is the chief operating decision maker at Rana Gruber. The
company as a whole is operated as a single segment. See note 5 for a
disaggregation of revenue from external customers by product.
Rana Gruber’s main customer (Cargill International Trading Pte Ltd)
constituted circa 84 per cent of the total annual iron ore production
volumes during 2024 (2023: circa 88 per cent). The total revenue
from that single customer, who is based in Singapore, amounted to
NOK 1454435 thousand in 2024 (2023: NOK 1685275 thousand).
Substantially all of the company’s goods sold to this customer are
typically delivered to end users based in the European Union and the
United Kingdom area. However, during 2024, 2 (2023: 5) out of a total
of 29 (2023: 27) iron ore shipments were delivered to end users in
Asia (mainly China and India). Domestic sales to external customers
accounted for less than 1.1 per cent and 1.5 per cent of total revenue
for the years 2024 and 2023, respectively.
All non-current assets held by the company are located in Norway.
RANA GRUBER ANNUAL REPORT 2024 57FINANCIAL STATEMENTS
Note 05 Revenue
The following breakdown of revenue from contracts with customers
presents a disaggregation by major product line:
Revenue
(Amounts in NOK thousand) 2024 2023
Sales of hematite 1409306 1693964
Sales of magnetite 211681 158510
Sales of Colorana 55954 52736
Total revenue from contracts with customers 1676941 1905210
Effect from provisionally priced receivables (32580) 9121
Other income 20080 17709
Total revenue 1664441 1932039
Revenue arising from other than contracts with customers includes
primarily the fair value changes in the value of the trade receivables
due to the provisional price mechanisms from the shipment date and
up until the invoice is finally settled and other income arising primarily
from sale of services related to consulting and geophysical analysis.
Revenue from service transactions is recognised as the service is
performed.
Note 06 Other operating expenses
Amounts in NOK thousand
2024 2023
Plant and mining activities: extraction and maintenance 107316 128507
Expenses related to short-term and low-value leases 20031 18458
Auditor's remuneration 1 730 2338
Consulting fees 37282 23437
Energy expenses (fuel, electric power, water, etc.) 18446 27883
Insurance fees 20601 21712
Shipping costs 22112 20109
Contribution Mo i Rana Airport (562) 688
Other 66 593 36269
Total other operating expenses 293549 279401
Expenses incurred in research and development projects have been
NOK 10016 thousand during the 2024 financial year (2023: NOK 7847
thousand). No development expenditures have been capitalised
during 2024 or 2023. Research and development activities have been
mostly in relation to the Rana Gruber’s three key strategic projects:
increasing the iron content of its products; increasing magnetite
production; and eliminating all carbon emissions from production.
Research and development expenses in relation to these projects are
expected to continue in the coming year.
The auditor remuneration presents the following disaggregation:
Auditor’s remuneration
Amounts in NOK thousand 2024 2023
Statutory audit fees 1 632 2255
Technical assistance 73 54
Tax advisory services 25 29
Total auditor's remuneration 1 730 2338
RANA GRUBER ANNUAL REPORT 202458 FINANCIAL STATEMENTS
Note 07 Finance income and costs
Amounts in NOK thousand 2024 2023
Financial income 9708 14180
Interest income from bank deposits
7446 12208
Other financial income 2262 1972
Financial costs: (18022) (13436)
Interest on borrowings (375) -
Interest on lease liabilities (14031) (9422)
Unwinding of discount in provisions (961) (2387)
Other financial costs (2655) (1627)
Net finance result (8314) 744
Note 08 Other financial gains and losses
Amounts in NOK thousand 2024 2023
Net gain/(loss) on financial instruments at fair value through profit or loss - derivatives on foreign exchange rates (76515) (20204)
Net gain/(loss) on financial instruments at fair value through profit or loss - derivatives on iron ore prices 236656 (114706)
Net gain/(loss) on financial instruments at fair value through profit or loss - derivatives on freight (29594) 3260
Net gain/(loss) on financial instruments at fair value through profit or loss - derivatives on electric power (14853) (10396)
Net foreign exchange gains (losses) 22822 4912
Total other financial gains and losses 138516 (137134)
As a consequence of rebalancing the positions in the electric power
market, and in line with the company’s hedging strategies, Rana
Gruber has realised a loss during 2024 of NOK 2 371 thousand,
compared to a realised gain of NOK 118537 thousand in 2023, which
is included in the Net gain/(loss) – derivatives on electric power.
The aim for the rebalancing was to ensure a more optimal hedging
strategy for the future energy consumption needed, and hence
avoiding adverse impacts from future volatility in the spot market in
the region where Rana Gruber is located. See note 22.3 for further
details on the open positions at 31 December 2024.
Note 09 Income tax
9.1. Income tax expense
Amounts in NOK thousand 2024 2023
Current income tax 116 695 174811
Adjustments for tax of prior periods 2 636 -
Change in deferred tax (10 246) (36613)
Total income tax expense 109 085 138198
RANA GRUBER ANNUAL REPORT 2024 59FINANCIAL STATEMENTS
9.2. Deferred tax
9.2.1. Deferred Tax Balances
Amounts in NOK thousand 2024 2023
Tangible fixed assets (PPE & Mine properties) (15 841) (7906)
Right-of-use assets 2 290 215
Derivatives 4 739 10874
Inventories (8 478) (20084)
Receivables (7 676) (27436)
Gain and loss account (149) (187)
Provisions 4 037 5585
Prepayments - (70484)
Shares and other instruments 11 11
Total deferred tax relating to temporary differences (21 067) (109411)
Tax losses to carry forward - -
Excluded interest deduction to carry forward - -
Carrying value of deferred tax assets (liabilities) (21 067) (109411)
Deferred tax liability related to prepayments has been settled during 2024. See note 9.2.2 for more information.
Explanation of change in deferred tax
Amounts in NOK thousand 2024 2023
Carrying value of deferred tax at 1 January (109 411) (146046)
Change in deferred tax liability 88 344 33667
Change in uncertain tax positions revenue - 2968
Carrying value of deferred tax at 31 December (21 067) (109411)
9.2.2. Uncertain tax positions
Up until the 2020 tax assessment year, the company recognised
revenue on an accrual basis for both accounting and tax purposes.
However, due to the volatility from the provisionally priced trade
receivables explained in note 5, the company’s estimation of revenue
at fiscal year-end date can vary significantly with the final revenue
realised at settlement date. For this reason, the company has ongoing
discussions with the tax authorities in Norway with respect to the
treatment of its revenue for tax purposes.
The company’s position in this respect is that the current income tax
expense should be based on the actual amounts of revenue realised.
For the year ended 31 December 2023, uncertain tax positions
amounted to NOK 70484 and were recognised as deferred tax
liability instead of current tax liabilities. The recognition was based on
management’s judgement of the most likely outcome of the dialogue
with Tax Authorities, as explained above. The case with the Norwegian
Tax Authorities continued during 2024, with unfavourable ruling for
Rana Gruber’s position. The company continues arguing its case in
further instances.
Given these developments, Rana Gruber decided to settle the income
tax for the 2023 fiscal year for an amount that follows the Norwegian
Tax Authorities’ suggested approach. Therefore, the company has
no deferred tax liabilities for 2023 or 2024 fiscal year. However, Rana
Gruber continues to dispute the case in order to grant tax treatment
which the company considers to be the most reasonable given the
specifics of its revenue recognition. In case of favourable ruling, this
will have a positive effect from a cash flow and financial position
perspective.
9.3. Reconciliation of income tax expense
Amounts in NOK thousand 2024 2023
Profit before tax 479 911 627886
Expected income tax at statutory income tax rate of 22% (22%) 105 604 138135
Permanent differences 845 63
Adjustments of tax for prior periods 2 636 -
Calculated tax expense/(income) 109 085 138198
RANA GRUBER ANNUAL REPORT 202460 FINANCIAL STATEMENTS
Note 10 Earnings per share (EPS)
10.1. Basic and diluted earnings per share
Amounts in NOK 2024 2023
From continuing operations attributable to the ordinary equity 10.00 13.21
Total basic and diluted earnings per share attributable to the ordinary equity 10.00 13.21
Weighted average number of outstanding shares, excluding treasury shares 37085092 37085092
For the reporting periods included in these financial statements, the
company had no dilutive potential ordinary shares.
Note 11 Mine properties
The company carries out mining operations in both underground and
open-pit mines. The company identified the following class of assets in
relation to its mine properties:
Amounts in NOK thousand
Exploration and
evaluation assets
Mines under
construction
Producing
mines Total
At 1 January 2023
Cost 8277 81513 929046 1018836
Accumulated depreciation and impairment - - (709740) (709740)
Net book amount 8277 81513 219306 309096
Year ended 31 December 2023
Opening net book amount 8277 81513 219306 309096
Additions 16746 257000 30406 304152
Depreciation charge (77384) (77384)
Closing net book amount 25023 338513 172328 535865
Amounts in NOK thousand
Exploration and
evaluation assets
Mines under
construction
Producing
mines Total
1 January 2024
Cost 25023 338513 959452 1322988
Accumulated depreciation and impairment - - (787124) (787124)
Net book amount 25023 338513 172328 535865
Year ended 31 December 2024
Opening net book amount 25023 338513 172328 535865
Additions 20268 59778 48493 128539
Transfers (10316) (391030) 401346 -
Depreciation charge - - (75088) (75088)
Closing net book amount 34975 7261 547079 589315
At 31 December 2024
Cost 34975 7261 1409291 1451528
Accumulated depreciation and impairment - - (862212) (862212)
Net book amount 34975 7261 547079 589315
11.1. Significant additions from mining activities during the period
During the second quarter of 2024, Rana Gruber’s new underground
mining level L91 (Kvannevann Øst mine) reached a near-completion
stage, which enabled iron ore extraction in line with ongoing
production plans in accordance with the company’s accounting
policies (see note 3.3). As a consequence, Rana Gruber reclassified
NOK 391 million from ‘mines under construction’ to ‘producing mines’
and started the depreciation of the new producing mine.
RANA GRUBER ANNUAL REPORT 2024 61FINANCIAL STATEMENTS
11.2. Exploration and evaluation activities
The company has undertaken exploration and evaluation activities
during the period to assess the technical feasibility and commercial
viability of starting the extraction in new areas. The assets recognised
during the period mostly relate to the cost of geophysical studies, and
exploratory drilling. No exploration and evaluation expenditures have
been directly recognised as expense during 2024 and 2023.
During 2024, the company continued its exploration and evaluation
activities in the Kvannevann underground mines and Kvannevann
vest, which explains the additions during 2024. In addition, NOK 10.3
million has been reclassified from ‘exploration and evaluation assets’
to ‘producing mines’ in relation to the start of production on the
mining level L91 (see note 11.1 above).
Note 12 Property, plant, and equipment
Amounts in NOK thousand
Land and
buildings
Machinery
and plants
Operating
equipment etc. Total
At 1 January 2023
Cost 108065 653060 60681 821806
Accumulated depreciation and impairment (46257) (540184) (53065) (639506)
Net book amount 61808 112876 7616 182300
Year ended 31 December 2023
Opening net book amount 61808 112876 7616 182300
Additions 17692 90922 2093 110706
Depreciation charge (6792) (35133) (3257) (45182)
Closing net book amount 72708 168665 6452 247825
1 January 2024
Cost 125757 743982 62774 932512
Accumulated depreciation and impairment (53049) (575317) (56322) (684688)
Net book amount 72708 168665 6452 247825
Year ended 31 December 2024
Opening net book amount 72708 168665 6452 247825
Additions 13973 91736 820 106 529
Depreciation charge (8408) (40740) (2689) (51837)
Closing net book amount 78273 219661 4583 302517
At 31 December 2024
Cost 139730 835718 63594 1039042
Accumulated depreciation and impairment (61457) (616057) (59011) (736525)
Net book amount 78273 219661 4583 302517
During 2024, the main additions relate to the purchase of machinery
for its extraction mining activities, and machinery for its new
production plant.
Note 25 discloses information on the amount of property, plant and
equipment that are pledged as security for borrowings.
Note 13 Leases
13.1. Nature of the lessee’s leasing activities
The company leases most of its production machines including
dumper-trucks, excavators, wheeled loaders, train wagons and other
vehicles used in the iron ore extraction and transportation process.
The lease term varies normally from one to five years with options to
both extend and terminate the lease contracts at the management’s
discretion.
RANA GRUBER ANNUAL REPORT 202462 FINANCIAL STATEMENTS
13.2. Right-of-use assets
Amounts in NOK thousand Machinery Total
At 1 January 2023 137893 137893
Year ended 31 December 2023
Additions 111170 111170
Depreciation charge (46806) (46806)
Closing net book amount 202257 202257
At 1 January 2024 202257 202257
Year ended 31 December 2024
Additions 174886 174886
Disposals (4907) (4907)
Depreciation charge (70913) (70913)
Closing net book amount 301323 301323
At 31 December 2024 301323 301323
The additions of the right-of-use assets during 2024 is mainly
explained by new production machinery in line with the electrification
plans of the company, and the insourcing of mining activities that have
been done until now by external parties. Furthermore, the company
leased additional machinery as part of its strategic project related to
the Fe65 initiative efforts.
13.3. Lease liabilities
Amounts in NOK thousand 2024 2023
At 1 January 204630 138134
Additions 174714 111013
Interest expense 18490 10512
Lease payments (87124) (58720)
Currency effects 1756 3691
Balance at 31 December 312466 204630
Current 95 445 59 740
Non-current 217 021 144 890
The following table discloses the maturity analysis for lease liabilities
(note 21.2.1 includes information for other non-derivative financial
liabilities):
Contractual maturities
Amounts in NOK thousand 2024 2023
Less than 1 year 98812 61682
1-4 years 227193 139320
4-5 years 24558 20029
More than 5 years 7668 14782
Total contractual cash-flows 358231 235813
Recognised as liabilities 312466 204630
Information on lease commitments have been included in note 28.
RANA GRUBER ANNUAL REPORT 2024 63FINANCIAL STATEMENTS
13.4 Amounts recognised in the statement of comprehensive
income
The following amounts have been recognised in the statement of
comprehensive income in relation to leases:
Amounts in NOK thousand 2024 2023
Interest expense (included in finance cost), net of capitalisation 14031 9422
Expense relating to short-term and low-value leases 20031 18458
Expense relating to depreciation, net of capitalisation 56035 42851
In total, the company has capitalised NOK 14879 thousand of the
depreciation of its right-of-use assets (2023: NOK 3995 thousand)
and NOK 4459 thousand of interest expense during 2024 (2023:
1090 thousand). The capitalisation is related to the leased machinery
used in the development of the mines under construction, as well as
exploration and evaluation (E&E) assets for future extraction in a new
area.
The total cash outflow for leases in 2024 has been NOK 107155
thousand (2023: NOK 77178 thousand).
Note 14 Trade receivables
Amounts in NOK thousand 2024 2023
Trade receivables subject to provisional pricing mechanism (fair value, see note 18) 53710 120900
Trade receivables not subject to provisional pricing mechanism (amortised cost) 121478 96897
Loss allowance of trade receivables at amortised cost (400) (400)
Total trade receivables 174788 217397
More information about trade receivables subject to the provisional pricing mechanism can be found in note 5.
14.1. Impairment of trade receivables
Impairment on trade receivables has historically not been significant
for the company. Trade receivables not subject to provisional price
mechanisms have been grouped using the number of days past
due. The expected credit loss rates used in the provision matrix
are calculated using both historical loss rates and forward-looking
information:
Ageing trade receivables
Amounts in NOK thousand 2024 2023
Not due 105052 75798
Less than 30 days 10040 12751
30-60 days 4632 4400
61-90 days (16) 316
More than 90 days 1770 3632
Total carrying value trade receivables 121478 96897
Note 15 Inventories
Inventories are pledged as security for financial liabilities. See note 25 for additional information.
Amounts in NOK thousand 2024 2023
In-house manufactured finished goods 67695 120543
Goods in progress (iron ore stockpiles) 5016 27276
Purchased semi-manufactured goods 13712 286
Production supplies and spare parts 64940 46595
Total inventories 151363 194700
RANA GRUBER ANNUAL REPORT 202464 FINANCIAL STATEMENTS
Note 16 Cash and cash equivalents
Amounts in NOK thousand 2024 2023
Cash at bank 45123 295208
Net cash at bank 45123 295208
Restricted cash 20238 18269
Unrestricted cash 24885 276939
Total cash and cash equivalents 45123 295 208
16.1. Short-term deposits
The company does not hold bank deposits or other short-term, liquid
investments.
16.2. Restricted cash
Part of the cash and cash equivalents disclosed is subject to
regulatory restrictions on payroll tax liabilities and is therefore not
available for general use by the company.
16.3. Bank overdrafts
Bank overdrafts held by the company mainly relate to accounts used
for payments in foreign currency. See note 3.11 for information on
the accounting policies followed by the company with respect to bank
overdrafts.
At year-end 2024 and 2023 the company did not hold any outstanding
bank overdrafts.
Note 17 Reconciliation of cash-flows from financing activities
Amounts in NOK thousand Lease liabilities Total
Liabilities from financing activities at 1 January 2023 138134 138134
Financing cash flow (payments) (40723) (40723)
New leases 107 325 107 325
Foreign exchange adjustments 3 688 3 688
Other changes (3794) (3794)
Liabilities from financing activities at 31 December 2023 204630 204630
Financing cash flow (payments) (68 634) (68 634)
New leases 174 714 174 714
Foreign exchange adjustments 1 756 1 756
Liabilities from financing activities at 31 December 2024 312 466 312 466
Differences between financing cash flow and lease payments in note
13.3 mainly relate to interests paid, included in cash flows from
operating activities.
RANA GRUBER ANNUAL REPORT 2024 65FINANCIAL STATEMENTS
Note 18 Financial instruments
This note provides further disclosure on the financial instruments
held by the company and fair value measurement. All financial
instruments held by the company and measured at fair value are
considered level 2.
18.1. Financial assets
Amounts in NOK thousand 2024 2023
Debt instruments measured at amortised cost: 224285 451217
Other current receivables 58084 59512
Trade receivables not subject to provisional pricing mechanism (amortised cost) 121078 96497
Cash and cash equivalents 45123 295208
Debt instruments measured at fair value through profit or loss: 53710 120900
Trade receivables subject to provisional pricing mechanism (fair value) 53710 120900
Derivatives (measured at fair value through profit or loss): 45000 49043
Foreign exchange forward contracts 37500
Iron ore forward contracts 45000 -
Electricity forward contracts 11543
Total financial assets 322995 621160
18.2. Financial liabilities
Amounts in NOK thousand 2024 2023
Liabilities measured at amortised cost 202661 295343
Trade payables and other current liabilities (see note 20) 202661 294681
Other non-current liabilities - 662
Derivatives (measured at fair value through profit or loss): 66540 98740
Foreign exchange forward contracts 38700 -
Iron ore forward contracts - 98740
Freigt forward contracts 26900 -
Electricity forward contracts 940 -
Total financial liabilities 269201 394083
18.3. Fair value hierarchy
The different fair value measurement levels have the following
meaning:
Level 1: The fair value of financial instruments traded in active
markets (such as publicly traded derivatives, and equity securities)
is based on quoted market prices at the end of the reporting period.
The quoted market price used for financial assets held by the
company is the current bid price. These instruments are included
in level 1.
Level 2: The fair value of financial instruments that are not
traded in an active market (e.g. over-the counter derivatives) is
determined using valuation techniques that maximise the use of
observable market data and rely as little as possible on entity-
specific estimates. If all significant inputs required to fair value an
instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on
observable market data, the instrument is included in level 3. This
is the case for unlisted equity securities.
Trade receivables subject to the provisional pricing mechanisms are
considered level 2. The fair value of the provisionally priced trade
receivables uses the forward prices of iron ore at the stipulated
settlement date. This is an observable price with an active market,
which is applied to the pricing formula for the agreements. See
additional information in note 5.
Derivatives are considered level 2. Fair value estimates have been
determined based on present value calculations and other commonly
used valuation techniques. The company’s derivative instruments are
primarily swap contracts where fair value estimates are based on
equating the present value of a fixed and a variable stream of cash
flows over the maturity of the contract. These estimates are based
on observable input related to volatility, discount rates and current
market values of the underlying assets the derivative instrument is
related to.
There were no transfers between levels of fair value measurements
during the reporting periods.
Fair values of financial instruments not measured at fair value are not
materially different to their carrying values.
RANA GRUBER ANNUAL REPORT 202466 FINANCIAL STATEMENTS
Note 19 Borrowings and credit facilities
The company held no borrowings during 2024 or 2023. However,
credit facilities have been maintained through 2024 and 2023 to
ensure liquidity access if necessary. See further information below
about these undrawn credit facilities held by the company.
19.1. Relevant terms and conditions for the undrawn credit
facilities
Credit facilities
The company’s current borrowing facility includes per the reporting
date 31 December 2024 an overdraft credit facility of NOK 100000
thousand with an interest rate based on NIBOR plus a margin of 3.25
per cent p.a. The overdraft credit facility agreement includes the
following quarterly financial covenant for the company:
Net interest-bearing debt / EBITDA < 1.5
Equity ratio > 35%, adjusted for unrealised effects from derivative
instruments
Adverse unrealised effects from derivative instruments < NOK 250
million
19.2. Assets pledged as securities for liabilities
The borrowing facility required certain assets to be pledged as
security, being accounts receivables, inventory, and property, plant
and equipment. Further information about the amounts and classes of
assets pledged is included in note 25.
19.3. Compliance with covenants
The company has complied with all the financial covenants during
2024 and 2023, and the management does not expect to breach any
covenant in the foreseeable future.
Note 20 Trade payables and other current liabilities
Trade payables
Amounts in NOK thousand 2024 2023
Trade payables with third parties 101 978 84 120
Trade payables with related parties (see note 26.3) 1 251 37 573
Total trade payables 103 229 121 693
Other current liabilities
Amounts in NOK thousand 2024 2023
Other current liabilities with related parties - 83 000
Public duties payable 21654 20662
Others 77 887 69 326
Total other curent liabilities 99 541 172 988
Trade payables are unsecured and are normally settled within 30 days.
The carrying amounts of trade and other payables are considered to
be the same as their fair values, due to their short-term nature.
Note 21 Financial risk and capital management
In conducting its operations, the company faces the following main
types of risks: credit risk, liquidity risk and market risk. For each
type of risk identified, this note discloses or cross-references to
information about the company’s exposures to the risk, how it arises;
the company’s objectives, policies, and processes for managing the
risk and the methods used to measure the risk.
The company uses derivatives on a recurrent basis to hedge against
financial risks, but the company does not apply hedge accounting.
21.1. Credit risk
Credit risk is the risk that one party to a financial instrument will
cause a financial loss for the company by failing to settle its obligation.
The company is exposed to credit risks in conducting its ordinary
activities. The credit risk primarily relates to its trade receivables;
its cash and cash equivalents; and its derivative financial assets and
other receivables related to derivative contracts.
21.1.1. Trade receivables
The company is closely following the credit rating of its customers
which are regularly monitored. Within days after the iron ore is
loaded onto the customer’s vessels, the payment of the provisional
invoice is received from the customer.
The amount of credit risk related to most iron ore shipments is limited
to one shipment per client. A provisional invoice for substantially
RANA GRUBER ANNUAL REPORT 2024 67FINANCIAL STATEMENTS
all of the consideration for the shipment is settled shortly after the
shipment date, and typically no other shipment will be made until the
provisional invoice has been paid by the customer. The company does
not normally hold collateral from its customers.
At 31 December 2024, the company had 69 customers (2023:
62 customers). Approximately, at 31 December 2024 its main 5
customers held 89 per cent of the company’s trade receivables (2023:
87 per cent).
Rana Gruber’s customer base consists of large industrial groups
and the credit risk related to trade receivables is considered limited.
The management is monitoring the customers’ credit ratings on an
ongoing basis.
At each reporting date, the company assesses the impairment of its
trade receivables not subject to the provisional pricing mechanism
based on a loss allowance provision matrix. This matrix groups the
outstanding amounts by days past due. For more information on how
the impairment is done, please see note 14.
21.1.2. Cash and cash equivalents
Policies and procedures for cash and cash equivalents from the
company are monitored by the company’s Finance Department. The
company limits the amount of deposits that can be held in a single
bank to limit the concentration of risks.
21.1.3. Derivative financial assets and related other receivables
The company monitors on an ongoing basis the credit rating of the
counterparties in its derivative agreements, which is normally large
financial institutions with high creditworthiness. The management
considers these assets to have a low risk at year-end. Therefore,
no impairment has been recognised for receivables arising from
derivative instruments; and no adjustment has been made to the fair
value of those instruments. See carrying amounts of these in note 22,
which constitutes the maximum exposure on these financial assets at
the end of each reporting period presented.
In the case of the electric power derivatives, these contracts are
entered with the electric power supplier, whose credit rating is closely
monitored, and the current assessment is that its credit risk is low.
Therefore, no adjustment is made to the fair value of the derivatives
due to this factor.
21.2. Liquidity risk
Liquidity risk is the risk that the company will encounter difficulty in
meeting obligations associated with financial liabilities that are settled
by delivering cash or another financial asset.
The company manages its liquidity with a high level of prudency,
with rules and policies that ensure an adequate amount of cash and
cash equivalents to meet the immediate needs of resources both in
the short and long term. Liquidity forecasts are regularly monitored
against the contractual maturities or lease liabilities.
Shipments of iron ore are normally prepaid for an amount
representing the 90 per cent of the provisional invoice within days
after the iron ore is loaded onto the customer’s vessels. See note 5 for
further information.
The main contract from the group (see note 4) includes a netting
and margining clause by which provisional purchase price (on which
provisional invoice is based) is compared weekly to an updated
provisional purchase price based on arithmetic average of last five
published values for iron ore prices. This calculation is performed for
each shipment that is still not finally settled. Differences higher than
a certain threshold require the company or its client to pay a margin
amount. The company follows up evolution of prices on a continuous
basis and holds enough cash to compensate fluctuations that can last
up to three months after which the shipment is finally settled. This
clause has not been modified during 2024 or 2023.
21.2.1. Maturities
The following table discloses the maturity analysis for non-derivative
liabilities (except for lease liabilities, which are disclosed in note 13),
showing its undiscounted remaining contractual liabilities:
At 31 December 2024
Amounts in NOK thousand
Carrying
amount
Less than
3 months
3–12
months
1–5
years Total
Trade payables 103229 103229 - - 103229
Other non-current liabilities - - - - -
Other current liabilities 99432 62714 36718 - 99432
Total financial liabilities 202661 165943 36718 - 202661
At 31 December 2023
Amounts in NOK thousand
Carrying
amount
Less than
3 months
3–12
months
1–5
years Total
Trade payables 121 693 121 693 - - 121 693
Other non-current liabilities 662 - - 662 662
Other current liabilities 58404 25862 32542 - 58404
Total financial liabilities 180 759 147 555 32542 662 180 759
The maturities of the derivative financial instruments and lease
liabilities are included in note 22 and note 13.3, respectively.
21.2.2. Financing facilities
The company has access to undrawn credit facilities for an amount
of NOK 100 million at 31 December 2024. The interest rate margin for
this credit facility is 3.25 per cent p.a. The funds are available under
the current agreement to the extent that the company complies with
the relevant financial covenants.
RANA GRUBER ANNUAL REPORT 202468 FINANCIAL STATEMENTS
21.3. Market risk
Market risk is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market
prices. Market risks for the company comprise the following types of
risk: foreign exchange risk, interest rate risk and iron ore price risk.
Trade receivables subject to the provisional pricing mechanism are
settled for an amount that mainly depends on the price of iron ore,
which can only be observed in the next quarter after the iron ore has
been loaded onto the customer’s vessels. It will be paid using the
exchange rate of the final invoice date. Therefore, these receivables
are affected by both foreign exchange risks and iron ore price risks.
21.3.1. Iron ore price risk
Fluctuations in international iron ore prices pose a risk to future
sales prices for Rana Gruber’s products. These prices are extremely
volatile, and thereby present a significant risk to profits for the
company. In the future, these prices are also expected to be
increasingly linked to the net emissions from production and the
content of iron ore in the concentrate. Therefore, climate risk policies
are considered to be relevant for Rana Gruber in the future, both in
terms of its exposure to and management of iron ore price risk.
The risk related to sales prices for iron concentrates is managed
through a combination of physical fixed-price agreements with
customers and financial swap agreements where iron ore is sold
forward at a fixed price. The swap agreements form part of a
hedging portfolio, where limits have been set for how large a share
of expected production should be sold forward over and above
the volumes hedged directly through fixed-price agreements with
customers.
21.3.2. Freight costs risks
Under the partnership agreement with Cargill, shipping freight costs
are accounted for in line with average market prices for the quarter.
Rana Gruber’s contracts are in line with industry standards, which is
considered as a prerequisite to compete with global competitors.
During 2024, the company continued to manage its risks with respect
to the freight costs by entering into financial derivatives, in line with
practice during 2023. At 31 December 2024, the company held open
positions for this type of derivative (no open positions at 31 December
2023), as disclosed in note 22.4.
Over time, when shipping markets normalise, the transition is expected
to increase competitiveness and earnings. The company will however be
exposed to price fluctuations in global shipping markets going forward.
The implications are variance in the freight deduction to the company’s
revenues, as indicated in note 3.2.
The extension of the EU Emission Trading System (ETS) to the maritime
transport has been applicable since 1 January 2024 which was expected
to have some effect in the shipping prices paid by the company, both
through direct contracts on shipping as well as indirectly through
contract negotiations towards customers.
The company is following up on the impacts from these rules and
regulations, but no significant effects has been identified so far at this
stage.
Mechanisms exist to secure freight costs in the same way as for iron ore.
21.3.3. Electric power price risk
Power is one of the most important input factors in iron concentrate
production. Ongoing electrification of fossil fuel powered machines
is increasing electricity consumption in the company, and therefore
its exposure. Fluctuations in electric power prices and in power
consumption for production pose a risk to profits at Rana Gruber. The
company is also exposed to fossil fuel price risks, however to a minor
extent.
The risk related to electric power purchases is managed by a third-
party contract provider, which provides active management services
to Rana Gruber in order to reduce fluctuations in the spot market of
electric power. These contracts are included in a hedging portfolio
where limits have been established for how large a proportion
of expected consumption (GWh) at a given future point can be
bought forward today. On this basis, the portfolio is bought forward
continuously for part of the expected consumption.
During 2024 and 2023, the company held derivative positions with
the aim of hedging the company’s exposure to fluctuation in electric
power prices. At 31 December 2024, the company holds derivative
positions to manage the electric power price risks for the financial
year 2025, covering around 50 per cent of the estimated consumption.
An overview of the derivative positions entered into are disclosed in
note 22.3. The management and the finance department follow up the
ongoing risk exposures on the basis of parameters approved by the
board of directors.
21.4. Sensitivities
All sensitivity analyses included in this note reflects management’s
views on reasonably possible changes in future prices and indexes to
which the company is exposed.
21.4.1. Foreign exchange sensitivity
The company operates in an international market for iron ore and is
consequently exposed to foreign exchange risk, primarily US dollar
and EUR to NOK fluctuations. Foreign exchange risk arises from
future commercial transactions and recognised assets and liabilities
denominated in a currency that is not the functional currency of the
company. The company mitigates foreign exchange risk by entering
into foreign exchange derivative positions based on future forecasted
exchanges. The derivatives applied per the reporting date 2024 are
foreign exchange rate cap and floor agreements and forwards. In the
cap and floor agreements, the company receives payments at the end
of each period if the exchange rates exceed or fall below the agreed
strike price.
RANA GRUBER ANNUAL REPORT 2024 69FINANCIAL STATEMENTS
The following assets and liabilities are subject to foreign exchange risk, at each reporting period:
At 31 December 2024
Amounts in thousand currency USD GBP EUR SEK
Financial assets: 6599 197 4754 -
Trade receivables subject to provisional pricing mechanism 4731 -
Trade receivables not subject to provisional pricing mechanism 1248 108 4040 -
Cash and cash equivalents 620 89 714 -
Regular bank account 620 89 714 -
Financial liabilities: 569 (25) (3612) (1891)
Lease liabilities - - (3219)
Trade and other payables 569 (25) (313) (1891)
Electric power derivatives (note 22.3) - - (80) -
At 31 December 2023
Amounts in thousand currency USD GBP EUR SEK
Financial assets: 27046 1188 6981 -
Trade receivables subject to provisional pricing mechanism 11885 - - -
Trade receivables not subject to provisional pricing mechanism 1545 37 3958 -
Cash and cash equivalents - - 1027 -
Regular bank account 13616 1151 1996 -
Financial liabilities: (7779) - (3703) -
Lease liabilities - - (3702) -
Trade and other payables (7779) - (1) -
Electric power derivatives (note 22.3) - - (80) -
The following table illustrates how the profit after tax would be
affected by reasonably possible positive or negative changes in
the exchange rates with respect to the functional currency of the
company, leaving every other constant the same:
Exchange rate sensitivity analysis
Impact on profit after tax
Amounts in NOK thousand 2024 2023
Increase in EUR/NOK exchange rate of 10 per cent 89 256
Increase in USD/NOK exchange rate of 10 per cent 559 1503
Increase in GBP/NOK exchange rate of 10 per cent 13 93
The company enters into derivative agreements to mitigate risk
related to changes in the foreign exchange rates, which will partially
offset effects in profit after tax above. Complementary information
can be found in note 22.
21.4.2. Iron ore price sensitivity
As a consequence of the provisional price mechanism, the future
cash flows from trade receivables will fluctuate because of changes
in market prices for iron ore. Changes ranging from 10 to 20 per cent
are considered to be reasonably possible by the management. The
following table summarises the effects that each change of 10 per
cent in the market price for iron ore would have on the profit after tax:
Iron ore prices sensitivity analysis:
Impact on profit
after tax
Amounts in NOK thousand 2024 2023
For each 10% increase/decrease in iron ore price 4189 9430
The company enters into iron ore price derivative agreements to
cover risks arising from the change in the iron ore prices, which will
partially offset effects in profit after tax above. More information can
be found in note 22.
RANA GRUBER ANNUAL REPORT 202470 FINANCIAL STATEMENTS
21.4.3. Electric power price sensitivity
As a consequence of the derivatives in relation to the electric power
price, the value of the derivative position will fluctuate based on the
movement in the price of electric power in the Nordic region from
Nord Pool:
Electric power prices sensitivity analysis:
Impact on profit
after tax
Amounts in NOK thousand 2024 2023
For each 10% increase/decrease in
electric power price (73) 900
The relationship above represents the change in the fair value of
the electric power derivatives from reasonably possible changes in
market price of electric power. An increase in the market price of
electric power would positively affect the value of the derivative, as
the aim of this instrument is to hedge against potential increases in
the electric power prices.
More information on electric power price derivatives can be found in
note 22.3.
21.5. Capital management: objectives, policies, and processes
The company defines capital as equity, including other reserves. The
company’s main objective when managing capital is to ensure the
ability of the company to continue as a going concern and to meet all
requirements imposed by external financing agreements in the form
of covenants.
Further, Rana Gruber aims at generating dividend payments to its
shareholders based on the company’s dividend policy. Pursuant to
this policy, the company targets to distribute 50-70 per cent of its
adjusted net profit as quarterly dividends. The board of directors may
decide that up to 30 per cent of the allocated dividend amount can be
applied for acquisition of Rana Gruber shares.
See note 19.1 for further information on the covenants to which the
company is subject to.
Note 22 Derivatives
22.1. Foreign exchange rate derivatives
Cap and floor on foreign exchange derivatives
During 2024, the company held the following positions in relation to
derivatives to cover its foreign exchange rate risks:
2024
Sell USD
(thousand)
Floor FX rate
(USD/NOK)
Cap FX rate
(USD/NOK)
Fair value
(NOK thousand)
Maturity within 3 months 28500 10.70 11.37 (14930)
Maturity within 3 to 6 months 27000 10.74 11. 47 (13730)
Maturity within 6 to 9 months 13500 10.87 11.68 (5090)
Maturity within 9 to 12 months 13500 10.87 11.78 (4950)
Balances at 31 December 2024 82500 10.77 11.52 (38700)
2023
Sell USD
(thousand)
Floor FX rate
(USD/NOK)
Cap FX rate
(USD/NOK)
Fair value
(NOK thousand)
Maturity within 3 months 22500 10.53 11.37 10430
Maturity within 3 to 6 months 9000 10.82 11.59 6600
Maturity within 6 to 9 months 9000 10.82 11.59 6510
Maturity within 9 to 12 months 9000 10.82 11.59 6510
Balances at 31 December 2023 49500 10.69 11. 49 30050
RANA GRUBER ANNUAL REPORT 2024 71FINANCIAL STATEMENTS
Forwards on foreign currency
The company has previously entered into forward derivative contracts,
to sell USD in the market at a specific exchange rate. The following
table summarises the maturity of these derivative positions as of year-
end 2023:
Foreign currency forwards by maturity
Sell USD
(thousand)
Weighted
average fixed
price (USD/NOK)
Fair value
(NOK thousand)
Maturity within 3 months 6000 10.75 3775
Maturity within 3 to 6 months 6000 10.72 3675
Maturity within 6 to 9 months - - -
Maturity within 9 to 12 months - - -
Balances at 31 December 2023 12000 10.74 7450
No such positions were held at year-end 2024.
22.2. Iron ore price derivatives
The company enters into forward swap derivative agreements to
manage the risk of changes in iron ore prices by reference to the
pricing index TSI Iron Ore CFR China (62% Fe Fines). The following
positions were held by the company in relation to the iron ore
derivative instruments:
Balances at 31 December 2024
Quantity
(metric tons)
Weighted average
fixed price (USD)
Fair value
(NOK thousand)
Derivatives already matured and recognised as other current receivables (payables): 60000 119.60 10889
Matured iron ore derivatives
1)
60000 120 10889
Iron ore derivatives recognised as financial assets (liabilities): 435000 108.57 45000
Maturity within 3 months 180000 112 22400
Maturity within 3 to 6 months 165000 107 13800
Maturity within 6 to 9 months 45000 106 4100
Maturity within 9 to 12 months 45000 106 4700
Balances at 31 December 2023
Quantity
(metric tons)
Weighted average
fixed price (USD)
Fair value
(NOK thousand)
Derivatives already matured and recognised as other current receivables (payables): 80000 116.03 16556
Matured iron ore derivatives
1)
80000 116.03 16556
Iron ore derivatives recognised as financial assets (liabilities): 690000 118.12 (98740)
Maturity within 3 months 180000 116.59 (40260)
Maturity within 3 to 6 months 240000 116.8 4 (40080)
Maturity within 6 to 9 months 180000 120.07 (15230)
Maturity within 9 to 12 months 90000 120.70 (3170)
1) Matured iron ore derivatives are accounted for in other current liabilities (see note 20) and other current receivables (see note 18)
and are not subject to future fair value changes.
22.3. Electric power price derivatives
The company held electric power price derivatives during 2024 and
2023 with the aim of managing the risk from electric power price
fluctuations in the spot market, corresponding with the energy
consumption required for the company’s operations. The company
manages these fluctuations by entering into forward contracts with
reference to the Nord Pool prices (system price) for the expected
energy consumption for future periods. The positions held at 31
December 2024 and 2023 can be summarised as follows:
RANA GRUBER ANNUAL REPORT 202472 FINANCIAL STATEMENTS
Balances at 31 December 2024
Quantity
(MWh)
Weighted average
fixed price per
MWh (EUR)
Fair value
(NOK thousand)
Maturity within 3 months 12954 18.00 325
Maturity within 3 to 6 months 13104 18.00 (630)
Maturity within 6 to 9 months 13248 18.00 (1128)
Maturity within 9 to 12 months 13254 18.00 652
Maturity within 12 to 24 months 17520 22.00 (159)
Balances at 31 December 2024 70080 19.00 (940)
Balances at 31 December 2023
Quantity
(MWh)
Weighted average
fixed price per
MWh (EUR)
Fair value
(NOK thousand)
Maturity within 3 months 17464 29.54 6570
Maturity within 3 to 6 months 17472 29.54 2531
Maturity within 6 to 9 months 17664 29.54 191
Maturity within 9 to 12 months 17672 29.54 2251
Maturity within 12 to 24 months - - -
Balances at 31 December 2023 70272 29.54 11543
22.4 . Freight derivatives
During 2024 the company entered into forward swap derivative
agreements to manage the risk of changes in freight prices by
reference to the pricing index Baltic Exchange - Capesize Route C3.
The positions held at 31 December 2024 can be summarised as follows:
Quantity
(metric tons)
Weighted average
fixed price per ton
(USD)
Fair value
(NOK thousand)
Maturity within 3 months 270000 22.35 (12210)
Maturity within 3 to 6 months 270000 23.00 (6650)
Maturity within 6 to 9 months 180000 23.40 (4520)
Maturity within 9 to 12 months 180000 23.40 (4480)
Maturity within 12 to 24 months 720000 21.00 960
Balances at 31 December 2024 1620000 22.09 (26900)
No such positions were held at year-end 2023. Note 8 includes further
disclosures on the financial performance effects for the period for this
kind of derivatives.
Note 23 Employee benefit expenses
Employee benefit expenses
Amounts in NOK thousand 2024 2023
Payroll costs (incl. bonuses) 330462 293602
Employer contribution to social security 21045 19130
Pension costs 7009 4964
Costs from defined contribution plans 26329 17818
Other benefits 3102 536
Total employee benefit expenses 387947 336050
RANA GRUBER ANNUAL REPORT 2024 73FINANCIAL STATEMENTS
Note 24 Share capital
24.1. Share capital and share premium
The share capital consists only of Type A shares, with a par value of
0.25 NOK each. All shares are entitled to equal rights with respect
to dividends, voting rights and other rights in accordance with
Norwegian corporate law.
Authorised shares
Shares Amounts
Amounts in NOK thousand 2024 2023 2024 2023
Fully paid ordinary shares, at 1 January 37085092 37085092 102 054 102 054
Total shares, share capital and share premium at 31 December 37085092 37085092 102 054 102 054
There have been no transactions affecting the amount of authorised
shares during 2024 or 2023.
24.2. Dividends
The following table presents the dividends from the company to its shareholders:
Dividends
Amounts Amount per share
Amounts in NOK thousand 2024 2023 2024 2023
Declared and paid
Final dividend for previous year 158353 111255 4.27 3.00
Dividend for Q1 result 47840 106063 1.29 2.86
Dividend for Q2 result 82700 74170 2.23 2.00
Dividend for Q3 result 53773 119785 1.45 3.23
Total dividends and per share 342666 411274 9.24 11.09
The board of directors proposed a dividend of NOK 1.80 per share for
2024, for the results for the fourth quarter of 2024. This dividend will
be paid during 2025.
RANA GRUBER ANNUAL REPORT 202474 FINANCIAL STATEMENTS
24.3. Overview of 20 largest shareholders at 31 december 2024 and shares held by the board and senior executive management
Shareholders Number of shares Ownership percentage Voting percentage
1. Leonhard Nilsen & Sønner - Eiendom 5589265 15.07% 15.07%
2. Morgan Stanley & Co. Int. Plc. 5570275 15.02% 15.02%
3. Skandinaviska Enskilda Banken AB 3766257 10.16% 10.16%
4. Zolen & Månen AS 1655000 4.46% 4.46%
5. UBS AG 1235856 3.33% 3.33%
6. Grafo AS 1202113 3.24% 3.24%
7. AH Gruppen AS 1168008 3.15% 3.15%
8. Eidissen Consult AS 669991 1.81% 1.81%
9. J.P. Morgan Securities LLC 463904 1.25% 1.25%
10. Goldman Sachs International 463902 1.25% 1.25%
11. Clearstream Banking S.A. 439004 1.18% 1.18%
12. Mecca Invest AS 436690 1.18% 1.18%
13. Klevenstern AS 436690 1.18% 1.18%
14. Hi Capital AS 394305 1.06% 1.06%
15. J.P. Morgan SE 236093 0.64% 0.64%
16. Avanza Bank AB 235052 0.63% 0.63%
17. The Bank of New York Mellon SA/NV 229147 0.62% 0.62%
18. Nordnet Ban AB 191809 0.52% 0.52%
19. The Bank of New York Mellon SA/NV 175646 0.47% 0.47%
20. The Bank of New York Mellon 159403 0.43% 0.43%
Total shares 24718410 66.65% 66.65%
Shares held by the members of the board at the end of the financial
reporting periods presented were as follows:
Shares held by members of the board 2024 2023
Morten Støver 6000 6000
Hilde Rolandsen 2800 1700
Ragnhild Wiborg 3000 3000
Frode Nilsen 5701915 7701915
Johan Hovind 606 606
Lars-Eric Aaro
1)
- -
Henriette Zahl Pedersen 1000 1000
Ane Nordahl Carlsen
2)
2000 2000
Simon Collins
3)
- -
Ricky Hagen
4)
- 700
Camilla Johnsdatter Nilsen
5)
720 720
Silje Johansen
6)
606 606
Kristian A. Adolfsen
7)
831 015 1 765 414
Lasse Orlando Strøm
8)
- 653
Total 6 549 662 9484 314
1) From 11 April 2024
2) From 11 April 2024
3) From 11 April 2024
4) From 1 July 2024
5) From 1 July 2024
6) From 11 April to 1 July 2024
7) Up until 11 April 2024
8) Up until 1 July 2024
Shares held by the CEO and other senior executive management were
the following:
Shares held by CEO and other senior executives
2024 2023
Gunnar Moe (CEO) 15733 15733
Erlend Høyen (CFO) 10000 10000
Dr. Stein-Tore Liljenström (COO) 10005 10005
Nancy Stien Schreiner (Head of ESG) 606 606
Jim Kristian Johansen (Head of HR) 681 681
Charlotte Stråmyr Norwich (Head of IT, Security & Safety) 503 503
Total 37528 37528
RANA GRUBER ANNUAL REPORT 2024 75FINANCIAL STATEMENTS
Note 25 Assets pledged as security
The following assets have been pledged as securities in the
agreements to obtain the outstanding credit facilities for the company
at each reporting period:
Carrying amounts of assets pledged as security
Amounts in NOK thousand 2024 2023
CURRENT
Bank borrowings:
Trade receivables 174788 217397
Other current receivables 58084 59512
Inventories 151363 194700
Total current assets pledged as security 384235 471609
NON-CURRENT
Lease agreements:
Right-of-use asset 301323 202257
Bank borrowings:
Mine properties 589315 535865
Machinery and plants 219661 168665
Operating equipment etc. 4583 6452
Total non-current assets pledged as security 1114882 913239
Total assets pledged as security 1499117 1384848
RANA GRUBER ANNUAL REPORT 202476 FINANCIAL STATEMENTS
Note 26 Related parties
26.1. Key management personnel compensation
Remuneration to CEO and other senior executive
Amounts in NOK thousand 2024 2023
Gunnar Moe, chief executive officer (CEO) 4 133 3 757
Salary 3 039 2 827
Bonus 914 839
Post-employment benefits 171 83
Other benefits 9 8
Erlend Høyen, chief financial officer (CFO) 2 956 2 642
Salary 2128 1 971
Bonus 631 580
Post-employment benefits 188 83
Other benefits 9 8
Stein Tore Liljenström, chief operating officer (COO) 2 916 2 597
Salary 2070 1 926
Bonus 631 580
Post-employment benefits 206 83
Other benefits 9 8
Jim Kristian Johansen, head of HR 2 067 1 899
Salary 1624 1 577
Bonus 237 228
Post-employment benefits 197 86
Other benefits 9 8
Charlotte Stråmyr Norwich, head of IT, security & safety 2 069 1 358
Salary 1590 1 159
Bonus 237 126
Post-employment benefits 233 66
Other benefits 9 7
Nancy Stien Schreiner, head of ESG 2 073 1 489
Salary 1588 1 268
Bonus 237 128
Post-employment benefits 239 85
Other benefits 9 8
Anita Brattaas Mikalsen, head of HR
1)
- 1 674
Salary - 1 561
Bonus - 22
Post-employment benefits - 83
Other benefits - 8
Total 16 214 15 416
1) Resigned as key management personnel in 2023.
In addition to the remuneration indicated above, a loyalty bonus
agreement has been entered into between the company and the CEO.
If the CEO remains in his position until the age of 67, i.e. until 29 April
2026, he shall receive a sum equivalent to 24 months' fixed salary
("Loyalty Bonus").
Neither the CEO nor the other members of the senior management
team have rights to severance pay, although the CEO is entitled
to 12 months' severance pay if the board decides to terminate the
employment, a right which has not been triggered.
RANA GRUBER ANNUAL REPORT 2024 77FINANCIAL STATEMENTS
Remuneration to the board
Amounts in NOK thousand 2024 2023
Morten Støver, Chair of the Board and member of the audit committee 675 600
Frode Michal Nilsen, Director 453 400
Ragnhild Marta Wiborg, Director 453 400
Hilde Rolandsen, Director and Chair of the audit committee 453 400
Anne Nordahl Carlsen, Director
1)
353 -
Simon Matthew Collins, Director
2)
353 -
Johan Hovind, Club leader and worker director 208 175
Henriette Zahl Pedersen, Worker director 208 175
Lars-Erik Aaro, Director
3)
117 -
Camilla Johansdatter Nilsen, Worker director
4)
105 -
Ricky Allan Kristian Hagen, Worker director
5)
105 -
Silje Johansen, Worker director
6)
52 -
Kristian Arne Adolfsen, Director
7)
100 400
Lasse Orlando Strøm, Deputy club leader and worker director
8)
- 175
Total 3 632 2725
1) From 11 April 2024
2) From 11 April 2024
3) From 11 April 2024
4) From 1 July 2024
5) From 1 July 2024
6) From 11 April to 1 July 2024
7) Up until 11 April 2024
8) Up until 1 July 2024
26.2. Transactions with other related parties
Transactions with related parties
Amounts in NOK thousand Party Relationship 2024 2023
Purchase of services open-pit
production
Leonhard Nilsen &
Sønner AS
Significant influence
over the company
- (86056)
Purchase of services concerning
mine levels
Leonhard Nilsen &
Sønner AS
Significant influence
over the company
(5941) (217219)
Sales of services various operations
and maintenance
Leonhard Nilsen &
Sønner AS
Significant influence
over the company
(199) -
Purchase of fixed assets LNS Eiendom AS Significant influence
over the company
(2657) -
Purchase of services various operations
and maintenance
LNS Eiendom AS Significant influence
over the company
(1000) -
Sales of services various operations
and maintenance
Leonhard Nilsen &
Sønner AS
Significant influence
over the company
39 1166
Sales of various administrative services Greenland Ruby/
LNS Greenland AS
Other related parties 21 278
Sales of various administrative services LNS Eiendom AS Other related parties - 412
Total related party profit or loss items (9737) (301419)
26.3. Balances with related parties
Balance sheet items by related party
2024 2023
Trade receivables with: 468 3522
Leonh. Nilsen & Sønner AS 468 101
LNS Mining - 2549
LNS Greenland/Gr. Ruby - 872
Trade payables with: (1251) (120573)
Leonh. Nilsen & Sønner AS (1251) (120573)
Net assets (liabilities) with: (783) (117051)
Leonh. Nilsen & Sønner AS (783) (120472)
LNS Mining - 2549
LNS Greenland/Gr. Ruby - 872
RANA GRUBER ANNUAL REPORT 202478 FINANCIAL STATEMENTS
No loss allowance has been recognised towards any of the
receivables and/or loans from related parties. See note 21.1 on how
the company manages credit risk.
Note 27 Provisions
During the development and production phase of the company’s
mining assets, Rana Gruber recognises a provision representing
the present value of the future costs that will need to be incurred to
rehabilitate the locations, as required by the Norwegian Directorate
of Mining. When the obligation is incurred in developing the mine,
the present value of the provision is included in the cost of the mine
properties. When the provision is incurred during the production
phase, the provision is recognised as part of the cost of the inventory.
The present value of the rehabilitation provision is calculated
assuming the costs that are expected to be incurred when the
company ceases operations in the mine. With a very high degree of
certainty, the mine will not cease its operations before 2050. This
conclusion is based on the historical extraction of iron ore and the
estimated reserves of the mine indicated in the Resource Statement
made by the company.
As indicated above, the measurement of the provision is based on
two main estimations: expenses that will need to be incurred for
rehabilitating the locations and the date when the rehabilitation
activities will take place. Changes in estimates are accounted for
prospectively by adjusting the provision liabilities and the assets to
which they relate.
Rehabilitation provisions
Amounts in NOK thousand 2024 2023
1 January 17387 15000
Unwinding of discount 961 2387
Total rehabilitation provisions 31 December 18348 17387
The movements in the rehabilitation provisions during 2024 and 2023
relates to the unwinding of the discount.
Note 28 Commitments
The following significant contractual commitments are present at the
end of the reporting period:
Capital commitments
Amounts in NOK thousand 2024 2023
Leases 18829 51900
Total capital commitments 18829 51900
Leases not yet commenced mainly relate to electrical vehicles and
heavy machinery.
Note 29 Events after the reporting period
Due to strong production levels and softer demand signals from
our European customers, we redirected one shipment to Asia. The
vessel departed in the first quarter of 2025, with final pricing to be
determined based on the average market price in April. The freight
cost for this shipment is USD 34 per ton, reflecting a decrease
compared to recent sales to Asia, driven by a softer freight market at
the end of 2024.
Over the past few years, Colorana has faced challenges due to
a more demanding market and declining profitability. Significant
capital expenditure would be required to make the production line
sustainable in the long term, while it also occupies critical areas
needed for the high-grade project. As a result, the board of directors
has decided to gradually phase out the production of Colorana
products by the end of 2025 to enhance Rana Gruber’s future
competitiveness. We aim to offer employees currently working on the
Colorana production line positions in other parts of Rana Gruber, in
line with the company’s expected workforce turnover.
See note 24.2 for dividends proposed by the board of directors after
31 December 2024.
The board of directors is not aware of any other events that occurred
after the balance sheet date, or any new information regarding
existing matters, that can have a material effect on the 2024 Annual
report.
RANA GRUBER ANNUAL REPORT 2024 79FINANCIAL STATEMENTS
Appendix: Alternative performance measures
The company reports its financial results in accordance with
accounting principles IFRS as issued by the IASB and as endorsed by
the EU. However, the management believes that certain Alternative
Performance Measures (APMs) provide the management and
other users with additional meaningful financial information that
should be considered when assessing the company’s ongoing
performance. These APMs are non-IFRS financial measures and
should not be viewed as a substitute for any IFRS financial measure.
The management, the board of directors and the long-term lenders
regularly use supplemental APMs to understand, manage and
evaluate the business and its operations. These APMs are among the
factors used in planning for and forecasting future periods, including
assessment of financial covenants compliance.
Definition of APMs
EBIT is defined as the profit/(loss) for the period before net financial
income (expenses) and income tax expense. The company has elected
to present this APM because it considers it to be an important
supplemental measure for prospective investors to understand the
overall picture of the profit generation in the company’s operating
activities.
EBITDA is defined as the profit/(loss) for the period before net
financial income (expenses), income tax expense, depreciation and
amortisation. The company has presented this APM because it
considers it to be an important supplemental measure for prospective
investors to understand the overall picture of the profit generation in
the company’s operating activities.
EBIT Margin is defined as EBIT in percentage of revenues. The
company has presented this APM because it considers it to be
an important supplemental measure for prospective investors
to understand the overall picture of the profit generation in the
company’s operating activities.
EBITDA Margin is defined as EBITDA in percentage of revenues.
The company has presented this APM because it considers it to
be an important supplemental measure for prospective investors
to understand the overall picture of the profit generation in the
company’s operating activities.
Adjusted Net Profit is defined as the profit for the period, adjusted
for the after-tax net effects of unrealised fair value changes in
derivatives. For hedging positions related to iron ore prices, the
adjustment applies to positions maturing within three months from
the reporting date. For other hedging positions, the adjustment
includes the total effect of unrealised fair value changes.
Equity Ratio is defined as total equity in percentage of total assets.
The company has presented this APM because it considers it to be
an important supplemental measure for prospective investors to
understand the portion of total assets that are financed from owners’
equity.
Cash Cost is defined as the sum of raw materials and consumables
used, employee benefit expenses and other operating expenses
adjusted for realised hedging positions of electric power. The
company has presented this APM because it considers it to be an
important supplemental measure for prospective investors to
understand the overall picture of cost of production in the company’s
operating activities.
Cash Cost Per Metric Ton is defined as Cash Cost divided by metric
tons of iron ore produced. Metric tons of iron ore are defined as
metric tons of hematite and magnetite produced in the current period.
The company has presented this APM because it considers it to be
an important supplemental measure for prospective investors to
understand the overall picture of cost of production in the company’s
operating activities.
Net Interest-Bearing Debt is defined as the company's interest-
bearing debt less cash and cash equivalents. Interest bearing debt
consists of debt to credit institutions and financial leasing debt. Net
Interest-Bearing Debt is a non-IFRS measure for the financial leverage
of the company, a financial APM the company intends to apply in
relation to its capacity for dividend distribution and/or for doing
investments, when and if the company will be able to carry out its
dividend distribution and/or investments policy.
Reconciliation of APMs
The table below sets forth reconciliation of EBIT, EBITDA and EBITDA Margin:
Amounts in NOK thousand 31 Dec 2024 31 Dec 2023
Profit/(loss) for the year 370 826 489688
Income tax expense 109 085 138198
Net financial (income)/expenses (130202) 136390
(a) EBIT 349709 764276
Depreciation and amortisation 182960 165417
(b) EBITDA 532669 929693
(c) Revenues 1664441 1932039
EBIT margin (a/c) 21.0% 39.6%
EBITDA margin (b/c) 32.0% 48.1%
RANA GRUBER ANNUAL REPORT 202480 FINANCIAL STATEMENTS
The table below sets forth reconciliation of adjusted net profit:
(In NOK thousand) 31 Dec 2024 31 Dec 2023
Profit before tax for the period 479911 627886
Unrealised hedging positions iron ore (81080) 85813
Unrealised hedging positions FX 62005 (17288)
Unrealised hedging positions electric power 12483 128933
Unrealised hedging positions freight 26900 -
Adjusted profit before tax 500219 825344
Ordinary income tax (109 085) (138198)
Tax on adjustments (4468) (43441)
Adjusted net profit 386 666 643705
Number of shares 37 085 092 37 085 092
Adjusted EPS 10.43 17.36
The company has conducted an assessment of the adjustment
mechanisms for derivatives in connection with the year-end financial
statements. Previously, unrealised hedging gains or losses related to
price, freight, and FX exceeding three months were excluded through
adjustments to the financial results. Retaining gains and losses for
the following three months was considered appropriate due to the
underlying price settlement mechanism, which is based on prices three
months ahead.
Upon further evaluation, it has been determined that for freight and
FX hedges, the connection to future settlements is not of material
significance. Freight rates for shipments are determined based on the
quarterly average at the time of shipment, and since 90 per cent of
payments are made in advance, FX does not constitute a material part
of the future settlement.
As a result, the company has decided to modify the adjustment
mechanism for freight and FX hedges to better match the realisation
time of the actual underlying instruments (FX and freight). From Q4
onwards, unrealised gains and losses on these positions will be fully
excluded through adjustments to the financial results. Unrealised
price hedging gains and losses will continue to be adjusted for
positions exceeding three months. The comparative figures for 2023
have been adjusted accordingly. For further details on the company's
hedging positions, see note 22.
The table below sets forth reconciliation of equity ratio:
Amounts in NOK thousand 31 Dec 2024 31 Dec 2023
(a) Total equity 929 627 901 530
(b) Total assets 1667513 1801807
Equity ratio (a/b) 55.7% 50.0%
The table below sets forth reconciliation of cash cost and cash cost per metric tons:
Amounts in NOK thousand 31 Dec 2024 31 Dec 2023
Raw materials and consumables used 389413 404915
Employee benefit expenses 387947 336050
Other operating expenses 293549 279401
Realised hedging positions electric power 2371 (118537)
(a) Cash cost 1073280 901829
Metric tons of hematite produced 1691 1713
Metric tons of magnetite produced 156 104
Metric tons of Colorana produced 4.6 5.8
(b) Metric tons of iron ore produced 1852 1823
Cash cost per metric tons (a/b) 580 495
The table below sets forth reconciliation of net interest-bearing debt:
Amounts in NOK thousand 31 Dec 2024 31 Dec 2023
Interest-bearing loans and borrowings - -
Lease liabilities 312466 204 630
Total interest-bearing debt 312466 204 630
Cash and cash equivalents (45123) 295 208
Net interest-bearing debt 267343 (90 578)
RANA GRUBER ANNUAL REPORT 2024 81FINANCIAL STATEMENTS
Auditor’s report
RANA GRUBER ANNUAL REPORT 202482 FINANCIAL STATEMENTS
Declaration by the
board of directors and CEO
We hereby confirm that, to the best of our knowledge, the annual
financial statements for 1 January to 31 December 2024 have
been prepared in accordance with applicable accounting stand-
ards and that the information in the financial statements give a
true and fair view of the assets, liabilities, financial position and
profit or loss of the company. We confirm that the financial state-
ments give an accurate and fair view of the development, profit,
and position of the company, as well as a description of the princi-
pal risks and uncertainties it is facing.
Mo i Rana, Norway, 20 March 2025
The board of directors and CEO – Rana Gruber ASA
Morten Støver Lars-Eric Aaro Ane Nordahl Carlsen Frode Nilsen
Chair Director Director Director
Ragnhild Wiborg Hilde Rolandsen Henriette Zahl Pedersen Simon Matthew Collins
Director Director Director Director
Camilla Johnsdatter Nilsen Johan Hovind Ricky Allan Kristian Hagen Gunnar Moe
Director Director Director CEO
Statsautoriserte revisorer
Ernst & Young AS
Stortorvet 7, 0155 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
A member firm of Ernst & Young Global Limited
INDEPENDENT AUDITOR`S REPORT
To the Annual Shareholders' Meeting of Rana Gruber ASA
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Rana Gruber ASA (the Company), which comprise the
statement of financial position as at 31 December 2024, and the statement of comprehensive income,
statement of changes in equity and statement of cash flows for the year then ended, and notes to the
financial statements, including material accounting policy information.
In our opinion
the financial statements comply with applicable statutory requirements, and
the financial statements give a true and fair view of the financial position of the Company as at 31
December 2024, and of its financial performance and its cash flows for the year then ended in
accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the
Statements section of our report. We are independent of the Company as required by relevant laws and
Professional Accountants (including International Independence Standards) (IESBA Code), and we have
fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
We have been the auditor of Rana Gruber ASA for 17 years from the election by the general meeting of
the shareholders for the accounting year 2008 (with renewed election on 2 June 2023).
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Penneo Dokumentnøkkel: GSDST-35IF4-HAD07-RDRS9-M7QHX-8KQVU
RANA GRUBER ANNUAL REPORT 2024 83FINANCIAL STATEMENTS
2
Independent auditor`s report - Rana Gruber ASA 2024
A member firm of Ernst & Young Global Limited
Revenue subject to provisional pricing adjustments
Basis for the key audit matter
The sale of hematite, representing the majority of
revenue, is normally subject to a provisional pricing
mechanism. Initially, revenue is recognized for quantity
of goods loaded onto the vessel at an amount that
corresponds to the average forward prices for the
month in which the invoice will be finally settled. At
each reporting date after the date of sale, the
corresponding trade receivable is measured using the
updated forward prices with changes recorded as
revenue. For the year ended 31 December 2024, the
Company recognised a decrease to revenue of NOK 33
million from provisional pricing adjustments. Provisional
pricing adjustments represent a significant component
of revenue and also exposes the Company to
significant changes in revenue compared to the
estimate as of year-end, and hence, is considered a
key audit matter.
Our audit response
We performed the following audit
procedures, among others, to test the
provisional pricing adjustment related to
sale of Hematite:
policy for revenue recognition for
compliance with IFRS Accounting
Standards as adopted by the EU.
revenues at appropriate prices and in the
correct accounting period.
key terms for provisional pricing, duration
of reference period, typically three months,
and final invoicing.
used for initial revenue recognition, the
forward prices used for recognising the
revenue at the reporting date under IFRS
Accounting Standards and recomputed the
provisional pricing adjustment amount to
be recognised.
Performed recalculation of the
Provisionally Priced Receivables based on
the forward rates from Commodities
Report.
We refer to note 5 and 14 of the financial
statements.
Other Information
The Board of Directors and the Chief Executive Officer (management) are responsible for the information
and the other information presented with the financial statement. The
other information consists of the information included in the annual report other than the financial
statement and our auditor's report. Our opinion on the financial statements does not cover the information
information presented with the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the information in the
and the other information presented with the financial statements. The purpose
is to consider if there is material inconsistency between and the other
information and the financial statements or our knowledge obtained in the audit, or otherwise appears to
be materially misstated. We are required to report that fact if there is a material misstatement in the Board
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RANA GRUBER ANNUAL REPORT 202484 FINANCIAL STATEMENTS
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Independent auditor`s report - Rana Gruber ASA 2024
A member firm of Ernst & Young Global Limited
and the other information presented with the financial statements. We have nothing to
report in this regard.
is consistent with the financial statements and
contains the information required by applicable legal requirements
Governance.
Responsibilities of management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true
and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is
responsible for such internal control as management determines is necessary to enable the preparation
of financial statements that are free from material misstatement, whether due to fraud or error.
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company, or to
cease operations, or has no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
and, based on the audit evidence obtained, whether a material uncertainty exists related to
bility to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention
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RANA GRUBER ANNUAL REPORT 2024 85FINANCIAL STATEMENTS
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Independent auditor`s report - Rana Gruber ASA 2024
A member firm of Ernst & Young Global Limited
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with the Board of Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our au
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on compliance with requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Rana Gruber ASA we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the
annual report, with the file name RG-2024-12-31-0-en.xhtml, have been prepared, in all material respects,
in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the
European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the
Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual
report in XHTML format.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF Regulation.
Management is responsible for the preparation of the annual report in compliance with the ESEF
Regulation. This responsibility comprises an adequate process and such internal control as management
determines is necessary.
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in accordance with
the ESEF Regulation. We conduct our work in accordance with the International Standard for Assurance
Engagements (ISAE) 3000
e
about whether the financial statements included in the annual report have been prepared in accordance
with the ESEF Regulation.
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RANA GRUBER ANNUAL REPORT 202486 FINANCIAL STATEMENTS
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Independent auditor`s report - Rana Gruber ASA 2024
A member firm of Ernst & Young Global Limited
preparing the financial statements in accordance with the ESEF Regulation. We test whether the financial
statements are presented in XHTML-format. We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Oslo, 20 March 2025
ERNST & YOUNG AS
The auditor's report is signed electronically
Johan Lid Nordby
State Authorised Public Accountant (Norway)
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RANA GRUBER ANNUAL REPORT 2024 87FINANCIAL STATEMENTS
SUSTAINABILITY STATEMENT 2024
RANA GRUBER ANNUAL REPORT 202488 SUSTAINABILITY STATEMENT
Contents
General information (ESRS 2) ..................90
Basis for preparation .........................................90
Governance .................................................92
Strategy ....................................................94
Impact, risk and opportunity management ......................100
Environmental information ...................110
Climate change (ESRS E1) ....................................110
Pollution (ESRS E2) .........................................130
Water and marine resources (ESRS E3) ........................135
Biodiversity and ecosystems (ESRS E4) ........................138
Resource use and circular economy (ESRS E5) ..................141
Social information ...........................146
Own workforce (ESRS S1) ....................................146
Workers in the value chain (ESRS S2) ..........................165
Affected communities (ESRS S3)...............................168
Governance information......................176
Business conduct (ESRS G1) ..................................177
Appendix ..................................182
Transparency act statement ..................................182
Norwegian Equality and Anti-Discrimination Act Statement (ARP)...189
RANA GRUBER ANNUAL REPORT 2024 89SUSTAINABILITY STATEMENT
Abbrevations explained
CSRD
EUs Corporate Sustainability Reporting Directive
DNV
Det Norske Veritas
EFRAG
European Financial Reporting Advisory Group
ENCORE
Exploring Natural Capital Opportunities, Risks and Exposure
ESG
Environmental, social, governance
ESRS
European Sustainability Reporting Standards
FSB
The Financial Stability Board
ETI
Ethical Trading Initiative Act
GDPR
General Data Protection Regulation
GHG
Greenhouse Gas
GHG Protocol
Greenhouse Gas Protocol
GRI
Global Reporting Initiative
HSE
Health, safety and environment
ICoC
Internal code of conduct
IEA
International Energy Agency
ILO
International Labour Organisation Convention
IPBES
UN Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services
IPCC
Intergovernmental Panel on Climate Change
ISPS
International Ship and Port Facility Security Course
LEAP approach
An approach for companies to locate, evalutate, assess and prepare nature-related matters
LGBTQ+
Lesbian, gay, bisexual, transgender, queer or questioning, or another diverse gender identity
NGO
Non-governmental organisations
NINA
Norwegian Institute for Nature Research
OECD
The Organisation for Economic Co-operation and Development
OECD Guidelines
The OECD Guidelines for Multinational Enterprises on Responsible Business Conduct
SCoC
Supplier code of conduct
SDGs
Sustainable Development Goals
TCFD
Task Force on Climate-related Financial Disclosures
TNFD
Task Force on Nature-related Financial Disclosures
TSM
Towards Sustainable Mining
WWF
World Wide Fund for Nature
RANA GRUBER ANNUAL REPORT 202490 SUSTAINABILITY STATEMENT
General information (ESRS 2)
Basis for preparation
ESRS 2 BP-1:
General basis for preparation of sustainability statement
This sustainability statement provides an overview of how
Rana Gruber impacts the environment and social mat-
ters, and what the company does to govern and manage
impact, risks and opportunities related to sustainability
matters across its value chain. The statement has been
prepared with reference to the European Sustainability
Reporting Standards (ESRS) but is not in accordance with
the framework.
As the financial statement, the sustainability statement
has been prepared on an individual basis. The statement
covers the fiscal year from 1 January 2024 to 31 Decem-
ber 2024 and is published at the same time as the financial
statement. The sustainability statement covers all activi-
ties in Rana Gruber and upstream and downstream activ-
ities to some extent. This includes disclosures on impact,
risks and opportunities identified in the double materiality
assessment, due diligence assessments of human rights
in the supply chain as well as some categories of Scope
3 emission. To comply with CSRD and ESRS the company
acknowledges the need for a comprehensive disclosure
of value chain activities in the coming years. Rana Gruber
has not used the option to omit a specific piece of informa-
tion corresponding to intellectual property, know-how or
the results of innovation in the reporting year.
To comply with disclosure requirements set out in the
Norwegian law, Rana Gruber disclose its work with due
diligence on human rights and decent working conditions
as well as equality and anti-discrimination. These state-
ments are prepared in accordance with the requirements
of the Norwegian Equality and Anti-Discrimination Act and
the Norwegian Transparency Act. Both statements are to
be found in the appendix of the sustainability statement.
The transparency act statement is also available on the
company’s website, in line with the requirements set out
by the act. The Norwegian mineral industry has adapted
the reporting system developed by Towards Sustainable
Mining (TSM). Rana Gruber is committed to responsible
mining and to disclose information on matters covered in
TSM protocols regarding environmental and social mat-
ters. TSM was published in January 2025. Rana Gruber
reported on all protocols and achieved a top-tier score of
A-AAA. Further, the company discloses information to Eco-
Vadis, a provider of business sustainability ratings.
ESRS 2 BP-2:
Disclosures in relation to specific circumstances
In the following, specific circumstances on the prepara-
tion of the sustainability statement are disclosed.
Time horizons
Rana Gruber has used the time horizons as set out in
ESRS 1, chapter 6.4 as a starting point for reporting for-
ward-looking information. The time horizons were also
used in the double materiality assessment.
Time horizon Definition
Short-term 1 year
Medium -term 1-5 years
Long-term Over 5 years
In line with ESRS 1, section 64 paragraph 78, Rana Gru-
ber uses an additional breakdown for the long-term
time horizon when impacts or actions are expected in a
period longer than five years if necessary to provide rel-
evant information to users of sustainability statements.
For information regarding methodology, sources and
estimations for the GHG emissions, see disclosure
requirement E1-6.
Changes in preparation or presentation of
sustainability information
In 2024, Rana Gruber started the transition towards the
Corporate Sustainability Reporting Directive (CSRD) and
the European Sustainability Reporting Standards (ESRS).
Due to this transition, significant changes have been
made compared with previous reporting periods.
In the last two reporting periods, the company has
reported in line with Global Reporting Initiative (GRI)
standards. In 2024, the content and structure of the sus-
tainability statement have been changed in accordance
with ESRS 1, section 8.2. This includes that Rana Gruber
reports on new disclosure requirements compared to
RANA GRUBER ANNUAL REPORT 2024 91SUSTAINABILITY STATEMENT
previous reporting periods. The disclosure requirements
subject of financial year 2024 are stated in the ESRS con-
tent index in ESRS 2 IRO-2.
Reporting errors in prior periods
Two reporting errors from the prior period have been
corrected. The 2023 waste management data was mis-
interpreted and has been revised. However, the waste
data included in the 2023 climate accounts was accu-
rate. Additionally, in the 2023 Report on the Norwegian
Equality and Anti-Discrimination Act (ARP) contained an
error in salary reporting; overtime pay was incorrectly
included in the average salary calculation. This has been
corrected in the current report, included in the appendix.
Disclosures stemming from other legislation
or generally accepted sustainability reporting
pronouncements
To comply with the disclosure requirements set out in
the Norwegian law, Rana Gruber discloses its work with
due diligence on human rights and decent working con-
ditions as well as equality and anti-discrimination in the
sustainability statement. These statements are prepared
in accordance with the requirements of the Norwegian
Equality and Anti-Discrimination Act and the Norwegian
Transparency Act and are to be found in the appendix of
the sustainability statement. The transparency act state-
ment is also available on the company’s website, in line
with the requirements set out by the act.
In addition to these regulations, references are also
made to the Task Force on Climate-related Financial
Disclosures (TCFD) and the Task Force on Nature-re-
lated Financial Disclosures (TNFD), which are generally
accepted recommendations and frameworks for sustain-
ability reporting.
Use of phase-In provisions in accordance with
Appendix C of ESRS 1
As of the reporting year, Rana Gruber is not subject to
the Corporate Sustainability Reporting Directive (CSRD)
and the European Sustainability Reporting Standards
(ESRS). The sustainability statement is therefore made
with reference to ESRS, and the use of phase in-provi-
sions does not apply in the reporting year.
Governance
ESRS 2 GOV-1:
The role of the administrative, management and
supervisory bodies
Rana Gruber’s operations shall be conducted in accord-
ance with responsible business conduct and with high
ethical standards. The company shall take an active role
regarding social responsibility and must create value for
shareholders in a sustainable way. Therefore, sustain-
ability permeates all operations and the organisational
structure of the company.
The highest level of supervisory bodies in Rana Gruber
is the board of directors (“the board”). The board shall
ensure that the company has appropriate corporate gov-
ernance, including the oversight of strategic planning
and review of strategic processes. This includes the sus-
tainability strategy and that the board shall consider
economic, social, and environmental conditions in their
work. This refers to the overall responsibility of impacts
caused by the company throughout the value chain, as
well as risk and opportunities related to sustainabil-
ity matters. The board is also responsible for reviewing
and approving the sustainability statement. The audit
committee evaluates the work of the board regularly
and revise the sustainability statement annually. In the
reporting year the audit committee have asked for infor-
mation about the company’s work with the transition to
CSRD/ESRS and as well as processes for the climate
accounting.
The chief executive officer (CEO) has the ultimate oper-
ational responsibility for the implementation of the
strategic processes within the company. This includes
strategic responsibility for sustainability matters, as well
as compliance with obligations and demands related to
sustainability. Further, the CEO has the responsibility of
overseeing the management of impacts caused by the
company´s activities and risks and opportunities related
to sustainability matters. The CEO is ultimately respon-
sible for the company's sustainability strategy and the
policies, actions, targets and metrics set out to manage
impact, risks and opportunities related to sustainability
matters. This includes the responsibility for implement-
ing necessary actions to mitigate actual and potential
negative impacts caused by the company through its
value chain.
The environment and sustainability manager reports to
the CEO and is part of the management team in Rana
Gruber. This person is responsible for the management
of impacts, risks and opportunities in collaboration with
the CEO and other members of the management. The
environment and sustainability manager is also respon-
sible for preparing the information disclosed in the sus-
tainability statement.
The expertise and skills of its administrative, manage-
ment and supervisory bodies on sustainability mat-
ters are mainly accessed through the various members'
experiences from other organisations, offices and posi-
tions. Going forward, actions will be implemented to
RANA GRUBER ANNUAL REPORT 202492 SUSTAINABILITY STATEMENT
further strengthen skills and expertise related to sus-
tainability matters. This includes further developing gov-
erning documents and procedures for the board, the
CEO, management team and the administration regard-
ing sustainability matters. Actions to enhance the exper-
tise and skills at all levels of the organisation will also be
implemented.
Composition and diversity of the board and
management team
The board consists of eleven non-executive members.
Nine of the members are independent. Employees or
other workers are represented with four members.
One member is non-binary, four members are women
and six are men, including the chairman of the board.
The diversity of the board complies with the Norwegian
Act on gender composition of boards, which the company
was subject to by the end of 2024. The management
team at Rana Gruber consists of six employees. Four of
the members are men, and two are women. The audit
committee consists of two members of the board, one
woman (chair) and one man (member).
For further information about the board, management
team and the audit committee, please refer to the corpo-
rate governance statement on page 18.
RANA GRUBER ANNUAL REPORT 2024 93SUSTAINABILITY STATEMENT
ESRS 2 GOV-2:
Information provided to, and sustainability matters
addressed by the undertaking’s administrative,
management and supervisory bodies
The board is regularly informed by the CEO and manage-
ment team about Rana Gruber’s sustainability efforts.
Information on material impacts, risks, and opportuni-
ties will be disclosed annually, and additionally whenever
changes are made to the double materiality assess-
ment or sustainability strategy. In 2024, the board have
received information about the company’s work on sus-
tainable matters such as equality, training and skill
development in the organisation, environmental impact,
high grade products and the transition to fossil free pro-
duction. The board has also been briefed on findings in
the due diligence assessment on fundamental human
rights and decent working conditions in relation to sign-
ing the Transparency Act Statement. In cases of critical
concerns applicable for the company’s work with sus-
tainability, the CEO will communicate these to the board
if necessary. In 2024, there has been no cases of such
that the company has been made aware of.
In the future, considerations of impacts, risks and oppor-
tunities will be central when the board is overseeing
strategy, decisions on major transactions and risk man-
agement processes.
ESRS 2 GOV-3:
Integration of sustainability-related performance in
incentive schemes
Rana Gruber has implemented sustainability-related per-
formance in its incentive schemes and remuneration pol-
icies. The company awards bonuses for improved waste
sorting, reduction in greenhouse gasses (CO
2
) and health
and safety. The incentives are directly related to the
company’s operations and is applicable to all employees
and the management team.
For more information about remuneration, please see
the Corporate governance statement on page 18.
ESRS 2 GOV-4:
Statement on due diligence
Risk assessments and due diligence is an integrated
part of the sustainability work at Rana Gruber. In line
with the duties set out in the Norwegian Transparency
Act, the company conducts due diligence assessments
on fundamental human rights and decent working con-
ditions regularly. Among these are the duty to conduct
due diligence in accordance with the OECD Guidelines
for Multinational Enterprises in relation to ESRS S1 (own
workforce) and ESRS S2 (workers in the value chain).
Further, the company conducts due diligence on equality
and diversity in accordance with the duty in the Norwe-
gian Equality and Anti-Discrimination Act annually.
Core elements of due diligence Paragraphs in the sustainability statement
Embedding due diligence in governance, strategy and business
model
Partly disclosed related to material topics, to be found in the in
the individual ESRS chapters.
For further information about due diligence assessment on
fundamental human rights and decent working conditions
please refer to the transparency act statement. For the
statement on due diligence for equality and diversity, please
refer to the equality and anti-discrimination act statement. Both
statements are to be found in the appendix of the sustainability
statement.
Engaging with affected stakeholders in all key steps of the due
diligence assessment
Identifying and assessing adverse impacts
Taking actions to address those adverse impacts
Tracking the effectiveness of these efforts and communicating
ESRS 2 GOV-5:
Risk management and internal controls over
sustainability reporting
The board shall ensure that Rana Gruber has established
good internal control, and systems for risk management
that are appropriate in relation to the extent and nature
of the company’s activities. The internal control and the
systems for risk management shall also encompass the
company’s corporate values and ethical guidelines.
The objective of the risk management and internal con-
trol is to manage exposure to risks in order to ensure
the successful conduct of the company’s business, and to
support the quality of financial reporting and compliance
with relevant laws and regulations.
The board shall carry out an annual review of the com-
pany’s most important areas of exposure to risk and its
internal control arrangements.
RANA GRUBER ANNUAL REPORT 202494 SUSTAINABILITY STATEMENT
The company is in the process of implementing risk man-
agement and internal control systems in relation to the
sustainability reporting process.
Strategy
ESRS 2 SBM-1:
Strategy, business model and value chain
Rana Gruber, established in 1964 and with 200 years of
mining expertise, is an iron ore producer located in Mo
i Rana in Northern Norway. With a total of 368 employ-
ees (head count and includes temporary employees and
apprentices), the company operates open-pit and under-
ground mines 35 km from its processing plant. The plant
is located at the coast, with direct access to Rana Gruber’s
port and railway, enabling efficient ore transportation.
The operations involve iron ore mining and mineral pro-
cessing to yield iron ore concentrate in addition to one
specialised product. Rana Gruber produces hematite and
magnetite concentrates, as well as Colorana pigments.
Robust and sustained production at maximum capacity
resulted in record production totalling 1.84 million met-
ric tonnes in 2024. The revenue was NOK 1.66 billion.
Iron ore is an essential component in modern society
as it is used everything from buildings and bridges, to
electronic devices. Rana Gruber produces and sells iron
ore to the global steel industry - mainly through Euro-
pean steel mills. The company has an extensive reserve
of iron ore. These resources are expected to maintain
current production levels and guarantee decades of
future supply. This assurance is founded on over 200
years of mining expertise derived from these abundant
resources. Rana Gruber operates at the beginning of the
value chain for the ferrous industry. After the production
of iron ore concentrate and Colorana, the products are
shipped to different customers.
Open-pit and
underground mines
Transportation by
train to processing
plant on 32 km
downhill road
reducing diesel
consumption
Magnetite and
hematite are
extracted
Finalised products
loaded and shipped
to steel producers
Commodities and
products used in
operations
Iron ores are
processed into
steel
End markets,
including buildings,
infrastructure, cars
etc.
MINING
RANAGRUBER’SOPERATION DOWNSTREAMUPSTREAM
TRANSPORTATION
ENRICHMENT/
BENEFICATION
SHIPPINGSUPPLY CHAIN
STEEL
PRODUCING
END
CUSTOMER
For further information about the company, products
and business model, please refer to page 8 in the annual
report.
Decarbonisation of the steel industry
Rana Gruber holds a long-term perspective in all
aspects of the business and maintains a strong focus on
safety, responsibility, and sustainability across its opera-
tion and value chain. Sustainability matters is integrated
in the strategy and business model and the company is
committed to leading the iron ore industry's decarboni-
sation efforts.
The company aims to be a leading business within sus-
tainability in the mining industry, and ambitions and tar-
gets have been set in a long-term perspective. Rana
Gruber has among the lowest carbon emissions per
unit produced iron ore concentrate in the entire indus-
try. Furthermore, the company has an ambition to pro-
duce high grade iron ore, as the demand is expected to
increase rapidly as high-grade iron ore is a must-have
in green steel production. By providing iron ore with a
lower carbon footprint and with higher iron content car-
bon emission throughout the value chain is reduced sig-
nificantly. This contribution is crucial in the transition
to a low carbon economy as the steel industry is one of
the biggest emitters globally, comprising 8-10 per cent
of global greenhouse gas emissions. Furthermore, the
company aspires to strengthen its position by eliminat-
ing all carbon emissions in Scope 1 and 2 through elec-
trifying its own operations.
RANA GRUBER ANNUAL REPORT 2024 95SUSTAINABILITY STATEMENT
In order to ensure a sustainable business, it is impor-
tant for Rana Gruber to think holistically about the oper-
ations and value chain. The company´s material topics
provide a basis for the systematic measures in the sus-
tainability strategy and ambitions. As of 2024, Rana Gru-
ber is in the process of adapting to the CSRD and ESRS.
A central part of this transition is to revise and fur-
ther develop the sustainability strategy to comply with
the requirements set out in the directive and report-
ing standards. This includes covering all material topics
identified in the double materiality assessment, as well
as setting targets and metrics in line with the require-
ments.
ESRS 2 SBM-2:
Interests and views of stakeholders
Rana Gruber strives for an open and honest dialogue with
its stakeholders through conversations and meetings, as
part of the daily operations. The company has an exten-
sive dialogue with the local community in which it oper-
ates, the employees, and with authorities and industry
associations. This especially relates to stakeholders' inter-
ests and views on impacts caused by the company as well
as how this relates to the strategy and business model.
Rana Gruber`s key stakeholders include employees,
customers, owners and shareholders, workers in the
value chain, suppliers, the government, the financial sec-
tor and civil society. Nature is considered an important
silent stakeholder. Rana Gruber regularly informs about
its work in quarterly reports, half-yearly reports, and
annual reports. The company takes feedback seriously
and works continuously with stakeholder dialogue. The
insight built up through this dialogue forms the basis
for its priorities when it comes to various topics within
its sustainability work and is included as insight into the
materiality assessment and due diligence processes.
The board, CEO and management team are informed
about views and interests of affected stakeholders
regarding sustainability when needed. The table below
discloses how stakeholder engagement has been con-
ducted in the reporting year.
Rana Gruber aims to strengthen stakeholder engage-
ment further in the years to come. This includes broader
engagement with all stakeholders on sustainable topics,
as well as implementing stronger procedures for gath-
ering information about impact and how interests and
views shall be considered developing strategies and the
business model going forward.
Stakeholder engagement with employees, suppliers, the
local community, Indigenous people and NGOs is further
elaborated on in ESRS S1, ESRS S2, ESRS E3 and ESRS
G1. Please see references in the table.
Table: Stakeholder engagement in the reporting year
Who Topics of importance Dialogue with the company
Employees
Safe operations and a reliable workplace,
equality and anti-discrimination.
Work environment committee, wage
negotiations, general meetings (at least
four times a year), development meetings,
operations meetings, and employee
representative meetings.
Refer to ESRS S1 for further information.
Customers
Financial sustainability and ability to
deliver products.
Low emission transition through high
grade iron ore and reduced CO
2
.
Status meetings, both directly and
indirectly with main business partner
Cargill and customers.
Shareholders
Responsible operations
Reliability
Sustainability
Profitability
Quarterly reports and presentations,
annual general meeting, and stock
exchange announcements.
RANA GRUBER ANNUAL REPORT 202496 SUSTAINABILITY STATEMENT
Who Topics of importance Dialogue with the company
Local community
(including neighbours to
operation sites, local sport
teams and associations)
Good relationship with Rana Gruber.
Local impact: role as employer and role
model.
Local noise and pollution.
Information spreading locally and
availability for questions.
Through media coverage, organised
meetings etc.
Sponsorship and participation.
Refer to ESRS S3 for further information.
Indigenous people
(the reindeer herding district)
Ongoing and planned operations within the
Saltfjellet reindeer herding district.
Annual meeting with Saltfjellet reindeer
herding district. Extended dialogue when
needed.
Refer to ESRS S3 for further information.
Authorities
Future operations
Nature management
Safety
Employment
Meetings with ministers, ministries,
and local authorities. Contact with the
Directorate of Mining and the Norwegian
Environment Agency.
Indirect contact with authorities through
membership in the Federation of
Norwegian Industries and the Norwegian
Mineral Industry.
Refer to ESRS G1 for further information.
Suppliers
Principles set out in the Rana Gruber
Supplier Code of Conduct.
Due diligence assessment.
Role as employer and partner
Local impact
Meetings and dialogue
Implementation of services
Audits
Due diligence assessment
Refer to ESRS S2 for further information.
Trade unions, employee and
employer organisations
Collaboration between employers, trade
unions, and authorities for decent working
conditions.
Decent salary and safe working conditions.
Formal meetings with trade unions and
contact through membership in the
Confederation of Norwegian Enterprise
(NHO) and the Federation of Norwegian
Industries.
Wage and tariff negotiations.
Refer to ESRS S1 for further information.
Non-governmental
organisations (NGOs)
Ambitions and plans relating to climate
Nature management
Regular engagement with NGOs
on different sustainability matters,
partly through a partnership with the
environmental foundation Bellona.
Refer to ESRS G1 for further information.
Industry organisations
Common reporting standard for the
industry (TSM)
Cooperation with authorities
Contact with TSM, and membership in the
Federation of Norwegian Industries and
the Norwegian Mineral Industry.
Bank and finance
Good sustainability strategies and plans
Implementation of strategy
Meetings with banks and financial
institutions.
Potential investors
Good sustainability strategies and plans
Implementation of strategy
Quarterly reports and presentations, and
stock exchange announcements.
RANA GRUBER ANNUAL REPORT 2024 97SUSTAINABILITY STATEMENT
Who Topics of importance Dialogue with the company
Media
Economy
Responsible operations
Nature management
Local cooperation
Equality
Contact with media outlets and journalists.
Education and research
institutions
Apprenticeships
Research projects
Equality (recruit women)
Contact with the Science Centre in
Nordland, Kunnskapsparken Helgeland,
the Norwegian University of Science and
Technology, and the rock blasting and
mining class at Fauske upper secondary
school.
ESRS 2 SBM-3:
Material impacts, risks and opportunities and their
interaction with strategy and business model
Rana Gruber has conducted a double materiality assess-
ment in line with ESRS 1, chapter 3. For more infor-
mation about the process, please refer to disclosure
requirement ESRS 2 IRO-1.
The double materiality assessment will be revised annu-
ally, with more thorough assessments when needed. Due
to a need for more insights on impacts, risks and oppor-
tunities, especially considering upstream and down-
stream activities, the company will continue to develop
its assessments of material topics going forward. This
included a stronger emphasise on sub-topics and sub-
sub-topics as laid out by ESRS 1, AR 16 as well as con-
ducting financial assessment in more detail in relation to
risks and opportunities.
The following topics is assessed as material for Rana
Gruber in the financial year 2024:
Table: Material topics in 2024
ESRS topic standards Impact materiality Financial materiality Location in the value chain
E1: Climate change HIGH HIGH
E2: Pollution MEDIUM MEDIUM
E3: Water and marine resources MEDIUM MEDIUM
E4: Biodiversity and ecosystems HIGH HIGH
E5: Resource use and circular economy MEDIUM MEDIUM
S1: Own workforce HIGH HIGH
S2: Workers in the value chain HIGH MEDIUM
S3: Affected communities HIGH LOW
G1: Business conduct MEDIUM LOW
The material topics, including related impacts, risks and
opportunities are disclosed in detail in the chapters of
the topical ESRS. Please refer to these chapters and the
ESRS content index in ESRS 2 IRO-2 for navigation on
topic standards and disclosure requirements.
RANA GRUBER ANNUAL REPORT 202498 SUSTAINABILITY STATEMENT
RANA GRUBER ANNUAL REPORT 2024 99SUSTAINABILITY STATEMENT
Impact, risk and opportunity management
ESRS 2 IRO-1:
Description of the processes to identify and assess
material impacts, risks and opportunities
The double materiality assessment is a process by which
the company determines material information on sus-
tainability impacts, risks, and opportunities. The double
materiality assessment provides insight into both how
the company's operations impact people and the envi-
ronment and how sustainability matters impact the com-
pany and its financial situation.
The outcome of the assessment is an overview of mate-
rial topics and material information to be disclosed by
the company to give a comprehensive statement on sus-
tainability matters.
The assessment was done according to ESRS 1, chap-
ter 3, and mapped Rana Gruber’s impact on the environ-
ment, people and society and how external conditions
(risks and opportunities) related to sustainability affects
the company financially. The assessment was conducted
using a four-step model and all topic standards in the
ESRS as laid out by ESRS 1, AR 16 was assessed. There
is however a need for a stronger emphasis on sub-topics
and sub-sub-topics in the double materiality assessment
going forward.
The scope of the double materiality assessment was
Rana Gruber's own operations and upstream and down-
stream activities. In the following section, the process
and the result of the double materiality assessment is
elaborated.
RANA GRUBER ANNUAL REPORT 2024100 SUSTAINABILITY STATEMENT
Table: Overview of the double materiality process
1. Understand 2. Identify 3. Decide 4. Approve
Understanding the context
Includes activities such
as mapping activities in
the value chain, defining
scope of the assessment,
define time horizons and
map stakeholders that
might be affected by the
company’s impacts, risks and
opportunities (IRO).
Identify impacts, risks and
opportunities (IRO)
Conducted with a qualitative
approach and include
activities such as collecting
data and information and
identify IROs across the value
chain.
Assess and determine IROs
Conducted with a quantitative
approach and includes
activities such as customising
scoring methodology,
set threshold values and
determine impact and
financial materiality.
Anchor the results
Validation of results with key
stakeholders.
Approval by the management
team and the board of
directors.
Step 1: Understand
The first step was to map and understand the context in
which Rana Gruber operates. According to ESRS 1 chap-
ter 3.3 the double materiality assessment shall consider
the company’s entire value chain, including the upstream
and downstream value chain, in addition to the compa-
ny´s own operations. Rana Gruber conducted the mate-
riality assessment with the whole value chain in mind
but acknowledges that there is a need for assessing
upstream- and downstream activities to a greater extent
going forward. The reason for this is that these are activ-
ities that the company currently has little information
about, particularly in terms of the supply chains.
ESRS 1 chapter 3.1 highlights the importance of stake-
holder dialogue and the interest of stakeholders being
considered in the materiality assessment. Engagement
with affected stakeholders is especially central to the due
diligence process and the materiality assessment. Rana
Gruber used the stakeholder mapping conducted for the
materiality assessment as basis for the assessment of
stakeholder’s interest regarding material impacts, risks,
and opportunities. For further information about stake-
holder engagement see disclosure requirements ESRS 2
SBM-2.
In this phase of the assessment the company also set
time horizons, threshold for materiality and scoring val-
ues for impact and financial effect to be used as a basis
for the assessment.
Time horizons set out by ESRS 1 chapter 6.4:
Short-term time horizon: the reporting period in the
financial statements.
Medium-term time horizon: from the end of the short-
term reporting period and up to 5 years.
Long-term time horizon: more than 5 years.
For information about the scoring values and threshold
for materiality, please see step 3 and step 4.
Step 2: Identify
The second step in the process was to identify impacts,
risks, and opportunities across the value chain. All sus-
tainable matters as laid out in ESRS 1, AR 16 were cov-
ered in the assessment. As a basis, insight from previous
materiality assessments was used as a starting point,
especially regarding assessing impact on people and the
environment. Further, information from due diligence
processes as well as sustainability data such as climate
accounts and data related to own workforce was used to
understand actual impact.
To assess risks and opportunities that might have a finan-
cial impact on the company, insights from assessments on
climate risk (TCFD), nature risk (TNFD), as well as due dili-
gence conducted on equality, diversity, fundamental human
rights, and labour rights were included in the process.
In a workshop with the management team the insight
was presented, and other impacts, risks and opportuni-
ties that were not covered by the insight were identified.
Step 3: Decide
After having identified impacts, risks and opportunities
throughout the value chain, the significance of each topic
standard set out in ESRS 1 AR 16 was assessed. Fac-
tors as set out in ESRS 1, chapter 3.4 and 3.5 was used
to score impact, risks and opportunities on a three-point
scale, described below.
Impact
Both negative and positive impacts were assessed, using
the following factors to determine the significance:
RANA GRUBER ANNUAL REPORT 2024 101SUSTAINABILITY STATEMENT
Negative impact
Scale: How extensive the negative impact is on people
or the environment.
Scope: How prevalent the negative impact is.
Irremediability: The extent to which and in what
manner the negative impact can be restored or
remedied.
Positive impact
Scale: How extensive the positive impact is on people
and the environment.
Scope: How prevalent the positive impact is.
The assessment conducted in the reporting year did
not distinguish between actual and potential impacts to
a great extent. The reason for this is that the company
needs more detailed information about actual impacts.
The assessment therefore treated all impacts equally.
Risks and opportunities
To assess the financial impact of the identified risks and
opportunities, the following factors where used:
Probability: The likelihood of the positive or negative
effect occurring.
Scope: How prevalent the risks and opportunities are.
Time horizon: time horizon for when the positive or
negative effect occurs (short-term, medium-term or
long-term).
A three-point scale was used as basis in the scoring that
was conducted through a workshop with the management
team:
Small
Medium
Large
In line with ESRS 1 chapter 3, all sustainable topics
where the company has significant impact and/or there
is a significant financial effect on the company, shall be
considered material. To determine which topics that
would be material for the company to disclose on, Rana
Gruber set the threshold for materiality at medium,
reflecting a level of two on a three-point score ranging
from low to high as seen in the following matrix
Figure: Threshold for materiality
Double
materiality
Double
materiality
Double
materiality
Impact
materiality
Double
materiality
Impact
materiality
Not
material
Financial
materiality
Financial
materiality
Impact materiality
Financial materiality
HIGH
HIGH
LOW
Step 4: Approve
When material topics were determined, the result and
insights on impact, risks and opportunities related to each
topic was validated and approved by the management
team. The board of directors has revised the results as
presented in the sustainability statement 2024.
Rana Gruber will continue its work on assessing double
materiality in line ESRS 1, chapter 3. Due to a need for
more insights on impacts, risks and opportunities, espe-
cially considering upstream and downstream activities,
the company will conduct more thorough assessments
of all material topics. This includes a stronger emphasis
on sub-topics and sub-sub-topics as laid out by ESRS
1, AR 16. Further, scoring values for assessing impacts,
risks and opportunities will be revised and adjusted if
needed. This includes setting quantitative scoring val-
ues to assess financial materiality to a more thorough
extent.
ESRS 2 IRO-2:
Disclosure requirements in ESRS covered by the
undertaking’s sustainability statement
Based on the double materiality assessment, Rana Gru-
ber is subject to disclose on the topic standards and dis-
closure requirements presented in the ESRS content
index presented on page 103.
The material topics to disclose have been approved by
the CEO and management team as part of the double
materiality assessment process. The board of directors
has revised the results as presented in the sustainability
RANA GRUBER ANNUAL REPORT 2024102 SUSTAINABILITY STATEMENT
statement of 2024. For more information about the dou-
ble materiality assessment process, please refer to dis-
closure requirement ESRS 2 IRO-1.
Table: ESRS Content Index 2024
Topic
standard
Disclosure
requirement Description Location
1. GENERAL INFORMATION
ESRS 2: General disclosures
Basis for preperation
ESRS 2 BP-1 General basis for preparation of sustainability Page 91
ESRS 2 BP-2 Disclosures in relation to specific circumstances Page 91
Governance
ESRS 2 GOV-1 The role of the administrative, management and supervisory bodies Page 92
ESRS 2 GOV-2 Information provided to and sustainability matters addressed by the undertaking’s
administrative, management and supervisory bodies
Page 94
ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes Page 94
ESRS 2 GOV-4 Statement on due diligence Page 94
ESRS 2 GOV-5 Risk management and internal controls over sustainability reporting Page 94
Strategy
ESRS 2 SBM-1 Strategy, business model and value chain Page 95
ESRS 2 SBM-2 Interests and views of stakeholders Page 96
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Page 98
Impact, risk and opportunity management
ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and
opportunities
Page 100
ESRS 2 IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability
statement
Page 103
ESRS 2 MDR-P Policies adopted to manage material sustainability matters Page 107 and the relevant
ESRS topics standards
ESRS 2 MDR-A Actions and resources in relation to material sustainability matters Page 108 and the relevant
ESRS topics standards
Metrics and targets
ESRS 2 MDR-M Metrics in relation to material sustainability matters Page 108 and the relevant
ESRS topics standards
ESRS 2 MDR-T Tracking effectiveness of policies and actions through targets Page 108 and the
relevant ESRS topics
standards
2. ENVIRONMENTAL INFORMATION
ESRS E1: Climate change
Governance
ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes Page 110
Strategy
ESRS E1 E1-1 Transition plan for climate change mitigation Pag e 110
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Pag e 111
Impact, risk and opportunity management
ESRS 2 IRO-1 Description of the processes to identify and assess material climate-related
impacts, risks and opportunities
Pag e 112
ESRS E1 E1-2 Policies related to climate change mitigation and adaptation Pa ge 117
ESRS E1 E1-3 Actions and resources in relation to climate change policies Pa ge 117
Metrics and targets
ESRS E1 E1-4 Targets related to climate change mitigation and adaptation Pa ge 119
ESRS E1 E1-5 Energy consumption and mix Page 119
RANA GRUBER ANNUAL REPORT 2024 103SUSTAINABILITY STATEMENT
Topic
standard
Disclosure
requirement Description Location
ESRS E1 E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions Pag e 119
ESRS E1 E1-7 GHG removals and GHG mitigation projects financed through carbon credits Not material in 2024
ESRS E1 E1-8 Internal carbon pricing Not material in 2024
ESRS E1 E1-9 Anticipated financial effects from material physical and transition risks and
potential climate-related opportunities
Not disclosed in 2024
ESRS E2: Pollution
Strategy
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Page 130
Impact, risk and opportunity management
ESRS 2 IRO-1 Description of the processes to identify and assess material pollution-related
impacts, risks and opportunities
Page 131
ESRS E2 E2-1 Policies related to pollution Page 131
ESRS E2 E2-2 Actions and resources related to pollution Page 132
Metrics and targets
ESRS E2 E2-3 Targets related to pollution Page 134
ESRS E2 E2-4 Pollution of air, water and soil Page 134
ESRS E2 E2-5 Substances of concern and substances of very high concern Not material in 2024
ESRS E2 E2-6 Anticipated financial effects from pollution-related impacts, risks and opportunities Not disclosed in 2024
ESRS E3: Water and marine resources
Strategy
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Page 135
Impact, risk and opportunity management
ESRS 2 IRO-1 Description of the processes to identify and assess material water and marine
resources-related impacts, risks and opportunities
Page 136
ESRS E3 E3-1 Policies related to water and marine resources Page 136
ESRS E3 E3-2 Actions and resources related to water and marine resources Page 136
Metrics and targets
ESRS E3 E3-3 Targets related to water and marine resources Page 137
ESRS E3 E3-4 Water consumption Page 137
ESRS E3 E3-5 Anticipated financial effects from water and marine resources-related impacts,
risks and opportunities
Not disclosed in 2024
ESRS E4: Biodiversity and ecosystems
Strategy
ESRS E4 E4-1 Transition plan and consideration of biodiversity and ecosystems in strategy and
business model
Page 138
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Page 138
Impact, risk and opportunity management
ESRS 2 IRO-1 Description of processes to identify and assess material biodiversity and
ecosystem-related impacts, risks and opportunities
Page 140
ESRS E4 E4-2 Policies related to biodiversity and ecosystems Page 140
ESRS E4 E4-3 Actions and resources related to biodiversity and ecosystems Page 141
Metrics and targets
ESRS E4 E4-4 Targets related to biodiversity and ecosystems Page 141
ESRS E4 E4-5 Impact metrics related to biodiversity and ecosystems change Page 141
ESRS E4 E4-6 Anticipated financial effects from biodiversity and ecosystem-related risks and
opportunities
Not disclosed in 2024
RANA GRUBER ANNUAL REPORT 2024104 SUSTAINABILITY STATEMENT
Topic
standard
Disclosure
requirement Description Location
ESRS E5: Resource use and circular economy
Strategy
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Page 142
Impact, risk and opportunity management
ESRS 2 IRO-1 Description of the processes to identify and assess material resource use and
circular economy-related impacts, risks and opportunities
Page 144
ESRS E5 E5-1 Policies related to resource use and circular economy Page 144
ESRS E5 E5-2 Actions and resources related to resource use and circular economy Page 144
Metrics and targets
ESRS E5 E5-3 Targets related to resource use and circular economy Page 145
ESRS E5 E5-4 Resource inflows Not disclosed in 2024
ESRS E5 E5-5 Resource outflows Page 145
ESRS E5 E5-6 Anticipated financial effects from resource use and circular economy-related
impacts, risks and opportunities
Not disclosed in 2024
3. SOCIAL INFORMATION
ESRS S1: Own workforce
Strategy
ESRS 2 SBM-2 Interests and views of stakeholders Page 147
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Page 147
Impact, risk and opportunity management
ESRS S1 S1-1 Policies related to own workforce Page 151
ESRS S1 S1-2 Processes for engaging with own workers and workers’ representatives about
impacts
Page 152
ESRS S1 S1-3 Processes to remediate negative impacts and channels for own workers to raise
concerns
Page 152
ESRS S1 S1-4 Taking action on material impacts on own workforce, and approaches to mitigating
material risks and pursuing material opportunities related to own workforce, and
effectiveness of those actions
Page 153
Metrics and targets
ESRS S1 S1-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
Page 158
ESRS S1 S1-6 Characteristics of the undertaking’s employees Page 158
ESRS S1 S1-7 Characteristics of non-employee workers in the undertaking’s own workforce Page 159
ESRS S1 S1-8 Collective bargaining coverage and social dialogue Page 159
ESRS S1 S1-9 Diversity metrics Page 159
ESRS S1 S1-10 Adequate wages Disclosed under ESRS 2
SBM-3 on page 147
ESRS S1 S1-11 Social protection Page 160
ESRS S1 S1-12 Persons with disabilities Page 161
ESRS S1 S1-13 Training and skills development metrics Page 161
ESRS S1 S1-14 Health and safety metrics Page 162
ESRS S1 S1-15 Work-life balance metrics Page 163
ESRS S1 S1-16 Compensation metrics (pay gap and total compensation) Page 164
ESRS S1 S1-17 Incidents, complaints and severe human rights impacts Page 164
RANA GRUBER ANNUAL REPORT 2024 105SUSTAINABILITY STATEMENT
Topic
standard
Disclosure
requirement Description Location
ESRS S2: Workers in the value chain
Strategy
ESRS 2 SBM-2 Interests and views of stakeholders Page 165
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Page 165
Impact, risk and opportunity management
ESRS S2 S2-1 Policies related to value chain workers Page 165
ESRS S2 S2-2 Processes for engaging with value chain workers about impacts Page 166
ESRS S2 S2-3 Processes to remediate negative impacts and channels for value chain workers to
raise concerns
Page 166
ESRS S2 S2-4 Taking action on material impacts on value chain workers, and approaches to
managing material risks and pursuing material opportunities related to value chain
workers, and effectiveness of those action
Page 166
Metrics and targets
ESRS S2 S2-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
Page 167
ESRS S3: Affected commmunities
Strategy
ESRS 2 SBM-2 Interests and views of stakeholders Page 167
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Page 168
Impact, risk and opportunity management
ESRS S3 S3-1 Policies related to affected communities Page 168
ESRS S3 S3-2 Processes for engaging with affected communities about impacts Page 171
ESRS S3 S3-3
Processes to remediate negative impacts and channels for affected communities to
raise concerns Page 171
ESRS S3 S3-4
Taking action on material impacts on affected communities, and approaches to
managing material risks and pursuing material opportunities related to affected
communities, and effectiveness of those actions Page 171
Metrics and targets
ESRS S3 S3-5
Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities Page 174
4. GOVERNANCE INFORMATION
ESRS G1: Business conduct
Governance
ESRS 2 GOV-1 The role of the administrative, supervisory and management bodies Page 177
Strategy
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Page 177
Impact, risk and opportunity management
ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and
opportunities
Page 178
ESRS G1 G1-1 Corporate culture and business conduct policies and corporate culture Page 178
ESRS G1 G1-2 Management of relationships with suppliers Page 180
ESRS G1 G1-3 Prevention and detection of corruption and bribery Page 180
Metrics and targets
ESRS G1 G1-4 Confirmed incidents of corruption or bribery Page 181
ESRS G1 G1-5 Political influence and lobbying activities Page 181
ESRS G1 G1-6 Payment practices Page 181
RANA GRUBER ANNUAL REPORT 2024106 SUSTAINABILITY STATEMENT
Topics assessed as not material
One ESRS topic standard was assessed as not material
in the financial year 2024:
ESRS S4: Consumers and end-users
The topic was assessed as not material as Rana Gruber
is not selling products that directly affect consumers
and end-users in any way.
ESRS 2 MDR-P:
Policies adopted to manage material sustainability
matters
Rana Gruber shall be a serious and dependable company
and business partner and therefore have high standards
in responsible business ethics and integrity. All busi-
ness operations shall be conducted in accordance with
the principles of responsible, ethical, and fair business
practices and must, as a minimum, comply with appli-
cable laws, international instruments and public regula-
tions. The same level of responsible business conduct is
expected of suppliers and business partners of the com-
pany. To govern high standards of responsible business
conduct across the value chain Rana Gruber has imple-
mented policies, principles and guidelines with respect
to responsible business ethics and integrity.
Commitments
Rana Gruber is committed to the Towards Sustaina-
ble Mining Initiative (TSM). Launched in Canada in 2004,
TSM provides a system to help mining companies to
evaluate and organise their environmental and social
responsibilities. The framework was fully adapted by the
Norwegian mining industry in 2023, with contributions
RANA GRUBER ANNUAL REPORT 2024 107SUSTAINABILITY STATEMENT
from Rana Gruber. TSM’s guiding principles aim to safe-
guard the environment, ensure a secure workplace, and
protect Indigenous communities and other stakeholders.
The TSM principles covers eight operational areas:
Prevention of child and forced labour
Contact with NGOs, local communities, and Indigenous
peoples
Crisis management and communication
Health, safety, and the environment (HSE)
Tailing management
Management of energy consumption and GHG
emissions
Water stewardship
Biodiversity conservation management
Rana Gruber is also commited to international instru-
ments and frameworks such as the UN Sustainable
Development Goals, the UN’s Universal Declaration of
Human Rights, the UN Guiding Principles on Business
and Human Rights, the ILO Declaration on Fundamen-
tal Principles and Rights at Work, the OECD Guidelines
for Multinational Enterprises and principles set out by
the global organisation ResponsibleSteel. Furthermore,
the company has obtained several certifications, includ-
ing ISO 9001:2015 (quality management), ISO 14001:2015
(environmental management) and EN 12878. The com-
pany is also in process to adapt to ISO 45001.
Policies
The board of directors have the overall responsibility
for maintaining Rana Gruber’s corporate governance
framework, including its policies and procedures. The
CEO has the overall responsibility for maintaining the
company`s corporate governance framework, including
policies and procedures. The Environment and sustaina-
bility manager evaluates and reports on the policies and
procedures annually in collaboration with the Head of
IT, security and safety and the rest of the management
team.
The policies and procedures apply to the company, all
employees, contractors, consultants and other per-
sons acting on behalf of Rana Gruber. All managers are
responsible for making the policies known in their organ-
isation and promoting a culture of awareness and com-
pliance and for monitoring compliance. Further, the
company expects the same high standards from all sup-
pliers and business partners.
Rana Gruber's Code of Conduct (CoC) is based on the
ten principles of the UN Global Compact, the UN Guid-
ing Principles on Business and Human Rights, the OECD
Guidelines for Multinational Enterprises and the frame-
work developed by Towards Sustainable Mining Initiative
(TSM). The CoC sets out principles on anti-corruption,
anti-money laundering, employee rights and working
environment, climate and environment, human rights,
and fair practice. Where relevant, the CoC refers to
extended policies and procedures on the topics men-
tioned. To support principles in the CoC, Rana Gruber
conducts due diligence assessments in line with the
OECD Due Diligence Guidance for Responsible Business
Conduct regularly.
Other policies regarding sustainability matters include a
Supplier Code of Conduct (SCoC) and policies regarding
matters such as diversity, privacy (GDPR), bribery, cor-
ruption and fraud, health and safety, environment, quality
and whistleblowing. For more information about these pol-
icies, please refer to chapters on topical standards and the
ESRS content index on page 103 for navigation on disclo-
sure requirements.
ESRS 2 MDR-A:
Actions and resources in relation to material
sustainability matters
For more information about actions and resources
related to sustainability matters, please refer to chap-
ters on topical standards and the ESRS content index on
page 103 for navigation on disclosure requirements.
Metrics and targets
ESRS 2 MDR-T and ESRS 2 MDR-M:
Tracking effectiveness of policies and actions through
targets and metrics in relation to material sustainability
matters
For more information about metrics and targets related
to sustainability matters, please refer to chapters on top-
ical standards and the ESRS content index on page 103
for navigation on disclosure requirements.
RANA GRUBER ANNUAL REPORT 2024108 SUSTAINABILITY STATEMENT
RANA GRUBER ANNUAL REPORT 2024 109SUSTAINABILITY STATEMENT
Environmental information
Rana Gruber acknowledges the impact mining operations have on climate and nature,
and the company’s ambition is to lead the way for the decarbonisation of the global
steel industry. Rana Gruber is committed to systematically reducing its climate and
environmental impact and using resources efficiently and sustainably across all operations.
1) COP29 “Summary of Global Action Plan at COP 29”
The company’s environmental work is based on the
SDGs and the company’s material topics relating to
the environment: climate change, pollution, water and
marine resources, biodiversity and ecosystems and
resource use and circular economy. The company
acknowledges that, in addition to having a direct impact
from the company’s own operations, the company also
has an indirect impact related to upstream and down-
stream activities in the value chain. Rana Gruber has
since 2023 been in process of mapping the indirect emis-
sions and suppliers’ climate and environmental perfor-
mances. The company’s aim is to deliver products from
a carbon free production. This will be a groundbreaking
contribution to the decarbonisation of different sectors
that depend on the products Rana Gruber produces.
Climate change (ESRS E1)
Climate change remains the most pressing challenge of
our era
1
. According to the latest findings from the Inter-
governmental Panel on Climate Change (IPCC) in their
Sixth Assessment Report (AR6), climate change is not
only accelerating but also leading to increasingly severe
consequences. The report underscores the urgent need
for global cooperation and decisive action to mitigate
these impacts.
To succeed in limiting global warming to 1.5 degrees,
all sectors must adapt and contribute. The steel and
mining industries, including coal mining, are significant
contributors to greenhouse gas emissions. According
to the AR6 report, the industrial sector is responsible
for approximately seven per cent of total global emis-
sions. The report emphasises the need for the sector
to improve energy efficiency, adopt low-carbon tech-
nologies, and increase the use of recycled materials.
The demand for iron ore will continue to be high, and
thus, the need for sustainable and low carbon solu-
tions remains.
Governance
ESRS 2 GOV-3:
Integration of sustainability- related performance in
incentive schemes
Rana Gruber has factored climate-related considerations
into the renumeration of all employees. The company has
a target to achieve zero GHG-emissions from own produc-
tions (Scope 1 and Scope 2). For the renumeration to align
with this goal, one of the considerations into the bonus
payment is the reduction of CO
2
emissions from own pro-
duction per ton produced, measured yearly as a percent-
age reduction compared to the previous year.
There are no additional sustainability-related perfor-
mance incentive schemes towards members of the
administrative, management and supervisory bodies.
Strategy
E1-1:
Transition plan for climate change mitigation
Rana Gruber’s ambition is to become a world class sus-
tainable mineral producer through security for own
employees, environmental responsibility and continuous
improvement.
Laboratory tests as well as pilot test in processing plant
show that the Rana ore has the properties to be pro-
cessed into a high-grade concentrate. Rana Gruber will
continuously work to improve product quality step by
step, focusing on increasing Fe content beyond Fe65
and reducing minor elements going forward. Product
improvement is aligned with the direction the customers
are pursuing to meet future demands in steel produc-
tion, focusing on quality and sustainability.
RANA GRUBER ANNUAL REPORT 2024110 SUSTAINABILITY STATEMENT
Going forward, Rana Gruber is committed to reducing
emissions from its operations by progressively replac-
ing fossil-fuelled machinery and equipment with electric
alternatives, as well as electrifying transport and heat-
ing systems. The timeline for this transition is contingent
on the availability of electric machinery. While the ini-
tial target was to achieve full electrification by the end
of 2025, this goal has been postponed due to challenges
in procuring sufficient electric equipment. Additionally,
Rana Gruber's efforts to fully electrify its transportation
depend on Bane NOR's progress in electrifying the rail-
way, which is currently on hold.
Furthermore, Rana Gruber is evaluating ways to contrib-
ute to reducing indirect greenhouse gas emissions asso-
ciated with upstream and downstream activities (Scope
3 emissions). The company is in the process of aligning
with the Corporate Sustainability Reporting Directive
(CSRD) and the disclosures requirements set out in the
European Sustainability Reporting Standards (ESRS).
Rana Gruber will further develop its transition plan
towards climate change mitigation.
ESRS 2 SBM-3:
Material impacts, risks and opportunities and their
interaction with strategy and business model
As part of its double materiality assessment, Rana Gru-
ber has identified significant impacts, risks, and oppor-
tunities across the value chain associated with climate
change, including the subtopics defined in ESRS 1 AR 16,
all of which are deemed material.
Material impact
Scope 1 and Scope 2 GHG emissions
The greenhouse gas (GHG) emissions from Rana Gru-
ber’s own operations have an actual negative impact on
the climate, with 11 352 tons of combined Scope 1 and
Scope 2 emissions in 2024.
Reducing Scope 1 and Scope 2 GHG emissions are one of
Rana Gruber’s main targets. From 2023 to 2024 the com-
pany has reduced Scope 1 and Scope 2 emissions by 13
per cent. The reduction is mainly due to lower fuel con-
sumption associated with transportation of waste rock
and efficient transportation in the underground mine.
The company aims to become the first climate-neutral
iron-ore producer in the world. Already, Rana Gruber is
among the iron ore producers with the lowest CO
2
emis-
sions globally.
Scope 1 emissions are primarily driven by transporta-
tion. Scope 2 emissions are primarily driven by electric-
ity and the use of electric cars.
Actions to reduce Scope 1 and Scope 2 GHG emissions
are described in disclosure requirement E1-3.
Scope 3 GHG emissions
Scope 3 emissions represent an actual negative impact
for Rana Gruber. In 2024, the total GHG emissions from
the value chain was 8 818 tons.
Included in the Scope 3 calculations are purchased
goods and services, fuel-and-energy-related activities,
upstream and downstream transportation and distribu-
tion, waste and business travel.
Rana Gruber aims to continuously improve its under-
standing of its scope 3 emissions. The reported Scope 3
emissions have increased by seven per cent compared
to 2023. The increase reflects expanded reporting, not
higher consumption. For more details concerning Scope
3 reporting, see disclosure requirement E1 IRO-1 and
E1-6.
Material risks
Rana Gruber recognises the significant impact that cli-
mate-related risks may have on its business model and
strategy, and believes the company is well-equipped to
address these challenges effectively.
Rana Gruber’s climate resilience strategy is centred on
developing adaptive measures to tackle both transi-
tion and physical climate risks. By enhancing efficiency,
designing innovative production processes, and creating
high-quality products, the company is effectively posi-
tioned to reduce greenhouse gas emissions and mini-
mise climate-related impacts.
Additionally, Rana Gruber's geographic location offers
resilience against climate-induced challenges like
increased rainfall and extreme weather events. This is
particularly beneficial compared to mines situated closer
to the equator, which may experience more severe
impacts of climate change. Overall, this geographic
advantage supports robust operations and ensures a
reliable supply chain and product quality. Rana Gruber is
committed to further advancing its resilience plan in the
future.
The table below presents the identified climate-related
risks, both physical and transition, with the inclusion of
possible resilience measures. For further information
regarding the process of identifying and analysing the
risks, see ESRS 2 IRO-1 that follows.
RANA GRUBER ANNUAL REPORT 2024 111SUSTAINABILITY STATEMENT
Risks and opportunities Resilience measures Time horizon
Physical risk Climate change-induced increases in
rainfall and flooding pose significant
risks, potentially leading to operational
disruptions, landslides, and damage
to assets and transportation routes,
ultimately impacting production
capacity and revenue.
Enhancing mine infrastructure
to withstand severe weather and
exploring alternative transportation
methods, such as truck or vessel
transport, to maintain operational
continuity during disruptions.
Short-term
Increased wind speeds and the
frequency of strong winds, storms,
and hurricanes, which can cause
material damage to assets, disrupt
transportation, halt operations, and
harm the company's reputation due to
dust dispersion.
Reinforcing mine infrastructure to
endure severe weather, implementing
a water mist system to control dust
dispersion, and enhancing its crisis
preparedness routines to minimise
operational disruptions during extreme
weather events.
Short-term
Chronic physical climate risks, such
as temperature changes and rising
sea levels, pose long-term challenges
by increasing the likelihood of
acute physical risks and potentially
threatening operational stability.
Adopt strategies to enhance resilience
in its operations, protect assets, and
minimise downtime, while conducting
annual risk assessments to prepare for
the future impacts of climate change.
Medium- to long-term
Transition risk Rising carbon taxes are increasing
operating costs.
Switch to sustainable transport and
machinery while mapping Scope
3 emissions for further reduction
opportunities.
Short-term
Stricter regulations and evolving
compliance requirements, such as ISO
certifications, the CSRD, and the EU
taxonomy.
Collaborate with industry stakeholders
to advocate for effective regulatory
frameworks and assessing resource
allocation to ensure ongoing
compliance.
Short-term
Technology-related risks in achieving
its decarbonisation targets due to
technical challenges and supply chain
issues, delaying the transition to
carbon-free production.
Investing in decarbonising equipment
and working closely with suppliers to
ensure effective implementation while
minimising downtime and associated
costs.
Short- to long-term
Market uncertainty due to the
transition to a low-carbon economy.
Fostering close relationships with key
customers and monitoring market
trends to ensure its products align with
evolving demands.
Short- to medium-term
Risks related to the stigmatisation of
the mining sector, possibility of losing
attractiveness as an employer.
Striving for carbon-free production
and high-quality iron ore supply,
while collaborating with industry
organisations and communities to
enhance its sustainability initiatives
and uphold compliance.
Medium- to long-term
Impact, risk and opportunity management
ESRS 2 IRO-1:
Description of the processes to identify and assess
material climate-related impacts, risks and opportunities
To identify impacts, risks and opportunities in relation
to climate change, Rana Gruber has conducted a double
materiality assessment, including a climate risk assess-
ment in line with the recommendations set out by Task
Force on Climate-related Financial Disclosures (TCFD).
Impact
The assessment of Rana Gruber’s impact in relation
to climate change is based mostly on the company’s
climate accounting. Rana Gruber reports its green-
RANA GRUBER ANNUAL REPORT 2024112 SUSTAINABILITY STATEMENT
house gas emissions in accordance with the Green-
house Gas Protocol Initiative (GHG-protocol). The
GHG-protocol is the most widely recognised stand-
ard for reporting GHG-emissions and is the basis for
the ISO 14064-I standard. The climate accounts have
been prepared in collaboration with the third-party
supplier CEMA-sys and covers Scope 1, Scope 2, and
Scope 3 emissions.
Scope 3 emissions mapping is currently incomplete but
is expanding annually as Rana Gruber refines its report-
ing. This year saw the expansion of several categories,
including purchased goods and services, along with the
addition of downstream transportation and distribution
category (see GHG calculations in disclosure require-
ment E1-6). Rana Gruber aims to gain more insight to all
emissions to be able to assess impact to a greater and
more precise degree.
Risk
Rana Gruber has identified short-, medium-, and long-term
physical and transition climate-related risks and opportu-
nities across its operations and value chain using a sce-
nario analysis. This analysis, informed by value chain
mapping and location-based assessments, considered
exposure to climate hazards (extreme weather, floods,
temperature increases). A TCFD-aligned climate risk
assessment, part of the double materiality assessment,
identified and assessed physical and transition risks and
opportunities related to the low-carbon transition.
RANA GRUBER ANNUAL REPORT 2024 113SUSTAINABILITY STATEMENT
Time horizon Definition
Short-term 1 year
Medium -term 1-5 years
Long-term Over 5 years
The company’s definition of short-, medium- and long-
term are in line with ESRS 1 section 6.4.
Physical risk
The analysis differentiates between acute and chronic
physical climate-related risks.
Risk category Description
(based on TCFD Classification)
Acute Increased severity and frequency of
heavy rains and floods
Increased frequency and intensity of
strong wind, storms, and hurricanes
Chronic Temperature changes
Rising sea levels
Climate-related scenario analysis
To comprehensively assess climate-related physical
risks, this analysis utilises two distinct scenarios: Slow
adaptation society and Climate chaos society. These sce-
narios, representing varying levels of climate action and
resulting impacts, provide a robust framework for evalu-
ating potential outcomes.
The Slow adaptation society scenario projects a 2°C
warming limit by 2050, achieved through stricter policies
enacted around 2030. Slower progress, higher fossil fuel
phase-out costs, and subsequent technological break-
throughs characterise this scenario, with transitional
risks and opportunities becoming increasingly prominent
after 2030 alongside growing physical risks from unco-
ordinated climate action.
The Climate chaos society scenario depicts a future with
4°C+ warming. A lack of meaningful emission reduction
efforts leads to severe and widespread impacts, includ-
ing food shortages, extreme weather events, coastal
flooding, and disproportionate harm to vulnerable com-
munities and ecosystems.
These scenarios inform the identification and assess-
ment of transition risks and opportunities over short,
medium, and long-term horisons.
Consequences of physical risks
Severe weather, including heavy rainfall, flooding, and
high winds, presents significant acute physical risks to
the company. Flooding may cause operational disrup-
tions, rockfalls, and asset damage, impacting transpor-
tation and directly reducing revenue. Strong winds may
cause dust dispersion, road closures, and potential oper-
ational halts, potentially lowering revenue and increas-
ing costs. These acute risks are exacerbated by chronic
risks like temperature changes and rising sea levels.
Financial consequences could include decreased produc-
tion capacity, asset repair costs, increased labour cost,
higher transportation expenses, and investments in mit-
igation measures (water pumps, alternative transport,
dust suppression systems, crisis preparedness). The
company is mitigating these risks through infrastruc-
ture improvements, alternative transportation options,
dust control, and enhanced crisis preparedness. The
most severe consequences are anticipated under climate
chaos and slow adaptation scenarios, with both short
and long-term impacts on the value chain.
Transition risk
Transition risks and opportunities related to the envi-
ronment refer to the economic consequences of moving
towards a low-carbon economy and a more sustainable
future. This includes both risks associated with stricter
regulations, changing consumption patterns, and tech-
nology, as well as opportunities for innovation, new mar-
kets, and cost savings.
The Low-emission society scenario assumes full Paris
Agreement compliance, limiting warming to 1.5°C. Rapid
climate policy implementation, efficient emissions reduc-
tion technologies, and high carbon pricing drive a swift
transition to renewable energy, prioritising transition risks
and opportunities over less significant physical risks.
RANA GRUBER ANNUAL REPORT 2024114 SUSTAINABILITY STATEMENT
Climate-related transition events (based on TCFD Classification)
Policy and legal Technology Market Reputation
Increased carbon pricing and
taxes
Technological changes in
steel production
Market uncertainty Stigmatisation of the mining
sector
Stricter regulations.
For example, the EU
Taxonomy and CSRD.
Costs related to transition to
carbon-free production
Changing customer behaviour Shift in consumer preferences
Mandates on and regulation
of existing production
processes.
Technical viability of
decarbonisation strategy
Favourability of production
location close to the European
market
Increased use of renewable
energy
Increased demand of high-
quality products
Policy and Legal Risks: Transitioning to a low-carbon
economy will necessitate extensive policy and legal
changes, leading to potential risks for Rana Gruber. Key
risks include increased carbon pricing and stricter reg-
ulations. The company's operating costs may rise due to
heightened carbon taxes under Norway’s climate poli-
cies. Additionally, compliance with evolving frameworks
like the Corporate Sustainability Reporting Directive
(CSRD) and the EU taxonomy, could require additional
resources, risking reputational damage and financial
losses if requirements are not met. To mitigate these
risks, Rana Gruber is investing in sustainable alterna-
tives and collaborating with industry peers to advocate
for effective regulatory frameworks.
Technology Risks: Rana Gruber faces potential technol-
ogy-related risks, particularly regarding the technical
viability of its decarbonisation strategy. Supply chain
challenges have already delayed the electrification of
operations, pushing back the company’s timeline for
achieving carbon-free production. If these challenges
persist, they could lead to increased costs and weakened
market confidence. The company is prioritising invest-
ments in decarbonisation technologies and maintaining
dialogue with suppliers to mitigate these risks.
Market Risks: The transition to a low-carbon economy
introduces uncertainties in market demands, especially
as steelmakers shift from coal to hydrogen. This may
require higher purity and quality products from Rana
Gruber. If the anticipated market transition does not
occur, the company might invest in unmarketable prod-
ucts, risking financial returns. To mitigate these uncer-
tainties, Rana Gruber engages with customers and aligns
its offerings with evolving market trends.
Reputation Risks: Rana Gruber also faces potential rep-
utational risks related to perceptions of the mining
sector’s environmental impact. Stigmatisation of the
industry may hinder the company’s ability to attract tal-
ent and secure community support, potentially affecting
sales and access to capital. To combat these challenges,
Rana Gruber aims to develop high-grade iron ore to
support the green transition and to have a carbon-free
production, as well as actively collaborating with stake-
holders to enhance its sustainability initiatives.
Opportunities
Rana Gruber has identified key opportunities tied to the
low-carbon transition, primarily in product innovation,
resource efficiency, and energy sources. Currently there
is a transition towards high-grade iron, and Rana Gru-
ber can capitalise on the increasing demand. To reach net
zero emissions by 2050, steelmakers must switch from
coal-consuming blast furnaces to the more sustainable
direct reduced iron (DRI) production method. However,
DRI technology requires a higher grade of iron ore than
blast furnaces, therefore the demand for high-grade iron
ore is expected to surge, driven by the steel industry's
shift toward greener production methods. Additionally. the
company's location near the European market provides
logistical advantages that can reduce costs and improve
competitiveness. Furthermore, the growing trend towards
renewable energy offers possibilities for Rana Gruber to
develop solar and hydropower projects on its land hold-
ings, further enhancing its low-emission profile and oper-
ational efficiency.
Assessment approach
Rana Gruber’s approach to climate risk involves contin-
uous monitoring of public debate, technological devel-
opments, regulatory changes, and the socioeconomic
impacts of climate change, along with regular evaluation
and adjustment of its strategy.
RANA GRUBER ANNUAL REPORT 2024 115SUSTAINABILITY STATEMENT
RANA GRUBER ANNUAL REPORT 2024116 SUSTAINABILITY STATEMENT
E1-2:
Policies related to climate change mitigation and
adaptation
Rana Gruber's environmental policy prioritises the pre-
cautionary principle, committing to continuous improve-
ment and adherence to national and international
legislation. The company strives to minimise its environ-
mental impact throughout the product lifecycle.
Specifically addressing climate change, Rana Gruber aims
for CO
2
emission reduction through cleaner hematite con-
centrate production and a commitment to becoming CO
2
emission free in its own production. This includes decom-
missioning fossil-fuelled transport and heating systems.
The policy also outlines a commitment to climate change
adaptation through operational improvements and adher-
ence to the requirements in the European Sustainability
Reporting Standards.
Future policy development will encompass a broader
scope, including the management of all material envi-
ronmental impacts, risks, and opportunities, as well as
focusing on energy efficiency and renewable energy
deployment.
E1-3:
Actions and resources in relation to climate change
policies
Rana Gruber does not currently extensively detail future
actions and resource allocation; however, this will be
addressed in the future. Nevertheless, the company has
implemented some ongoing initiatives to reduce green-
house gas emissions across its value chain. The follow-
ing section details the emissions by scope, progress in
the reporting year, and planned future measures.
Scope 1
In 2024, Rana Gruber’s total Scope 1 emissions was 10
598 tCO
2
, a decrease of 14.7 per cent from 2023. Scope
1 emissions from transportation were 10 593 tCO
2
and 5
tCO
2
from stationary combustion.
Emissions from transportation are reduced by 12 per
cent from 2024. Mainly due to lower consumption of fuel
due to less transportation of grey rock and more effi-
cient transport within the underground mine.
Rana Gruber is in the process of transitioning its mining
fleet from fossil fuels to electric power. In 2022, the com-
pany entered an agreement with Sandvik to secure the
supply of electric machinery and necessary infrastruc-
ture support, which includes training and maintenance.
In 2023, new electric machinery was introduced into pro-
duction. During 2024, Rana Gruber added a new electric
loader, dumper truck, and electric rescue chamber to its
RANA GRUBER ANNUAL REPORT 2024 117SUSTAINABILITY STATEMENT
fleet. However, the full replacement of fossil-fuel-driven
equipment is on hold due to supply constraints.
The Norwegian government plans to electrify the Nord-
land line (Nordlandsbanen), prioritising the section used
by Rana Gruber, specifically from Mo i Rana to Ørtfjell-
moen. Rana Gruber is currently awaiting detailed plans
from the Norwegian Railway Directorate (Jernbanedirek-
toratet) before proceeding with further actions.
Emissions from stationary combustion are reduced by 99
per cent from 2023. This is because in 2024, only heavy
fuel is contributing to stationary combustion emissions.
At the end of 2023, the company commissioned a new
electric heating system for heating within the mine. Pre-
viously, the heating system operated on propane and, for
a transitional period, on diesel, both of which contributed
to tCO
2
e emissions.
Scope 2
Rana Gruber has a material energy consumption. In
2024, the company’s electricity use increased slightly
from the previous year – around three per cent. The
increase is due to normal operations and increased pro-
duction, which means more pumps in operation.
The company expects the use of electric power to
increase as Rana Gruber expects to use more elec-
tricity as the company increases overall production. In
addition, Rana Gruber expects the use of electric power
to increase as more electric machinery will be used in
the mine. At the same time, the company acknowledges
that there is a potential to be more effective in terms of
energy consumption and will work on this in the years
ahead.
Scope 3
Indirect emissions (Scope 3) arise from both upstream
and downstream activities, and the company is currently
mapping these emissions in accordance with the GHG
Protocol methodology. In 2024, Rana Gruber reported
a seven per cent increase in Scope 3 emissions, attrib-
uted to the inclusion of additional sources rather than
increased consumption. For the reporting year, the dis-
closed indirect emissions were categorised into pur-
chased products and services, fuel-and-energy-related
activities, waste management, business travel, upstream
transportation and distribution, as well as certain down-
stream transportation and distribution activities
In 2024, the company gathered more comprehensive
data on Scope 3 emissions compared to the 2023 report-
ing. This included expanding categories within pur-
chased goods and services, as well as incorporating the
transportation of equipment and Colorana products in
upstream transportation and distribution. New entries in
downstream transportation and distribution accounted
for the transportation of magnetite and hematite to cus-
RANA GRUBER ANNUAL REPORT 2024118 SUSTAINABILITY STATEMENT
tomers. Rana Gruber is committed to improving its
understanding of Scope 3 emissions and aims to incorpo-
rate additional categories into its reporting in the future.
20242023202220212020
GHG EMISSIONS
tCO2e
Scope 1 Scope 2
Scope 3
20 262
21 270
20 170
18 284
19 200
Metrics and targets
E1-4:
Targets related to climate change mitigation and
adaptation
Rana Gruber’s main ambitions are to produce cleaner
hematite concentrate, increase magnetite production and
reduce CO
2
emissions.
Firstly, for the reporting year, the company aimed to
reduce CO
2
-consumption per ton produced. Meas-
ured in their own consumption (scope 1 and 2). In 2024,
Rana Gruber continued its year-on-year reduction of
CO
2
-equivalent per ton of iron ore concentrate produced,
going from 7.17 to 6.14 kilogram. The internal target was
set at 10 per cent reduction. The actual reduction was
14.4 per cent.
20242023202220212020
kgCO
2
e
Per tonne iron ore concentrate
8.47
7.17
6.14
9.34
9.29
For 2025, the company aims to continue to reduce
CO
2
-emissions in its own productions, with a target of
3-10 per cent reduction this reporting year as well. Addi-
tionally, Rana Gruber is working on developing targets
aligned with reducing Scope 3 emissions as well.
E1-5:
Energy consumption and mix
In 2024, Rana Gruber had an increased energy consump-
tion of three per cent, stemming from the increased
energy consumed in Guldsmedvik. The increase is due
to a general increase in production and more pumps in
operation. All of Rana Gruber's energy consumption is
derived from renewable sources, in particular, hydro-
power.
20242023202220212020
ENERGY CONSUMPTION
MWh
Storforsheia
Guldsmedvik
98 748
104 868
107 704
98 173
99 097
E1-6:
Gross Scopes 1, 2, 3 and Total GHG emissions
The data presented below provides an overview of Rana
Gruber’s greenhouse gas (GHG) emissions, which is an
integrated part of the company’s climate strategy. GHG
emissions accounting is a fundamental tool in identifying
tangible measures to reduce GHG emissions. The annual
GHG emissions accounting report enables the organisa-
tion to benchmark performance indicators and evaluate
progress over time.
The input is based on consumption data from internal
and external sources, which has then been converted
into tonnes CO
2
-equivalents (tCO
2
e) using generic and/
or specific emission factors. The GHG emissions account-
ing is based on the international standard; A Corporate
Accounting and Reporting Standard, developed by the
Greenhouse Gas Protocol Initiative (GHG Protocol). The
GHG Protocol is the most widely used and recognised
international standard for measuring greenhouse gas
emissions on a company level, and is the basis for the
ISO standard 14064-I. For more information regarding
methodology and sources, see below.
RANA GRUBER ANNUAL REPORT 2024 119SUSTAINABILITY STATEMENT
Table: Reporting year energy and GHG emissions:
KEY FIGURES GHG EMISSIONS Description Unit 2022 2023 2024
Summary
Total scope 1 13 942.4 12 417.1 10 597.7
Total scope 2 (location-based) 691.5 650.6 754.5
Total scope 3 5 428.0 8 201.8 8 818.0
Total tCO
2
e 20 062.0 21 269.5 20 170.2
Category Description Unit 2022 2023 2024
Scope 1
Transportation
Diesel Machinery and vehicles tCO
2
e 11 583.2 10 137.2 9 100.7
Diesel Train tCO
2
e 2 144.5 1 922.6 1 477.5
Gasoline Vehicles tCO
2
e 0.4 1.3 3.0
Adblue Machinery tCO
2
e - 14.5 11.7
Transportation total tCO
2
e 13 728.2 12 075.6 10 592.9
Stationary combustion tCO
2
e 214.2 341.5 4.8
Scope 1 total tCO
2
e 13 942.4 12 417.1 10 597.7
Scope 2 (location-based)
Electricity location-based
Electricity Norway tCO
2
e 691.2 650.2 753.9
Electric car nordic tCO
2
e 0.3 0.4 0.5
Electricity location-based total tCO
2
e 691.5 650.6 754.5
Scope 2 total tCO
2
e 691.5 650.6 754.5
Scope 2 (market-based)
Electricity market-based
Electricity Norway tCO
2
e 39 992.9 52 675.2 64 472.7
Electric car nordic tCO
2
e 0.3 - 7.6
Electricity market-based total tCO
2
e 39 993.3 52 675.2 64 480.3
Scope 2 total tCO
2
e 39 993.3 52 675.2 64 480.3
Scope 3
Purchased goods and services tCO
2
e 1 424.6 4 090.7 4 552.7
Fuel-and-energy-related activities tCO
2
e 3 456.7 3 488.3 3 182.7
Upstream transportation and distribution tCO
2
e 12.5 29.9 569.3
Waste tCO
2
e 461.0 438.7 448.3
Business travel tCO
2
e 73.3 154.2 28.2
Downstream transportation and distribution tCO
2
e - - 36.8
Scope 3 total tCO
2
e 5 428.0 8 201.8 8 818.0
Total (scope 1 + 2) (location-based) tCO
2
e 14 633.9 13 067.7 11 352.2
Total (scope 1 + 2 + 3) (location-based) tCO
2
e 20 062.0 21 269.5 20 170.2
Total (scope 1 + 2) (market-based) tCO
2
e 53 935.7 65 092.3 75 078.0
Total (scope 1 + 2 + 3) (market-based) tCO
2
e 59 363.7 73 294.1 83 896.0
Annual market-based GHG emissions
Electricity total (scope 2) with market-based calculations tCO
2
e 39 992.9 52 675.2 64 472.7
Scope 2 total with market-based electricity calculations tCO
2
e 39 993.3 52 675.6 64 473.2
Scope 1+2+3 total with market-based electricity calculations tCO
2
e 59 363.7 73 294.5 83 888.9
RANA GRUBER ANNUAL REPORT 2024120 SUSTAINABILITY STATEMENT
KEY FIGURES ENERGY Description Unit 2022 2023 2024
Category
Scope 1
Transportation
Diesel Machinery and vehicles MWh 45 951.3 38 012.3 34 172.4
Diesel Train MWh 8 470.7 7 171.5 5 512.4
Gasoline Vehicles MWh 1.7 5.0 11.8
Adblue (urea solution) Machinery MWh - - -
Transportation total MWh 54 423.8 45 188.7 39 696.7
Stationary combustion MWh 953.5 1 272.8 16.7
Scope 1 total MWh 55 377.3 46 461.6 39 713.4
Scope 2
Electricity
Electricity Norway MWh 98 748.0 104 868.0 107 704.0
Electric car nordic MWh 11.9 15.0 20.2
Electricity total MWh 98 759.9 104 883.0 107 724.2
Scope 2 total MWh 98 759.9 104 883.0 107 724.2
Total (scope 1 + 2 + 3) MWh 154 137.1 151 344.5 147 437.6
GJ 554 893.7 544 840.2 530 775.3
Percentage change % (1.8%) (2.6%)
Scope 1 renewable energy MWh 334.6 253.4 272.8
Scope 1 renewable energy share % 0.6% 0.5% 0.7%
Scope 2 renewable energy (location-based) MWh 94 708.4 100 894.4 102 980.4
Scope 2 renewable energy share (location-based) % 95.9% 96.2% 95.6%
Total renewable energy (location-based) MWh 95 043.0 101 147.8 103 253.2
Total renewable energy share (location-based) % 61.7% 66.8% 70%
Scope 2 renewable energy (market-based) MWh - - -
Scope 2 renewable energy share (market-based) % 0% 0% 0%
Total renewable energy (market-based) MWh 334.6 253.4 272.8
Total renewable energy share (market-based) % 0.2% 0.2% 0.2%
The above provides a comprehensive summary of
the GHG emissions accounting of Rana Gruber for the
reporting year. It illustrates the scopes and scope 3 cat-
egories included, along with the respective emission
sources. The table presents consumption data and its
corresponding reporting unit (e.g., kg, liters, kgCO
2
e,
km), consumption data converted into energy (MWh) and
tCO
2
e, and the per cent share each emission source rep-
resented in the overall GHG emissions accounting.
Figure: Annual energy consumption (MWh) Scope 1 &
2:
Scope 2Scope 1
ANNUAL ENERGY CONSUMPTION
MWh
2022 2023
2024
98 760
104 883
107 724
55 377
46 462
39 713
RANA GRUBER ANNUAL REPORT 2024 121SUSTAINABILITY STATEMENT
RANA GRUBER ANNUAL REPORT 2024122 SUSTAINABILITY STATEMENT
Methodology
Rana Gruber applies greenhouse gas (GHG) inventory
accounting principles as its reporting methodology, in
concurrence with the GHG Protocol Corporate Account-
ing and Reporting Standard (GHG Protocol) and the 2004
(Scope 2 guidance was updated in 2015), including the
ESRS E1-6 (2024). The GHG Protocol was developed by
the World Resources Institute (WRI) and World Business
Council for Sustainable Development (WBCSD). In align-
ment with the GHG Protocol and ESRS E1-6, Rana Gruber
takes into consideration the gases CO
2
, CH4, N2O HFCs,
PFCs, SF6 and NF3 when converting consumption data
to tons CO
2
-equivalents (tCO
2
e). The Global Warming
Potential (GWP) used in the calculation of CO
2
e is based
on the fourth assessment report (Fourth Assessment
Report, AR4) over a 100-year period from Intergovern-
mental Panel on Climate Change (IPCC). GHG emis-
sions accounting has, as of 2024, no agreed method for
calculating emission factors. The 2024 GHG emissions
accounting is developed using emission factors calcu-
lated based on methodologies recognised by CEMAsys
as credible. However, we are aware that other emis-
sion factors exist and there is currently no consensus
on which emission factors should be used. CEMAsys
use emission factors from well-known, internationally
recognised sources, including DEFRA, IEA, and Ecoin-
vent. CEMAsys is open about the sources and calculation
methodology used in the emission factors and strives for
consistency throughout the reporting periods. As for cir-
cumstances where there is a change in methodology, the
company will communicate this in the reporting.
Rana Gruber’s climate accounting routines are in line
with the five principles outlined in the GHG protocol: rel-
evance, completeness, consistency, transparency, and
accuracy. The company collects input data on a monthly
basis to make sure the data is up-to-date and relevant
for each reporting period. Frequent collection of data
ensures consistency through standardised processes
and enables frequent assessments of emissions from the
company’s own operations and its supply chain. Third-
party verification of the 2024 GHG emissions accounting
ensures accuracy, completeness, and credibility of the
reported emissions. The verified GHG emissions account-
ing is communicated to Rana Gruber’s stakeholders
through its annual sustainability report.
Organisational and operational boundary
Rana Gruber conducts iron ore mining and mineral pro-
cessing to yield iron ore concentrates as well as pro-
ducing specialised products. All units falling under Rana
Gruber are included in the GHG emission accounting;
including five deposits located in Storforsheia and Ørt-
fjell in the Dunderland Valley in Norway. In total, Rana
Gruber operates 5200 acres with mineral- and forest
rights. In accordance with ESRS, Rana Gruber applies
the same reporting boundary for the GHG emissions
accounting as used in the financial statements. This
means that the operations included in the consolidated
financial statement are reported under Scope 1, 2, and 3,
category 1-14. The emissions from suppliers operating
in Rana Gruber’s deposits on behalf of Rana Gruber are
also included in the company’s organisational boundary.
Emissions of associates, joint ventures, and other uncon-
solidated arrangements shall, according to ESRS 1-6,
be included based on operational control approach. As
of 2024, Rana Gruber does not have any unconsolidated
arrangements.
The GHG emissions accounting methodology is consist-
ent with previous reporting periods, unless otherwise
specified.
In 2023, the company conducted a preliminary Scope
3 screening, which enabled Rana Gruber to expand its
data collection efforts for the 2024 reporting period.
As a result, the 2024 report includes more comprehen-
sive data on purchased goods and services—specifically
chemicals used in the company’s laboratory—along with
capital goods, upstream and downstream transportation
and distribution, and business travel.
Rana Gruber is committed to continuously improving
the coverage of relevant Scope 3 categories. However,
Scope 3 GHG accounting for 2024 is not exhaustive. The
methodology prioritises transparency by clearly indi-
cating where assumptions have been made and where
information has been excluded.
Reporting process
Invoice records and consumption overviews serve as
the basis for calculating consumption data for entry into
CEMAsys. Data from various sources is compiled in des-
ignated Excel sheets by the responsible teams, while the
Environmental and Sustainability Manager oversees the
final data entry into CEMAsys. Most data are reported on
a monthly basis, whereas certain Scope 3 categories are
recorded annually.
Scope 1
Scope 1 emissions include all direct emissions from
owned, leased, and rented assets. This encompasses
emissions from transportation and stationary combus-
tion, such as leased company vehicles, railway transport,
and fuel purchased to operate heavy machinery in min-
ing activities. The Scope 1 calculations are considered
complete, with no methodological changes from the pre-
vious reporting year.
RANA GRUBER ANNUAL REPORT 2024 123SUSTAINABILITY STATEMENT
In 2024, Scope 1 emissions decreased by 14.7 per cent
compared to 2023, primarily due to the increased adop-
tion of electric vehicles and equipment. This is due to a
general lower usage of diesel as there have been used
less diesel-driven machines. Additionally, fuel consump-
tion for smaller vehicles declined throughout the year.
However, diesel usage increased at Ørtfjellmoen in 2024.
Stationary combustion had a decrease of 98.6 per cent in
tCO
2
e in 2024, as heavy fuel oil was the only fuel utilised.
Scope 1 emissions have shown a clear downward trend
over the past three years.
Scope 2
Scope 2 emissions account for greenhouse gas (GHG)
emissions from the generation of purchased electric-
ity consumed across all facilities, including electricity
used by the company’s electric vehicles. In accordance
with the GHG Protocol’s Scope 2 guidance, both the loca-
tion-based and market-based electricity use have been
reported.
Rana Gruber does not purchase Guarantees of Origin
(GoOs) or Renewable Energy Certificates (RECs) under
the market-based approach. Using the location-based
method and emission factors from the International
Energy Agency (IEA), the company's electricity consump-
tion was assessed based on the Norwegian electricity
mix. As a result, 76.4 per cent of Scope 2 emissions were
determined to be from renewable sources based on the
last update from IEA in 2023.
In 2024 Rana Gruber have seen an increase in electric-
ity spent, having a total increase of 16.0 per cent, due to
more electricity driven operations.
Scope 3
Scope 3 emissions encompass greenhouse gas (GHG)
emissions from Rana Gruber’s upstream and down-
stream activities that originate from sources outside its
direct ownership. In other words, Scope 3 covers emis-
sions across the company’s entire value chain. The total
Scope 3 has a total of 43.7 per cent share of the total
emissions produced by Rana Gruber.
Rana Gruber began calculating GHG emissions in 2021,
initially including Category 3 (fuel- and energy-related
activities) and Category 5 (waste generated in oper-
ations). In 2024, the company expanded its Scope 3
reporting to also include Category 1 (purchased goods
and services), Category 2 (capital goods), Category 4
(upstream transportation and distribution), Category 5
(waste), Category 6 (business travel), and Category 9
(downstream transportation and distribution). Rana Gru-
ber has had a gradual inclusion of scope 3 categories fol-
lowing its first reporting year in 2021 and have for 2024
been able to retrieve data from several sections of their
value chain to enhance their GHG Accounting.
Category 1. Purchased goods and services
Purchased goods and services consists of chemicals,
soaps, explosives, and lubricating- and hydraulic oils
used in Rana Gruber’s operations, whereas chemicals
are new additions to 2024. As in 2023 explosives from
underground mines and open-pit deposits have been
included. These explosives have been categorised into
four types for GHG accounting purposes. Some of the
included explosives are estimations based on similar
products. Efforts will be made to include more explo-
sives in the 2024 reporting cycled. Of all chemicals used
in the laboratory in Guldsmedvik, three were considered
as relevant to include due to the amount used; these
were Oxygen-, Sulfuric-, and Hydrochloric acid.
In total there have been an increase of 11.3 per cent in
2024, due to a more inclusive list of purchased goods
and services. This category stands for 22.6 per cent
share of the total emissions for 2024 in contrast to it
holding a 19 per cent share in 2023.
Category 3. Fuels-and-energy-related activities
In 2024, Category 3 (Fuel- and Energy-Related Activities)
accounted for 15.8 per cent of total emissions, making it
the third-largest Scope 3 category for Rana Gruber. This
category also includes indirect emissions from electric-
ity associated with transmission and distribution (T&D)
losses. The rise in upstream electricity emissions is not
solely due to increased electricity consumption but also
to an 18.5 per cent increase in the emission factor (EF) for
"Electricity Norway (upstream)" between 2023 and 2024.
In 2024, there was a significant reduction in the use of
propane/butane, burning oil, diesel (B7), biodiesel, and
HVO, with no reported purchases or consumption of these
fuels. Stationary diesel was phased out, and a large vol-
ume of biodiesel was procured in 2022, which is expected
to last for several years. While heavy fuel oil, petrol, and
diesel remain in stock, they were not used in 2024 due
to previous bulk purchases. Overall fuel consumption
declined, while electricity use increased by 3.7 per cent.
Category 4. Upstream transportation and distribution
Transportation of waste generated by Rana Gruber is
included in Upstream transportation and distribution. In
addition, transportation of goods to Rana Gruber by truck
have been included in the report of 2024. This has given
a significant change from the years before, amounting to
a change from 29.9 tCO
2
e in 2023 to 569.3 tCO
2
e in 2024.
This has caused an increase of 1 803 per cent.
RANA GRUBER ANNUAL REPORT 2024124 SUSTAINABILITY STATEMENT
Category 5. Waste
Rana Gruber’s GHG emissions accounting includes emis-
sions from waste generated in operations based on total
waste generated. In the 2022 and 2023 GHG emission
accounting, waste was divided into respective waste
fractions and the treatment method applied by the waste
management company. This is a continued practice in
the reporting for 2024 and the amounts of tCO
2
e pro-
duced have been at a steady 2.2 per cent.
Category 6. Business travel
Business travel includes air travel for Rana Gruber’s
employees and have decreased with 82 per cent from
2023. There has been a clear reduction in continental
and domestic flights, which stand for the most drastic
change. This is based on natural changes in the com-
pany, having less required travels in 2024.
Category 9. Downstream transportation and
distribution
Downstream transportation and distribution are newly
added as a category for the reporting year of 2024. This
entails the transportation of goods by ship from Rana
Gruber to its customers paid by the customers. 2024 is
the first year Rana Gruber has included data on down-
stream transportation, where the transportation of
goods has produced 36.8 tCO
2
e.
Comments
Rana Gruber’s Scope 3 calculations are not defined as
complete. Rana Gruber will strive to complete the scope
3 calculation across operations, where applicable using
comparable methodology approaches. Complete indirect
emissions from Rana Gruber’s upstream and downstream
activities in scope 3 will be reported on in the future.
The company’s total scope 1, 2, and 3 has decreased with
five per cent compared to 2023. This is due to a 13 per
cent decrease in total scope 1 and 2 emissions, as well
as a considerable decrease in business travels.
Quantification
Rana Gruber uses consumption and activity data to cal-
culate CO
2
e emissions from their monthly operations
throughout the calendar year. The calculation method
is based on the average-data method through the soft-
ware CEMAsys. The average-data method includes emis-
sion factors primarily from Department for Environment,
Food and Rural Affairs (DEFRA), International Energy
Agency (IEA) and the Norwegian Environmental Agency.
As for explosives, product specific emission factors have
been applied through available Environmental Product
Declarations (EPDs). In summary, all emissions factors
are based on the average-data method, except explo-
sives, which is based on supplier-specific EPDs.
RANA GRUBER ANNUAL REPORT 2024 125SUSTAINABILITY STATEMENT
To the Board of Directors of Rana Gruber ASA
Independent report on Rana Gruber ASA’s Greenhouse Gas (GHG) Statement
We have undertaken a limited assurance engagement in respect of Rana Gruber ASA’s GHG statement for
the period 1 January 2024 - 31 December 2024, comprising the table “Key Figures GHG Emissions” and
the subsection Methodology (Sustainability matter) located in the chapter “Environmental information”,
subchapter “Climate Change (ES
RS1)” in section “E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions”
of Rana Gruber ASA’s Annual Report 2024.Our statement is in regards of the numbers regarding the
reporting period for 2024.
The applicable criteria against which the Greenhouse Gas Statement has been evaluated is Greenhouse
Gas Protocol - A Corporate Accounting and Reporting Standard (2004) (Criteria), applied as explained in
the subsection Methodology. The GHG Protocol Corporate Accounting and Reporting Standard, published
by the World Resources Institute and the World Business Council for Sustainable Development, is available
at .
Management is responsible for the preparation of the GHG statement in accordance with the applicable
Criteria, applied
as explained in the section Carbon Accounting Principles and Reporting Methodology. This
responsibility includes the design, implementation and maintenance of internal control relevant to the
preparation of a GHG statement that is free from material misstatement, whether due to fraud or error.
GHG quantification is subject to inherent uncertainty because of incomplete scientific knowledge used t
o
determine emissions factors and the values needed to combine emissions of different gases.
We have complied with the independence and other ethical requirements of the International Code of Ethics
for Professional Accountants (including International Independence Standards) issued by the International
Ethics Standards Board for Accountants (IESBA Code), an
d we have fulfilled our other ethical
responsibilities in accordance with these requirements.
We apply the International Standard on Quality Management (ISQM) 1, Quality Management for Firms that
Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements,
and accordingly, maintain a comprehensive system of quality control including documented policies and
procedures regarding compliance with ethical requirements, professional standards and applicable legal
and regulatory requirements.
Our responsibility is to express a limited assurance conclusion on the GHG statement based on the
procedures we have performed and the evidence we have obtained. We conducted our limited assurance
engagement in accordance with International Stand
ard on Assurance Engagements (ISAE) 3410,
«Assurance Engagements on Greenhouse Gas Statements», issued by the International Auditing and
Assurance Standards Board. That standard requires that we plan and perform this engagement to obtain
limited assurance about whether the GHG statement is free from material misstatement.
A limited assurance engagement in accordance with ISAE 3410 involves assessi
ng the suitability in the
circumstances of management's use of the Criteria as the basis for the preparation of the GHG statement,
assessing the risks of material misstatement of the GHG statement whether due to fraud or error,
responding to the assessed risks as necessary in the circumstances, and evaluating the overall
presentation of the GHG Statement. A limited assurance engagement is substant
ially less in scope than a
reasonable assurance engagement in relation to both the risk assessment procedures, including an
understanding of internal control, and the procedures performed in response to the assessed risks.
PricewaterhouseCoopers AS, Sjøgata 27, N-8006 Bodø
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
Carbon account audit
RANA GRUBER ANNUAL REPORT 2024126 SUSTAINABILITY STATEMENT
The procedures we performed were based on our professional judgement and, among others, included:
Inquiries to obtain an understanding of Rana Gruber ASA’s control environment and information
systems relevant to emissions quantification and reporting, but did not evaluate the design of
particular control activities, obtain evidence about their implementation or test their operating
effectiven
ess.
Evaluation of whether Rana Gruber ASA's methods for estimating emissions based on energy use
and emission factors for the use of different energy sources are appropriate and have been
consistently applied and reported.
Procedures performed to assess the completeness of the reported emissions sources, data
collection methods, source data and relevant assumptions applicable to estimate emis
sions from a
selection of Rana Gruber ASA’s emission sources. The test procedures were chosen taking into
consideration the emission sources’ contribution to total emissions and our understanding of the
risk of material errors in measurements and reporting of emissions.
Limited substantive testing on a selective basis of the Greenhouse Gas scope 1, scope 2 and
scope 3 emissions to check that dat
a had been appropriately measured, recorded, collated and
reported. The test procedures were chosen taking into consideration the emission sources’
contribution to total emissions and our understanding of the risk of material errors in measurements
and reporting of emissions.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less
in extent than for,
a reasonable assurance engagement. Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower than the assurance that would have been obtained had
we performed a reasonable assurance engagement. Accordingly, we do not express a reasonable
assurance opinion about whether Rana Gruber ASA’s GHG statement has been prepared, in all material
respects, in acco
rdance with the Criteria
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the GHG statement for the period 1 January 2024 - 31 December
2024 is not prepared, in all material respects,
in accordance with the GHG Protocol Corporate Accounting
and Reporting Standard (2004) applied as explained in the section GHG emissions accounting principles
and reporting methodology in the GHG statement.
Mo i Rana, 04 March 2025
PricewaterhouseCoopers AS
Silja Eriksen
State Authorized Public Accountant
(This document has been signed electronically)
2 / 2
RANA GRUBER ANNUAL REPORT 2024 127APPENDIX ESG REPORT
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2025-03-04 19:02BANKIDEriksen, Silja
Revisjonsberetning
RANA GRUBER ANNUAL REPORT 2024128 APPENDIX ESG REPORT
RANA GRUBER ANNUAL REPORT 2024 129APPENDIX ESG REPORT
Pollution (ESRS E2)
Pollution adversely affects ecosystems, both in a local
and global context. Contaminants from various sources
lead to the degradation of air, water, and soil quality.
Industrial discharge and improper waste disposal may
all contribute to the disruption of natural habitats and
the loss of biodiversity.
According to the EU, pollution is one of the five main
drivers of biodiversity loss and significantly contributes
to the on-going mass extinction of species. In the pursuit
of a toxic-free environment, various initiatives, includ-
ing the EU Action Plan "Towards Zero Pollution for Air,
Water, and Soil,” underscore the global commitment to
comprehensively tackle pollution.
Companies can contribute to the action plan by placing
emphasis on prevention, control, and reduction strate-
gies of pollution stemming from their own operations as
well as the supply chain. Norwegian law prohibits pollu-
tion unless explicitly permitted by statute, regulation, or
specific license (Pollution Control Act §7). Rana Gruber
operates under a license from the Norwegian Environ-
ment Agency, permitting annual extraction of up to 5.7
million tons of raw ore for iron concentrate production.
This license, initially granted in 2012, has undergone sev-
eral revisions, most recently on January 14, 2025. Rana
Gruber is therefore subject to strict requirements from
the Norwegian Environmental Agency regarding pollu-
tion in its own operations.
In terms of reporting, the issue of pollution distinguishes
itself from the disclosure on ESRS E1 (climate change).
In line with the ESRS E2, the topic of pollution revolves
specifically around the pollution of toxic materials in the
air, water, and soil (excluding CO
2
emissions).
Strategy
ESRS 2 SBM-3:
Material impacts, risks and opportunities and their
interaction with strategy and business model
Material impact
Rana Gruber's double materiality assessment identified
significant environmental impacts related to pollution.
Regarding both upstream and downstream activities,
data limitations currently restrict a complete assess-
ment of pollution risks across Rana Gruber's entire value
chain. While acknowledging the challenges of compre-
hensive data acquisition, Rana Gruber is prioritising a
complete assessment of both upstream and downstream
activities in future reporting.
Upstream
Potential impacts have been identified in areas such as the
production of purchased machinery, transportation, and
other goods and services. These potential impacts include
probable pollution from shipping and land-based transport,
as well as release of toxic chemicals during the production
of machinery, batteries, and other products, which may
affect air, sea, and water. Such emissions can also occur
across the complex supply chains of first-tier suppliers.
Own Operations
Rana Gruber's pollution from its own operations is lim-
ited, but present. The company is under strict regu-
lations from the Norwegian Environmental Agency
(Miljødirektoratet) regarding pollution in its own opera-
tions, which set limitations for pollution to air, soil, and
water in order to be compliant and obtain a licence to
operate. However, the company has identified actual and
potential sources of pollution to air and soil:
Sulphur and dust emissions to the air from
incineration of rubber
Dust from the production of Colorana
Dust escaping from the finished products at the
outdoor areas of the quay
Diesel and oil spills from machines and vehicles
Noise from the mine and processing plant
Microplastics from explosive charges
Most mining companies use chemicals in their opera-
tions, which helps to produce higher-quality and more
expensive products. However, Rana Gruber has chosen
an environmental way of production and has developed a
chemical-free extraction process. Therefore, there are no
substances of concern or high concern in Rana Gruber’s
production.
Please note that greenhouse gas emissions and dis-
charge of tailings to water are treated in chapters on
material topics ESRS E1 (climate change) and ESRS E3
(water and marine resources) respectively.
Downstream:
Rana Gruber’s products serve as input factors in steel
production, primarily within continental Europe, and
consequently, there is a certain level of risk of negative
impacts associated with transportation, waste handling,
emissions to water from landfills, construction, and vari-
ous other factors.
RANA GRUBER ANNUAL REPORT 2024130 SUSTAINABILITY STATEMENT
Rana Gruber has a positive impact on pollution in down-
stream activities in certain areas. As the demand for
high-grade iron ore is expected to increase rapidly, the
company is committed to capitalise on this increasing
demand. Therefore, the company remains dedicated
to enhancing the concentration quality of its products,
as higher concentration quality will in turn result in
reduced waste volumes and lower pollution in produc-
tion facilities downstream. Additionally, Rana Gruber has
an optimal location with its proximity to Europe, reduc-
ing pollution during transport compared to competitors
in other continents.
Material risks and opportunities
Through the double materiality assessment, which
included a nature risk assessment in line with the rec-
ommendations set out by the Task Force on Nature-re-
lated Financial Disclosures (TNFD), Rana Gruber has
identified risks and opportunities related to pollution.
Risk management and proactive measures are impor-
tant to continue to prevent pollution and Rana Gruber
has adopted a responsible approach to the inherent risks
within the operations.
Material risks
Increasingly stringent Norwegian environmental reg-
ulations pose a substantial risk, potentially leading to
increased costs associated with pollution assessment
and mitigation measures for in air, soil, and water. Fail-
ure to meet these regulations can ultimately jeopardise
operational permits. Additionally, the company face rep-
utational risk which might impact relationships with the
local community.
Material opportunities
Proactive pollution mitigation offers potential reputa-
tional benefits, reflecting the dedication to be a responsi-
ble and sustainable operator, which might help attracting
top talent, and potentially improve the ESG ratings and
subsequently access to capital.
Strengthening upstream supply chain control through
enhanced procurement and supplier oversight presents
further opportunities for risk reduction.
Impact, risk and opportunity management
ESRS 2 IRO-1:
Description of the processes to identify and assess
material pollution-related impacts, risks and
opportunities
Impacts
Pollution-related impact management includes contin-
uous monitoring and reporting to the Norwegian Envi-
ronmental Agency, as well as pre-operational and
ongoing risk assessments, impact and environmen-
tal aspect analyses. These analyses in turn inform risk
and consequence assessments. Impact assessments
also conducted through included the double materiality
assessment and the TNFD-framework (detailed below).
Stakeholder consultation is key, including local author-
ities, reindeer grazing districts, neighbours, and other
relevant parties, with recent examples including public
documentation and community meetings for a new open-
cast mine. Meetings are followed by safety rounds, to
address any observations or other concerns.
Furthermore, Rana Gruber mandates supplier self-as-
sessments of pollution-related impacts and plans a com-
prehensive value chain pollution review in the coming
years.
Risks and opportunities
To understand and manage its pollution-related risks
and opportunitites, Rana Gruber conducted a nature-re-
lated risk assessment following the Taskforce on
Nature-related Financial Disclosures (TNFD) frame-
work as part of the double materiality assessment. This
assessment utilised the integrated LEAP (Locate, Evalu-
ate, Assess, Prepare) approach to analyse the company's
effects on the natural environment. The LEAP approach,
among other factors considered, helps identify and eval-
uate the potential financial implications of nature-related
dependencies, risks and opportunities. This approach
allows Rana Gruber to proactively address potential
environmental challenges and identify potential oppor-
tunities.
E2-1:
Policies related to pollution
Rana Gruber has adopted an environmental-related
policy to manage its impacts, risks and opportunities
related to pollution prevention and control. This policy
states that the company shall apply the precautionary
principle to all its actions when it comes to the envi-
ronment. Additionally, pollution is managed through
the company’s Business Code of Conduct. In accord-
ance with its discharge permit issued by the Norwe-
gian Environmental Agency, Rana Gruber is conducting
an environmental risk assessment of its operations
to prevent acute pollution. The results will be evalu-
ated against acceptable environmental risk levels. All
potential incidents that could lead to acute water, soil,
and/or air pollution have been identified and mapped.
Based on this assessment, equipment has been pro-
cured and mitigation measures implemented to prevent
such incidents. A preparedness plan, incorporating
the risk assessment and established measures, has
RANA GRUBER ANNUAL REPORT 2024 131SUSTAINABILITY STATEMENT
been developed to minimise damage (personnel, emer-
gency equipment, and organisation). In case of an acute
incident, the industrial safety teams will be the first
responders (see disclosure requirement S1-4). These
teams also regularly practice responding to potential
environmental emergencies.
E2-2:
Actions and resources related to pollution
Own operations
Rana Gruber has taken measures and is continuously
working on its impact to reduce pollution to air, soil and
water from own operations. The company do not use any
substances of concern and has a chemical-free production.
RANA GRUBER ANNUAL REPORT 2024132 SUSTAINABILITY STATEMENT
In 2025, Rana Gruber aims to test new environmentally
friendly alternatives to substitute some of the oils cur-
rently used in machinery and equipment.
Pollution of air
Rana Gruber has implemented various measures to
reduce emissions into the air:
Water mist
To mitigate dust dispersion from outdoor product stor-
age near the processing plant, Rana Gruber employs a
water mist system. This system was enhanced in 2023 to
increase its coverage area, further minimising dust escape,
particularly during dry and windy summer months. While
no complaints have been received since the improvements,
ongoing monitoring and evaluation are planned.
Incineration of rubber
Incineration of rubber takes place at the processing
plant about once a month. During combustion, smaller
amounts of sulphur and dust are emitted into the air.
These amounts are monitored with help from an exter-
nal laboratory, enabling the company to keep emissions
far below the emission permit. Additionally, the com-
pany conducts self-monitoring to ensure that it is always
below the permitted values. Precisely calculating the
amount that is put into the oven is an important part of
the self-monitoring.
Furthermore, Rana Gruber is working to investigate
other possibilities for the incineration of rubber.
Filtering system
Colorana produce iron oxid pigment. The pigment pro-
duction involves a “flash dryer” for pigment drying. The
resulting air stream, carrying pigment particles, is pro-
cessed through a bag filter system. This system recov-
ers the pigment from the air stream, preventing its
release into the atmosphere. To address challenges in
obtaining reliable emission data, an online monitoring
system has been installed, providing real-time meas-
urement and ensuring prompt responses to any exceed-
ances of permitted emission limits.
Pollution of soil
Rana Gruber manages hazardous waste from its oper-
ations in compliance with all applicable regulations.
Preventative measures, including routine emptying of
oil separators and waste oil tanks, minimise the risk
of oil spills. There have been a few oil spills in 2024,
but these have been contained within the mine, a con-
tainment measure to prevent release into the environ-
ment. With regards to acute discharges and oil spills,
Rana Gruber is working continuously to improve rou-
tines and upgrade emergency response equipment.
Pollution of water
Rana Gruber’s extracting process has always been chem-
ical free and thus have no spilling of toxic material to
water. Iron ore extraction inherently generates fine par-
ticles, some of which are deposited to the Rana River
under a discharge permit issued by the Norwegian Envi-
RANA GRUBER ANNUAL REPORT 2024 133SUSTAINABILITY STATEMENT
ronmental Agency. This permit mandates continuous
monitoring and reporting of suspended solids in the river
to detect any changes in water quality as well as regular
surveys of the benthic fauna in the river. Additionally, the
company is monitoring the dispersion of particles from
the discharge of tailings into the Rana fjord. For a more
in-depth discussion on water-related aspects, please see
the ESRS 3 (water and marine resources).
Upstream and downstream value chain
Rana Gruber has implemented a supplier self-assess-
ment tool to evaluate the environmental footprint,
including pollution, of its suppliers and business part-
ners. The initiative aims to support more informed deci-
sion-making while increasing supplier awareness of their
own impact. The company aims to improve the value
chain insight in the coming reporting year.
Metrics and targets
E2-3:
Targets related to pollution
Rana Gruber’s long-term strategy prioritises minimis-
ing air, water, and soil pollution. The company have a
discharge permit from the Norwegian Environmental
Agency; the target is to stay below the permitted thresh-
old. Currently, Rana Gruber is comfortably below the set
threshold for SO
2
emissions and dust from both rubber
incineration and the Colorana production.
The following tables present the emission of SO
2
from
rubber incineration, dust from rubber incineration and
the Colorana production, as well as the pollution thresh-
olds issued through the permit form the Norwegian
Environmental Agency.
20242023202220212020
SULPHUR (SO
2
) FROM RUBBER INCINERATION
Kg/hour
Sulphur
–
Limit value
0.0157
0.0100
0.0085
0.0089
0.0093
Sulphur
–
Limit value
0.3
2) Regulation (EC) No 166/2006 of the European Parliament and of the Council of 18 January 2006 concerning the establishment of a European Pollutant Release and
Transfer Register and amending Council Directives 91/689/EEC and 96/61/EC (OJ L 033 4.2.2006, p.1).
20242023202220212020
DUST FROM RUBBER INCINERATION
Kg/hour
Dust
–
Limit value
0.0006 0.0003
0.0010
0.0058
0.0007
0.03
20242023202220212020
DUST FROM COLORANA PRODUCTION
Kg/hour
Dust
–
Limit value
0.238
0.121
0.034
0.281
0.045
0.3
E2-4:
Pollution of air, water and soil
Rana Gruber currently has no data regarding microplas-
tics generated or used. During 2025, the company will do
a mapping of all microplastics generated and what might
be discharged to the river.
Of each pollutant listed in Annex II of Regulation (EC) No
166/2006 of the European Parliament and of the Coun-
cil
2
, Rana Gruber has emission of the pollutant SO
2
and
CO
2
. CO
2
-emissions is reported in ESRS E1 (Climate
Change). The SO
2
-emissions to air are reported below
and are released from the incineration of rubber.
Pollutant Where
Emissions to air
2023 2024
SO
2
Incineration
of rubber
0.0097kg/h 0,0093 kg/h
RANA GRUBER ANNUAL REPORT 2024134 SUSTAINABILITY STATEMENT
Water and marine resources (ESRS E3)
3) Ocean Decade “2024 State of the Ocean Report”.
4) UN-Water “UN World Water Development Report 2024”
Marine ecosystems are under increasing strain, threat-
ening their ability to regenerate and remain resilient
3
. As
global demand for resources is expected to double within
the next four decades, the planet's oceans and waters—
essential elements of Earth's life-support system—are
being driven to their breaking point. According to the Pro-
tected Planet Report 2024 by UNEP, marine biodiversity
is facing unprecedented threats due to overfishing, hab-
itat destruction, and climate change
4
. Rana Gruber has
always been committed to responsible practices and con-
tribute to a sustainable future and will continue its efforts
to safeguard marine biodiversity in the future.
Strategy
ESRS 2 SBM-3:
Material impacts, risks and opportunities and their
interaction with strategy and business model
Material impact
Rana Gruber's double materiality assessment iden-
tified material impacts related to water and marine
resources. A key challenge for the mining industry, and
one addressed by Rana Gruber, is waste management of
by-products, particularly its impact on water bodies. The
complexity and lack of transparency within global supply
chains currently hinder a comprehensive assessment of
upstream and downstream impacts.
Upstream activities
Upstream activities can pose potential and actual
impacts to water and marine resources. Manufacturing
processes in the supply chains may discharge pollut-
ants and waste into water bodies, exacerbated by poten-
tial chemical use. Significant water consumption in raw
material extraction and manufacturing at supplier facil-
ities also raises environmental concerns. Finally, the
shipment of products via sea presents potential risks of
introducing invasive species and disrupting biodiversity
through contaminated ballast water.
Own operations
Rana Gruber identified several actual impacts on water
and marine resources in its own operations. Mining is
water intensive; however, water is not a scarce resource
in the area of operations. While water consumption is not
considered a significant material impact, it is reported in
accordance with disclosure requirement E3-5.
More concerning is the fine particles generated from
drilling and during transportation, which may follow the
water throughout the production and mine. Solid parti-
cle and tailings into the Rana River and Fjord do have an
actual impact, though this impact is carefully monitored.
The Rana River’s ecosystem is influenced by Rana Gru-
ber's mining activities, abandoned mines, hydropower
regulation, fluctuating water flow, glacial meltwater,
sewage and agricultural runoff, and weather patterns.
Despite these varied influences, salmon catches below
Reinforsen have increased annually since 2020. The lat-
est recipient study report conducted by the Norwegian
Institute for Nature Research (NINA) on behalf of Rana
Gruber indicates that the ecological condition, as clas-
sified by benthic invertebrates, is consistently rated as
"good" to "very good" at the surveyed stations in the
Rana River.
Rana Gruber has a system for marine deposition in the
local Rana fjord. These waters were bereft of life in the
1970s following massive pollution from a coking plant.
After the closing of the coking plant in 1979, the fjord has
regenerated faster than expected. Tailings from Rana
Gruber have been beneficial in this specific case, since
they consist of clean sand and function as a lid locking
in the old pollution on the seabed. As a result, life has
returned to these waters. Naturally, however, there is
no good ecosystem of seabed-dwelling organisms. This
matter is further disclosed in the chapter on ESRS E4
(biodiversity and ecosystems).
Downstream activities
In its downstream activities, Rana Gruber has identified
potential risks of pollution into rivers and waters from
steel production, discharge from waste management,
and other potential negative impacts from direct or indi-
rect customers. Iron ore processing and the subsequent
manufacturing of products are inherently water-intensive
and, combined with potential chemical use, pose poten-
tial risks of freshwater contamination to local sources
and rivers near production facilities. As mentioned in the
section on upstream activities, sea transport introduces
additional risks. These concerns are related to ballast
waters and the potential for accidental leaks.
RANA GRUBER ANNUAL REPORT 2024 135SUSTAINABILITY STATEMENT
Rana Gruber's leading role in supplying magnetite to the
expanding water purification market is a key positive
downstream impact, and the company plans to increase
production accordingly.
Material risks and opportunities
Material risks
Effective water purification is crucial for Rana Gruber,
mitigating environmental risks and protecting the com-
pany’s reputation. Failure could result in operational
shutdowns and significant financial losses. The com-
pany anticipates stricter environmental regulations glob-
ally and nationally (aligned with the Global Biodiversity
Framework), potentially impacting tailings discharge,
landfill use, and ecosystem protection.
Rana Gruber is proactively managing these risks
through regulatory compliance and operational readi-
ness, while maintaining a strong reputation in the local
community. Physical risk such as heavy rainfall or snow-
melt increases the risk of suspended solids entering the
river and fjord due to insufficient sedimentation time.
The company continuously monitors and improves its
purification systems to mitigate this, though large water
volumes provide some natural dilution.
Material opportunities
Rana Gruber's high-grade magnetite is a valuable
resource for the water purification industry. Its high iron
content and specialised characteristics make it particu-
larly suitable for water treatment systems, offering a
competitive advantage in the European market due to
the company's proximity to its customer base. This prox-
imity also contributes to a shorter and more transparent
supply chain.
Impact, risk and opportunity management
ESRS 2 IRO-1:
Description of the processes to identify and assess
material water and marine resources-related impacts,
risks and opportunities
Impacts
Rana Gruber assesses actual and potential impact on
water and marine resources primarily through monitor-
ing and reporting specifically within the discharge permit
compliance reporting to the Norwegian Environmental
Agency.
In early 2025, the discharge permit was revised, and
several changes were included, notably altered require-
ments for suspended solids discharge into the Rana
River and adjusted annual iron ore extraction limits.
New requirements include a concentration limit in the
river (measured as the difference between upstream
and downstream discharge points) and an annual solid
discharge limit. The permit also mandates further map-
ping of the Ranfjord tailings deposit and an investiga-
tion into microplastics in water discharges. Results from
the extended mapping will inform the assessments of
impacts going forward.
Risk and opportunities
Rana Gruber conducted a nature-related risk assess-
ment following the Taskforce on Nature-related Finan-
cial Disclosures (TNFD) framework as part of the double
materiality assessment. This assessment utilised the
integrated LEAP (Locate, Evaluate, Assess, Prepare)
approach to analyse the company's effects on the natu-
ral environment. The LEAP approach, among other fac-
tors considered, helps identify and evaluate the potential
financial implications of nature-related dependencies,
risks and opportunities. This approach allows Rana Gru-
ber to proactively address potential environmental chal-
lenges and identify potential opportunities.
E3-1:
Policies related to water and marine resources
Rana Gruber's environmental policy mandates applica-
tion of the precautionary principle to all environmen-
tal actions, including water and marine resources. This
commitment is further strengthened by the discharge
permit from the Norwegian Environmental Agency,
which sets limits on suspended solids in the Rana River
and annual solid discharge to the Rana Fjord, and man-
dates mapping of the fjord's tailings deposit and investi-
gation into microplastic water discharge. Water scarcity
is not a concern in Rana Gruber's operational area;
therefore, no specific water consumption policies are in
place.
E3-2:
Actions and resources related to water and marine
resources
Recognising the material impacts, risks and opportu-
nities, Rana Gruber is committed to continuously mon-
itor and implement proactive measures to minimise
any adverse impacts on water and marine ecosystems,
ensuring responsible and sustainable water resource
management in own operations and across the value
chain.
Own operations
Firstly, Rana Gruber wants to minimise tailings to the
Rana Fjord and reduce discharges of solids in the Rana
River. At a minimum, the company aims to comply with
laws and regulations regarding discharge.
RANA GRUBER ANNUAL REPORT 2024136 SUSTAINABILITY STATEMENT
The company has taken a key measure to make sure that
the discharge to the river is not elevated. A new meas-
uring system for monitoring the discharge of solids to
the river have been implemented in 2024, using samples
from upstream and downstream of discharge point to
measure more accurately how discharges impact water
quality.
Rana Gruber also looks at alternative solutions for tail-
ings and by-products, in collaboration with business
partners and the government, for the purpose of iden-
tifying better and more sustainable solutions for the
future.
Upstream and downstream activities
Rana Gruber recognises the importance of assessing the
water and marine resource impacts throughout its sup-
ply chain. A self-assessment screening of potential sup-
pliers regarding environmental matters is conducted
before entering into an agreement. Further assessments
will be a key focus area going forward.
Metrics and targets
E3-3:
Targets related to water and marine resources
A key question for mining companies going forward is
how the impact on nature can be minimised. Rana Gru-
ber wants to take its share of the responsibility to reduce
negative impact and aims to do this through ambitions
that minimise tailings and discharge of solids to the river.
A target for Rana Gruber is to sustain the water quality
in both the Rana River and the Rana Fjord.
Rana Gruber’s aims, as a minimum, to comply with laws
and regulations regarding discharge.
E3-4:
Water consumption
Water consumption and withdrawal
Rana Gruber’s total water consumption in 2024 was
27239 million cubic metres, an increase of 8 per cent
from the previous year and is measured by water flow
meters. None of the water consumption used in the com-
pany`s operations are in areas of high-water risk or
high-water stress. Of the total water consumed, 148 254
cubic meters is third-party water consumption from the
municipality, used for water in buildings (cloakrooms,
toilets, drinking water, etc.), fire hoses, and water outlets
(when operating water is disconnected), as well as emer-
gency incidents. The remaining water used, comes from
the Rana River, which supplies the extraction process in
the processing plant.
Total water recycled and reused in 2024 was 500 cubic
meters, the same as prior year. The water recycled would
have amounted to four million cubic meters of water con-
sumption if not recycled. There is no water stored.
Rana Gruber’s water consumption and withdrawal:
In cubic metres (m
3
) 2023 2024
Total water consumption 25 275 295 27 239 153
Total water recycled and reused 500 500
Total water withdrawals 25 274 795 27 238 653
Total water discharges 25 142 139 27 200 040
Discharges
Product extraction and tailings
The graph illustrates how Rana Gruber has managed to
extract more products (hematite and magnetite) while
keeping the increase in tailings minimal. The company
will strive to further improve this ratio. The reason for
the improved extraction in 2024 compared to 2023 is a
combination of increased hematite and magnetite recov-
eries in the process and a higher iron content in the ore.
202420232022
PRODUCT EXTRACTION AND TAILINGS
In thousand tonnes
Iron ore Hematite/magnetite
Tailings
4 597
1 817
2 778
4 853
1 848
3 000
4 712
1 728
2 947
RANA GRUBER ANNUAL REPORT 2024 137SUSTAINABILITY STATEMENT
Biodiversity and ecosystems (ESRS E4)
5) UN Environment Programme “Protected Planet Report 2024”.
6) IPBES “Thematic assessment of the underlying causes of biodiversity loss and the determinants of transformative change and options for achieving the 2050 Vision
for Biodiversity”.
The escalating pressures on biodiversity and ecosys-
tems are threatening their capacity to adapt to climate
and environmental changes. According to the Protected
Planet Report 2024 by UNEP, nature loss is now consid-
ered as significant a threat as climate change. The report
highlights that up to 75 per cent of terrestrial ecosys-
tems and 66 per cent of marine ecosystems have been
significantly altered due to human activities
5
. The IPBES
Transformative Change Report 2024 further emphasises
the urgent need for fundamental shifts in human-nature
interactions to halt and reverse biodiversity loss. The
report outlines that deep, systemic changes are required
to conserve and restore biodiversity for a more just and
sustainable world
6
.
Recognising the urgency, Rana Gruber is committed to
responsible practices that safeguard biodiversity and
contribute to a sustainable future. The company supports
initiatives to protect 30 per cent of Earth's land and seas
by 2030, as outlined in the Global Biodiversity Frame-
work. This commitment is crucial for maintaining ecosys-
tem services that benefit both nature and humanity.
Strategy
E4-1:
Transition plan and consideration of biodiversity and
ecosystems in strategy and business model
Rana Gruber does not currently have a transition plan
that discloses how its biodiversity and ecosystem
impacts, dependencies, risks and opportunities trigger
the adaption of its strategy and business model. How-
ever, this will be a focus area in the future.
ESRS 2 SBM-3:
Material impacts, risks and opportunities and their
interaction with strategy and business model
Rana Gruber's double materiality assessment, incorpo-
rating subtopics defined in ESRS 1, AR 16, identified sig-
nificant biodiversity and ecosystem impacts, risks, and
opportunities across its value chain.
Material impacts
As part of its double materiality assessment, Rana Gru-
ber has identified significant impacts across the value
chain associated with biodiversity and ecosystems,
including the subtopics defined in ESRS 1 AR 16, all of
which are deemed material.
Upstream activities
Rana Gruber does not currently possess comprehensive
insight into the actual impacts of its suppliers but has
done an assessment of potential negative impacts in its
upstream activities. The company is reliant on machiner-
ies and other equipment, which again are dependent on
the extraction and processing of minerals and metals.
As with all extraction of minerals and metals there is a
negative impact on biodiversity and ecosystems, as it
depends on natural resources. Another potential source
of concern is associated with shipping of these machin-
eries and equipment as it might be a potential negative
impact through ballast water, which has the potential
to carry invasive species. Rana Gruber aims to gain a
greater insight into the actual and potential impacts of
its upstream value chain in the coming years.
Own operations
Rana Gruber’s actual impact on biodiversity and eco-
systems extends to freshwater, saltwater, and land. The
company's operations on land, notably the open pit mine
and related infrastructure, have a visible footprint in the
local area.
Mines
Rana Gruber is dependent on the natural resources
extracted from the mines. The open pit mine in Ørtfjell
is a material site in Rana Gruber's own operations with
regards to impact on biodiversity and ecosystems. Large
areas of land are cleared, resulting in destruction of
native vegetation and the habitats it supports, which ulti-
mately can lead to land degradation. As a result, wildlife
may be displaced as animals are forced to migrate due
to loss of their natural habitats. The creation of mining
pits, roads, and waste piles can fragment ecosystems
and create soil sealing, hindering the movement of spe-
cies and disrupting ecological connectivity. However, the
area is not a biodiversity-sensitive, and the operations
do not impact any threatened species.
The Rana Fjord and the Rana River
Discharges of tailings may potentially affect the Rana
Fjord, making these ecosystems focal points for con-
sideration and mitigation efforts. As mentioned in the
chapter on ESRS E3 (water and marine resources), the
waters in the Rana Fjord were bereft of life in the 1970s
following massive pollution. In this specific case, tailings
RANA GRUBER ANNUAL REPORT 2024138 SUSTAINABILITY STATEMENT
from Rana Gruber have been beneficial. The tailings con-
sist of clean sand and function as a lid locking in the old
pollution on the seabed. As a result, life has returned to
these waters. Rana Gruber carries-out targeted monitor-
ing with mapping of the benthic fauna every three years.
New requirements have been introduced for the fjord
landfill, requiring studies of the dispersion and sedimen-
tation of waste materials/particles above and near the
landfill. A system for continuous measurement of parti-
cle concentration above the discharge point in the Rana
Fjord will be established.
The Rana River is adjacent to the mines. Rana Gruber
has permission to discharge water and solids into it, in
accordance with regulations that define discharge limits.
Regular surveys of benthic fauna in the Rana River will
be conducted to monitor water quality (recipient survey).
For more information, please see the chapter on ESRS
E3 (water and marine resources).
Downstream activities
Similarly to upstream activities, Rana Gruber does not
currently possess comprehensive data of actual impacts
in downstream activities related to biodiversity and eco-
systems.
However, downstream activities, including the manufac-
turing of metal products from Rana Gruber’s iron ore,
may have potential indirect negative impacts on biodi-
versity and ecosystems. One of the end markets is the
construction industry, which involves resource con-
sumption and land use, potentially leading to the dis-
placement of native flora and fauna. Rana Gruber is
aware of the indirect influence and has a close dialogue
with its customers. Rana Gruber aims to increase its
insight into downstream activities in the coming years.
Material risk and opportunitites
Mining has obvious impacts on the environment it oper-
ates within, and as a business in the mining industry,
RANA GRUBER ANNUAL REPORT 2024 139SUSTAINABILITY STATEMENT
Rana Gruber has an obliation to restore and rehabilitate
these environments.
Material risks
Rana Gruber's commitment to restoring mined areas
is crucial, balancing environmental responsibility with
economic considerations. Large-scale restoration pro-
jects, such as river redirection, are costly, highlight-
ing the need for strategic planning. The mining industry
faces evolving regulatory pressures, including poten-
tial resource rent taxes and stricter monitoring require-
ments, increasing compliance costs. Furthermore,
stricter regulations concerning waste storage and eco-
system protection requires proactive measures to avoid
fines, compensation claims, and reputational damage,
which could also limit access to capital. Effective risk
mitigation and responsible practices are essential to
manage these financial and reputational challenges.
Material opportunities
To make the transition to an economy that protects, con-
serve and restore nature, biodiversity and ecosystems,
businesses need to contribute. Businesses that take an
offensive role in the transition by reducing its impacts
on nature might experience a stronger reputation among
its stakeholders, society and local community. By being
ambitious and demonstrating a commitment to respon-
sible nature management, Rana Gruber may experience
an enhanced reputation and may attract investors who
prioritise sustainability, thereby fostering long-term
growth. Maintaining positive relationships with the local
community is crucial, given their proximity to and direct
experience of environmental changes.
Impact, risk and opportunity management
ESRS 2 IRO-1:
Description of processes to identify and assess material
biodiversity and ecosystem-related impacts, risks and
opportunities
Impacts
Rana Gruber has been issued a permit from the Nor-
wegian Environmental Agency that regulates its mining
operations. This permit permits an annual extraction of
up to 5.7 million tons of raw ore from the company's pro-
duction of iron ore concentrates from both open-pit and
underground mines. Under this permit, the company is
required to monitor and report its environmental impact,
including biodiversity and ecosystems. Rana Gruber is
committed to minimising its environmental footprint,
with discharges regulated to remain well within estab-
lished thresholds.
Before initiating operations in new areas, a comprehen-
sive environmental assessment is conducted to evalu-
ate biodiversity and identify any endangered species.
Rana Gruber will not engage in any activities that could
adversely affect these species. Notably, a species listed
on the IUCN Red List and the National Conservation List
has been identified on Rana Gruber's property; however,
mapping indicates that its location is outside the oper-
ational area, ensuring it remains unaffected by produc-
tion activities. This identification shows the importance
of extensive and thorough mapping before commencing
work. The company is dedicated to taking all necessary
measures to safeguard endangered species.
Moreover, the potential impacts on biodiversity and eco-
systems have been thoroughly evaluated through a dou-
ble materiality assessment and the TNFD framework,
which are explained in further detail below.
Risks and opportunities
The process to identify and assess material biodiver-
sity and ecosystem-related risks and opportunities, have
primarily been conducted through a double material-
ity assessment and through the framework of The Task-
force on Nature-related Financial Disclosures (TNFD).
This assessment utilised the integrated LEAP (Locate,
Evaluate, Assess, Prepare) approach to analyse the com-
pany's effects on the natural environment. The TNFD
recommendations and guidance enables businesses to
integrate nature into their decision making. Their aim
is to support a shift in global financial flows away from
nature-negative outcomes and toward nature-positive
outcomes, aligned with the Global Biodiversity Frame-
work.
The risks and opportunities identified have been evalu-
ated across the entire value chain, with assessment car-
ried out through workshops involving relevant parties.
E4-2:
Policies related to biodiversity and ecosystems
Rana Gruber has adopted an environmental-related pol-
icy that states that the company shall apply the precau-
tionary principle to all its actions when it comes to the
environment, including impacts, risks and opportuni-
ties related to biodiversity and ecosystems. In particular,
the policy states that the company shall always strive to
minimise its impacts on nature.
Mining operations are guided by strict regulatory pol-
icies, requiring extensive and important preparatory
work before extraction can begin. This includes securing
necessary regulatory approvals from relevant authori-
ties, such as the Norwegian Environmental Agency and
the Directorate for Mineral Management, submitting
applications and zoning plans for review by stakeholders
RANA GRUBER ANNUAL REPORT 2024140 SUSTAINABILITY STATEMENT
and neighbours, and engaging in extensive consultation
and dialogue with affected parties, such as local commu-
nities and reindeer grazing districts.
E4-3:
Actions and resources related to biodiversity and
ecosystems
Rana Gruber is determined to ensure that mining sites
are rehabilitated in the best possible way, which involves
refilling and revegetating open-cast mines where pos-
sible, after extraction of ore is concluded. This is done
in accordance with legal regulations and in cooperation
with relevant local and national governmental institu-
tions.
In this context, the Stortjønna lake provides a good
example. When extraction was concluded in 2014, Rana
Gruber collaborated closely with Statskog to rehabilitate
the lake in the best possible way. Stortjønna was filled
with rocks and then covered with soil to allow the nat-
ural restoration of vegetation. The goal was to enable
migration routes for elk and other wild animals, angling
and outdoor life, and rough grazing. Just two years after
extraction ended at Stortjønna, plants and trees are now
starting to grow, and elk have reclaimed their migration
route.
Rana Gruber’s goal is to rehabilitate active open-cast
mining sites to the largest possible extent, for the pur-
poses listed above, and for the benefit of the local com-
munity. The old mine site at Ørtfjell with open pits
and waste dumps will not be revegetated actively. Old
open pits that are emptied is reused as waste dumps
today and will revegetate naturally since they are his-
toric dumps where original soil and vegetation is not
stored from the original removal. For new areas that are
opened, soil and vegetations will be stored for future
purposes, such as revegetation. This applies especially
to the new open pit at Stensundtjern.
7) UN Environment Programme «Protected Planet Report 2024».
8) The Circularity Gap Reporting Initiative «The Circularity Gap Report Norway».
The area of biodiversity and ecosystems is develop-
ing, and both companies and the government has put in
place measure and regulations that was not subject ten
years ago. To reduce impact on the environment is of
great importance to Rana Gruber and the company will
among other things strive to dispose waste material as
backfilling in old open pit areas where this is possible.
This is however not always suitable due to large trans-
portation distances, though each case will be considered
individually.
Further, Rana Gruber will continue to map the indirect
impact in supply chains by implementing environmental
assessments of suppliers and business partners.
Metrics and targets
E4-4:
Targets related to biodiversity and ecosystems
Rana Gruber has adopted several targets to support its
biodiversity and ecosystems policies while addressing
its material impacts, dependencies, risks, and opportu-
nities. These include ensuring compliance with evolving
government regulations, refilling new open-pit mines,
such as the Stensundtjern and Ørtfjellet mining area, and
to dispose of waste material by using it as backfill in old
open-pit areas when feasible. Additionally, the company
aims to restore mitigation routes for wild animals, such
as elk, and to restore natural vegetation, wherever pos-
sible.
E4-5:
Impact metrics related to biodiversity and ecosystems
change
A species on the IUCN Red List and National Conserva-
tion List was discovered on Rana Gruber property. Map-
ping indicates its location outside operational areas and
are therefore not negatively affected by the production.
Rana Gruber will take all necessary steps to prevent any
negative impacts on this species.
Resource use and circular economy (ESRS E5)
The world’s consumption of natural resources has
become a significant catalyst for climate and environ-
mental degradation. According to a report from the
International Resource Panel and the UN Environment
Programme
7
, economic growth and consumption of
materials, input factors, and energy have increased pro-
portionally with greenhouse gas emissions since 1970.
Today, resources are consumed faster than we are able
to recover and regenerate them. This contributes to
nature losses that exceed tolerable limits, large amounts
of waste, and increased greenhouse gas emissions. The
Circularity Gap Report Norway
8
shows that the Nor-
RANA GRUBER ANNUAL REPORT 2024 141SUSTAINABILITY STATEMENT
wegian economy is less circular than the world aver-
age and that as much as 97 per cent of the resources
we extract do not return to the circuit. In order to safe-
guard and use resources in a more sustainable way in
the future, a reduction in resource consumption and a
transition to a circular economy is absolutely necessary.
Businesses can play an important role in this transition.
Strategy
ESRS 2 SBM-3:
Material impacts, risks and opportunities and their
interaction with strategy and business model
Material impact
As part of its double materiality assessment, Rana Gru-
ber has identified significant impacts across the value
chain associated with resource use and circular econ-
omy, including the subtopics defined in ESRS 1 AR 16, all
of which are deemed material.
Upstream activities
Rana Gruber currently lacks comprehensive insight
into its suppliers’ resource consumption and circu-
larity practices. While the company is committed to
improving this understanding, a preliminary assess-
ment of potential upstream value chain impacts has
been conducted.
Rana Gruber’s operations rely on resource-intensive
machinery, equipment and products. The production
process, from raw material extraction to finished prod-
ucts, involve significant resource consumption. Glob-
ally, there is still a low degree of circularity, indicating a
limited emphasis on sustainable and circular practices
in various industries. Furthermore, inadequate waste
management within supplier chains poses a significant
challenge.
Rana Gruber aims to mitigate these negative impacts
by implementing requirements to its suppliers regard-
ing issues related to resource consumption, waste
management and durability of products. For exam-
ple, the company requires the machinery to have long
lifespans and ensure the availability of spare parts,
for increased durability. By collaborating with battery
manufactures to ensure proper handling and recycling
of batteries, the company contributes to a more sus-
tainable approach to electronic waste management.
A self-assessment screening of potential suppliers
regarding environmental matters is conducted before
entering into an agreement.
The company recognises the need for improved strat-
egies across its supply chain to enhance sustainability
and circular economy-practices and aims to achieve a
higher transparency regarding resource inflows and out-
flows.
Own operations
Rana Gruber has identified material impacts on resource
use and circular economy in its own operations. Min-
ing is inherently a resource-intensive industry, rely-
ing heavily on the extraction of natural materials and
the consumption of key inputs such as water, energy,
and concrete. Currently there are a limited reuse of
extracted materials or by-products within the industry.
Challenges persist in waste management as mining
operations generate a substantial quantity of industrial
waste, such as tailings and waste rock. The company
works continuously to reduce its industrial waste and a
key focus area for the company is to increase the recy-
cling of materials and has therefore emphasised increas-
ing its sorting rate over the past years.
As a circularity initiative, Rana Gruber has a steel recy-
cling partnership with Celsa, a local business specialis-
ing in the recycling of steel and other metal complexes.
Another effort in order to support the circular economy
is to repurpose tailings. Potential uses could include
using tailings in construction materials or land reclama-
tion projects.
Downstream activities
While Rana Gruber currently has limited insight into the
resource usage and circularity practices of its end-users,
it is committed to enhancing this understanding over time.
A potential negative impact of Rana Gruber’s products is
that they contribute to resource-intensive production pro-
cesses before reaching end markets.
A significant downstream benefit is the recyclability of
iron and steel products from Rana Gruber’s production.
These products are inherently well-suited for recycling,
promoting a circular economy and reducing waste. The
high-quality nature of Rana Gruber’s ore contributes to
the durability of the end products, making them easier to
recycle and generating less waste throughout its lifecycle.
Material risks and opportunities
The risks identified by the company within this topic
primarily stem from potential increases in regulatory
requirements. Conversely, opportunities abound in the
commercialisation of by-products.
Material risks
Rana Gruber is proactively addressing the challenges
posed by anticipated regulatory changes, potential
RANA GRUBER ANNUAL REPORT 2024142 SUSTAINABILITY STATEMENT
resource scarcity, and emerging technologies to ensure
operational resilience and market competitiveness.
Rana Gruber anticipates stricter global and national reg-
ulations supporting the Global Biodiversity Framework
and EU’s Circular Economy Action Plan, potentially lead-
ing to higher taxes, other direct financial impacts and
operational adjustments. These changes in regulations
may require significant shifts in business activities, such
as modifications to landfill activities or increased pricing
for unsorted waste, all resulting in increased operational
costs.
Resource scarcity due to environmental degradation,
especially on a global level, could disrupt supply chains,
causing delays and rising costs, which may negatively
impact revenues and capital expenditure in the medium-
to long-term. To address these challenges, the company
monitors regulatory developments and maintains robust
operational preparedness.
RANA GRUBER ANNUAL REPORT 2024 143SUSTAINABILITY STATEMENT
Furthermore, Rana Gruber recognises the long-term
potential risks of emerging technologies that could
reduce the demand for traditional steel products. The
company is committed to following the market trends
and adapting its operations accordingly to ensure com-
petitiveness, as seen with the continuous effort to
increase the iron content of its hematite concentrate.
Material opportunities
Enhancing resource efficiency presents significant
opportunities for Rana Gruber. Measures that improve
resource efficiency not only reduce the adverse effects
on nature and climate, biodiversity and ecosystems, but
also offer businesses the potential to lower operating
costs by improving efficiency across the production, dis-
tribution, and procurement processes.
Currently, materials like tailings and mountain masses
are treated as waste rock; however, innovative
approaches could unlock sustainable and resource-ef-
ficient applications for these resources. By capitalis-
ing on these opportunities, Rana Gruber can reduce its
environmental footprint while simultaneously reaping
financial benefits. The company considers these oppor-
tunities for both medium and long-term but are already
researching how to repurpose tailings and mountain
masses.
Impact, risk and opportunity management
ESRS 2 IRO-1:
Description of the processes to identify and assess
material resource use and circular economy-related
impacts, risks and opportunities
Impacts
The process to identify and assess material resource use
and circular economy-related impacts primarily involves
diligent monitoring and reporting processes.
Østbø AS manages all waste, excluding waste rock, for
the company and provides accurate waste statistics,
ensuring that Rana Gruber has a clear understanding of
its waste generation and recycling.
Additionally, impacts have been assessed through the
double materiality assessment and through The Task-
force on Nature-related Financial Discloses (TNF-
D)-framework, explained further in detail below.
To identify the impact in the value chain the company
has developed at supplier self-assessment which aims
to assess the environmental footprint of all suppliers
and business partners that provide the company with
goods and services. For more information about sup-
plier assessments, please see of ESRS G1 (business
conduct).
Risks and opportunities
As the company mostly use natural resources in its
production, the process to identify and assess mate-
rial resource use and circular economy-related risks
and opportunities, have primarily been conducted
through a double materiality assessment and through
the framework of TNFD, and the TNFD-recommended
LEAP-approach (locate, evaluate, assess and prepare).
The TNFD guidance enables businesses to assess
impacts, dependencies, risks and opportunities and to
integrate nature considerations into decision making.
Their aim is to support a shift in global financial flows
away from nature-negative outcomes and toward
nature-positive outcomes, aligned with the Global Bio-
diversity Framework.
The risks and opportunities identified have been evalu-
ated across the entire value chain, with assessment car-
ried out through workshops involving relevant parties.
E5-1:
Policies related to resource use and circular economy
Rana Gruber has adopted an environmental-related pol-
icy that states that the company shall apply the precau-
tionary principle to all its actions when it comes to the
environment, including impacts, risks and opportunities
related to resource use and circular economy. Especially,
the policy states that the company shall always strive to
minimise its impacts through a lifecycle perspective.
Rana Gruber’s products rely on the extraction of natural
resources; therefore, the policy does not address how
the company aims to transition away from the use of vir-
gin resources.
E5-2:
Actions and resources related to resource use and
circular economy
Rana Gruber wants to take its share of the responsibility
and aims to do this through its ambition that resources
shall be utilised in the best possible way in the company’s
operations. The company is committed to further increas-
ing both the sorting rate and recycling of materials.
The company is significantly upgrading its waste man-
agement program to meet environmental goals by
increasing sorting rates and minimising its environmen-
tal impact. This involves installing more clearly labelled
recycling containers across its operations, implement-
ing area-specific waste plans for targeted waste stream
management, and introducing incentive programs to
RANA GRUBER ANNUAL REPORT 2024144 SUSTAINABILITY STATEMENT
reward high sorting performance. Dedicated recycling
stations at the docks facilitate waste sorting by visiting
ships. The company also actively pursues continuous
improvement initiatives, such as finding ways to reduce
plastic consumption, demonstrating its ongoing commit-
ment to waste reduction.
Rana Gruber collaborates with Celsia, providing scrap
steel and rubberised steel parts for reuse in Celsia's
production, thereby supporting circular economy prin-
ciples. Additionally, Rana Gruber is working on finding
alternative ways to use its tailings, to enhance the circu-
larity of its operations.
Suppliers are required to meet specific criteria for waste
management and resource efficiency, specifically sup-
pliers who work on the company grounds are required
to follow Rana Gruber’s waste management policies and
are encouraged to try to minimise its waste.
Metrics and targets
E5-3:
Targets related to resource use and circular economy
Rana Gruber has an overall target of utilising its
resources in the best way possible and enhance its use
of recycled materials. In particular, the company aims to
improve its waste management and consequently min-
imise its environmental footprint. A target related its
waste management aspirations is to achieve a sorting
rate of 94 per cent for 2025, as well as mapping resid-
ual waste and establish a red-tag zone for larger waste
units. The company met its target sorting rate of 92
per cent in 2024, see graph for development below. By
achieving these targets, the company will have a more
comprehensive understanding of its waste and make
sure to have sorted the waste correctly, this will poten-
tially lead to more resource reuse as it will be clearer
what can be repurposed or recycled.
A target concerning circular economy is to continue
to research how to reuse tailings and other mountain
masses in a safe and sustainable matter.
None of these targets are mandatory or set by any legis-
lation.
E5-5:
Resource outflows
Products and materials
Rana Gruber's production of iron ore concentrates
includes three main products: hematite, magnetite, and
Colorana. Hematite constitutes 91.6 per cent of total pro-
duction and is primarily utilised in steel products across
various sectors, including construction, infrastructure,
and the automotive industry. Steel products are inher-
ently durable and recyclable, making them well-suited
for circular business models in its respective end-mar-
kets. A formal rating system for repairability is not
established for these products.
Table: Recyclable content in Rana Gruber’s products
2023 2024
The rates of recyclable content in products 100% 100%
Colorana is the only product that are packaged for deliv-
ery and the company aims to increase the recyclability of
this packaging in the future.
Waste
The company is committed to recycling all waste and
has implemented measures, including improved sig-
nage, additional stations, and ongoing training initia-
tives to enhance sorting practices in the reporting year.
Rana Gruber has a total of four outdoor waste stations
at Ørtfjell, Ørtfjellmoen, Storforsheia and Guldsmed-
vik. Another initiative to increase sorting rates, is the
introduction of bonuses for high sorting performance.
As a result, Rana Gruber has experienced a significant
improvement, with a nearly six per cent increase in sort-
ing rates over the past year. The figure below shows the
development of the sorting rate over the past five years.
Rana Gruber’s sorting rate from 2020-2024
20242023202220212020
SORTING RATE
Per cent
86.3%
86.1%
92.2%
85.0%
88.0%
Østbø AS oversees all waste management for the com-
pany, including the collection, weighing, and the treat-
ment of waste materials, hence why there are no numbers
reported on amount of waste diverted from disposal.
In 2024, Rana Gruber had 1 390 tons of waste of which
52 per cent were recycled.
RANA GRUBER ANNUAL REPORT 2024 145SUSTAINABILITY STATEMENT
Rana Gruber’s waste figures
Figures in thousand 2023 2024
Total Waste generated 1 366 1 390
Hazardous waste directed to disposal 117 131
Hazardous waste directed to disposal by incineration 107 116
Hazardous waste directed to disposal by landfilling 0.03 0.16
Hazardous waste directed to disposal by other disposal operations 9.5 15
Non-hazardous waste directed to disposal 1250 1259
Non-hazardous waste directed to disposal by incineration 410 404
Non-hazardous waste directed to disposal by landfilling 115 144
Non-hazardous waste directed to disposal by other disposal operations 724 711
Non-recycled waste 633 664
Percentage of non-recycled waste 46% 48%
Total amount of hazardous waste 117 131
Total amount of radioactive waste 0 0
Non-recycled waste include waste directed to landfill
and to incineration.
RANA GRUBER ANNUAL REPORT 2024146 SUSTAINABILITY STATEMENT
Social information
Rana Gruber shall be a safe and responsible employer that contributes to greater equality
and diversity in the industry. The company is committed to protecting fundamental
human rights and decent working conditions in its own operations and supply chains.
The company’s work on social matters is based on the SDGs and the company’s related
material topics: own workforce, workers in the value chain and affected communities.
Own workforce (ESRS S1)
At Rana Gruber, the employees are the company's most
valuable resource. The company shall be a safe, relia-
ble, and responsible workplace for its employees. Rana
Gruber’s work related to its own workforce includes the
areas of working conditions, health and safety and equal-
ity and diversity. Matters disclosed under these areas
are coherent with topics laid out in ESRS 1, AR 16.
When referring to employees in the disclosure of ESRS
S1 this include both own employees and non-employees
unless otherwise is specifically mentioned. Non-employ-
ees are defined in ESRS S1, paragraph 4 as employees
who are either people with contracts with Rana Gruber
to supply labour (“self-employed people”) or people pro-
vided by other employees primarily engaged in employ-
ment activities in Rana Gruber. Non-employees in Rana
Gruber's workforce mainly have roles related to the
operation of the current open pit and the new open pit,
and their employment is governed by their respective
employers.
STRATEGY
ESRS SBM-2:
Interests and views of stakeholders
Please see disclosure requirements ESRS 2 SBM-2 on
page 96.
ESRS 2 SBM-3:
Material impacts, risks and opportunities and their
interaction with strategy and business model
As part of the double materiality assessment, Rana Gru-
ber has identified significant impacts, risks, and oppor-
tunities associated with its own workforce. This includes
the subtopics defined in ESRS 1, AR 16, all of which
are deemed material except sub-sub-topics related to
child labour, forced labour and adequate housing. The
assessment of the company’s work with equality and
non-discrimination conducted annually as subject by
the Norwegian Equality and Anti-Discrimination Act was
included in the materiality assessment.
Please note that impact related to upstream and down-
stream activities are not relevant to disclose for the
material topic as it is limited to the company’s own work-
force.
Material impact
Working conditions
The Norwegian labour market in which Rana Gruber
exclusively operates is characterised by safe and good
working conditions highly regulated by the Norwegian
Working Environment Act (Arbeidsmiljøloven).
In 2024, Rana Gruber had a total of 368 employees, 335 of
which was permanent employees (head count). In addi-
tion, the company had 93 non-employees (as defined in
ESRS S1, paragraph 4). The disclosures of impacts relate
to both own employees and non-employees that work in
the company’s operations, which includes activities such
as mining, processing of iron ore and administrative work.
Secure employment is offered to all employees, and work-
ing time is regulated in the Norwegian Working Environ-
ment Act, stating that working hours shall be arranged
in such a way that employees are not exposed to adverse
physical or mental strain, and that they shall be able to
observe safety considerations. Work in the mines and
processing plant is shift based and the company follows
applicable laws and consideration in this regard.
Through the Norwegian tripartite collaboration Rana
Gruber is bound by tariff for its own employees. Free-
dom of association is regulated by the law and all own
employees can choose to join an organisation of their
RANA GRUBER ANNUAL REPORT 2024 147SUSTAINABILITY STATEMENT
choice. As an employer, the company respects and
encourages employees to form and join unions of their
own choice as close and trustful cooperation with the
unions is crucial for the company’s development and
growth. As a result, almost 100 per cent of Rana Gru-
ber’s own employees are members of a local trade union
that is affiliated with a national union in Norway. As for
non-employees they have the same right by law to join
an organisation. Tariff is governed by the respective
employer.
As subject by Norwegian law, all employees are covered
by social protection against loss of income due to major
life events such as sickness, unemployment, parental
leave, and retirement. In addition, all own employees
have access to life insurance, disability insurance, health
insurance and pension provision. This includes full-time
and part-time employees, temporary employees, and
apprentices. Non-employees are provided on these mat-
ters by their respective employer.
Health and safety
The area of health and safety is subject for strict regu-
lations in Norway and employee’s health and safety is
of the highest importance to Rana Gruber. The compa-
ny’s health and safety policy, systems and procedures
set high HSE-standards for the work environment in all
areas of operations and covers all employees.
As the mining industry is characterised by physically
demanding work and extensive use of machinery and
equipment, there is a risk of injury during working
hours. In 2024 there was no fatalities in the workforce as
a result of work-related injuries or occupational illness.
There were 15 recordable work-related accidents. One
of these resulted in absence and was due to twisting
and body rotation, resulting in back pain. The remaining
14 injuries was without absence and were mostly due
to inattention, often related to movement/walking, and
resulted in back/foot pain or similar.
Operating the machinery in the mines can be a varied job
and the driving conditions on the mine roads can poten-
tially cause back and neck strain. Furthermore, employ-
ees working in the mine could be exposed to respirable
dust and quarts, and may also be exposed to chemicals
and gases, particularly in the laboratory and rubber
workshop, which pose a potential risk to their health.
With regards to employee’s mental health, both exces-
sive noise and working underground in the dark can be
challenging. In the processing plant, noise has the most
severe impact. Lastly, the regular performance of stren-
uous manual tasks such as mill maintenance, which is
carried out four times a year by contractors (non-em-
ployees), requires special attention to safety and con-
sistent follow-up. These high-risk tasks require the use
of additional safety equipment and strict adherence
to internal safety procedures and routines. Due to the
inherent risk level, the company aims to reduce the mill
maintenance to two times a year going forward, this will
also increase production time.
Equality and opportunities for all
Rana Gruber aims to contribute to greater equality and
diversity in the industry. Achieving this requires foster-
ing of a positive and inclusive culture in the workplace
and Rana Gruber is committed to creating a safe work-
place where every employee feels valued and appreci-
ated for their individuality. This is also an area of great
importance to the government and in 2018, the Nor-
wegian Equality and Anti-Discrimination Act was intro-
duced. The aim with the Act is to promote equality and
prevent discrimination based on gender, pregnancy,
leave in connection with childbirth or adoption, care
responsibilities, ethnicity, religion, belief, disability, sex-
ual orientation, gender identity, gender expression, age
or other significant characteristics of a person.
As subject by the Act, Rana Gruber conducts assess-
ments of the company’s work with equality and non-dis-
crimination annually. The assessment is made based on
a checklist prepared by the Equality and Anti-Discrimina-
tion Ombud– adapted to the company’s work to comply
with the Act.
In 2024, the assessment identified areas that may hin-
der equality and diversity in the workplace. Among other
things, the company's operations are largely shift-based,
which can pose a challenge to work-life balance and
equality. Furthermore, the work is physically demand-
ing by nature, and requirements for physical strength
may contribute to discrimination. This also makes it chal-
lenging to hire people with disabilities, in addition to the
associated safety concerns and regulations.
The company also recognises the low representation
of women in the mining industry at large. Historically it
has been challenging to recruit women to the industry,
which in 2024 was represented by 17.6 per cent in the
company’s workforce (includes only own employees).
In addition, it is a challenge for the company to provide
adequate work assignments for pregnant employees
unable to continue working in the mine due to health and
safety concerns.
Due to security reasons, the company has a requirement
that all employees must speak a Scandinavian language,
RANA GRUBER ANNUAL REPORT 2024148 SUSTAINABILITY STATEMENT
which might be an obstacle to a diverse workplace and
thus contribute to discrimination. Furthermore, Rana
Gruber's operations are located in a region that is not
characterised by great ethnic diversity.
A lack of diversity is also a challenge due to the lim-
ited ways to facilitate work for physically challenged
employees. For example, the company is not facilitating
sufficient accessibility to machinery and equipment for
wheelchair use in the mines. The administration building
on the other hand, is adapted to several mercantile func-
tions and meets the requirements for universal design.
To achieve equality and diversity, it is vital that employ-
ees are not subjected to harassment or other inappro-
priate behaviour. The grounds for discrimination are
measured in the areas of human resources - i.e., recruit-
ment, pay and working conditions, promotion, develop-
ment opportunities, organisation and the possibilities for
reconciling work and family life, as well as combating
harassment, and gender-based violence.
Rana Gruber strives for an open culture of expression
that helps ensure that reports of misconduct are dealt
with quickly and responsibly at the lowest possible
level. Employees can report discrimination anonymously
through the company's whistleblowing system. For more
information on this matter, please refer to disclosure
requirement S1-3.
For more information about areas the company has
identified as possible impacts and obstacles to equality
and non-discrimination, please refer to the equality and
anti-discrimination act statement in the appendix.
RANA GRUBER ANNUAL REPORT 2024 149SUSTAINABILITY STATEMENT
Training and skills development
Rana Gruber is dependent on competent and engaged
employees who want to contribute to the development
of the mining industry. The company’s commitment to
developing and promoting talent, along with a compre-
hensive training program has proved to enhance the
workforce's overall skill set and competence, and the
company believes that a strong sense of ownership to
the work is key to a thriving and healthy workforce.
The company aims to provide all employees with the
necessary training to perform different tasks. All
employees are taught about, among other things, the
company, operations, safety, and specific work tasks.
Training mainly takes place in the respective depart-
ments. All shifts and departments have designated
operators that is responsible for training in operations
and the use of machines. In addition, the company has
a digital training platform where courses in health and
safety, responsible business conduct, anti-corruption
and bribery, privacy (GDPR) and IT-security is applica-
ble for all employees. Furthermore, specialised train-
ing is provided when needed in the various units of the
operations. The department managers are responsible
for securing that necessary and relevant training is pro-
vided to the employees.
As the work tasks in the company are largely charac-
terised by specialist work, in some cases it can be chal-
lenging for employees to perform tasks that are different
from the ones they usually do. The company always tries
to find solutions for employees who want different work
tasks, with the aim of finding alternatives and facilitate a
flexible work life within the company's scope of possible
work tasks.
RANA GRUBER ANNUAL REPORT 2024150 SUSTAINABILITY STATEMENT
Other work-related rights
Privacy for employees is of great importance to the com-
pany. The matter is regulated through GDPR (General
Data Protection Regulation), and policies and measures
are in place to manage the regulations in an effective
and proper manner.
As Rana Gruber only operates in Norway which has
strict regulations governing the labour market, there
is no identified risk for incidents of child labour, forced
labour or compulsory labour related to the company`s
operations. Child labour is also part of the TSM proto-
cols which the company reports on annually.
Material risks
As the company is highly dependent on competent and
engaged employees the risk of high staff turnover has
been deemed a potential financial risk. In 2024 the turno-
ver rate was four per cent, which is a slight decline from
2023 (5,5 per cent). Due to a low and stabile turnover,
the risk is not seen as significant at the time being, but
is monitored for possible effects on a medium- and long-
term horizon.
Also related to the dependency of workers is the risk
of insufficient training for mining professionals and a
changing work market, especially on a long-term hori-
zon. These risks are enhanced due to the lack of gender
equality in the industry as well as limited ways to facili-
tate work for physically challenged employees.
Material opportunities
To address the potential risk of high staff turnover and
the potential of a lack of mining professionals in the
future, Rana Gruber has identified the possibility for
employees to have ownership in the company through
stocks as an opportunity. This can serve as a powerful
motivator for individuals within the organisation as well
as enhancing work engagement and the reputation as an
attractive employer in the region.
To address the challenges of low gender equality in the
industry, Rana Gruber will continue its work to increase
gender equality and diversity by strengthening the com-
pany’s employer branding strategy. These measures
could lead to effects such as reduced turnover, higher
competence as well as a more stable workforce.
Impacts, risks and opportunities management
S1-1:
Policies related to own workforce
Commitments
Rana Gruber shall be a safe, reliable, and responsible
workplace for all employees. The company is commit-
ted to UNs Universal Declaration of Human Rights, the
International Labour Organisation Convention (ILO), as
well as the Ethical Trading Initiative Act (ETI), which reg-
ulates and defines the rights and duties of companies
and employees. Furthermore, Rana Gruber is committed
to the regulations and duties in the Norwegian Working
Environment Act (Arbeidsmiljøloven) which covers fun-
damental human rights, decent working conditions and
country specific requirements subject to all employers in
Norway.
A commitment to implement management systems, risk
assessments and measures for ensuring health and safety
for all employees is applicable by the law. This includes
procedures to engage with the workforce on matters such
as health and safety and working conditions. For more
information about health and safety measure, please refer
to disclosure requirements S1-2 and S1-3.
Rana Gruber assess matters related to equality and
non-discrimination annually, as applicable by the Norwe-
gian Equality and Anti-discrimination Act. This includes
assessments to whether job requirements have been
defined in a way that would systematically disadvantage
certain groups and accessibility for employees to the
physical working environment to ensure health and safety
for workers with disabilities. Rana Gruber is committed to
promote equality and prevent discrimination and harass-
ment on various grounds such as gender, ethnicity, reli-
gion, belief, disability, sexual orientation, gender identity,
gender expression, social origin, age, pregnancy, mater-
nity leave, adoption and caring responsibilities.
The company has established a strategy for increased
equality and diversity which includes initiatives such
a leadership training on equality and anti-discrimina-
tion, strengthening equality awareness during general
meetings and department meetings, implementing a
recruitment strategy with gender equality targets led
by a dedicated recruitment team, establishing in-house
ambassadors, addressing incidents and incorporating
gender equality themes during school visits. The work
environment committee was included in the develop-
ment of the strategy, as well as the management team.
The strategy has been adopted by the board of directors.
Policies
The mentioned commitments are included in the com-
pany polices. This includes policies governing areas
such as health and safety, equality and diversity, privacy
(GDPR), employment and a policy on substance abuse
and addiction issues. Furthermore, the Rana Gruber
Code of Conduct (CoC) addresses areas such as human
and labour rights as well as responsible business con-
RANA GRUBER ANNUAL REPORT 2024 151SUSTAINABILITY STATEMENT
duct. For more information about the CoC, please refer
to the topics standard ESRS G1 (business conduct).
Health and safety policy (HSE)
Rana Gruber is committed to a strong level of health
and safety in the workplace and has an ambition of
zero injuries. The management team shall provide for
training of employees, expertise and resources to com-
ply with the established principles and commitments
regarding health and safety. The company has a dedi-
cated HSE-policy that sets high standards for the work
environment at all sites of the operations. The policy is
governed through the health and safety management
system which is applicable to all own employees and
non-employees in the workforce.
Policy for equality, diversity and inclusion
Rana Gruber aims to increase the proportion of women
in the organisation and has set a specific target in this
regard. By 2030, the share of women in the company
shall be 30 per cent.
To support this ambition, the company has implemented
polices regarding equality, diversity and inclusion. These
polices highlights the company's commitment to equal
treatment and zero tolerance for discrimination and
harassment. The company is committed to upholding
the principles of diversity and non-discrimination in all
aspects of the organisation, including gender, nationality,
age, ethnicity, religion, physical disability, sexual orien-
tation, and gender identity - all of which are grounds for
discrimination.
The policy for recruitment highlights the importance that
the most qualified and suitable candidate will be chosen
for employment. The HR department has the final say on
hires and ensures that the company takes care of con-
siderations related to equality and diversity in the hir-
ing process. Furthermore, trade union representatives
receive the applicant lists, and can provide input.
Privacy (GDPR)
Rana Gruber is committed to ensuring the security and
privacy of the personal data processed and to providing
a compliant and consistent approach to data protection.
The privacy (GDPR) policy is based on the processing of
personal data in accordance with the EU General Data
Protection Regulation 2016/679 (GDPR).
The mentioned policies cover all own employees and
non-employees in the workforce and is available in Nor-
wegian (some also in English) on the company`s inter-
nal channels. The Code of Conduct, employment policy
and policy on substance abuse and addiction issues was
implemented in 2024. In addition, there have been some
changes to the other policies mentioned in the reporting
year, mainly linguistic changes.
The company engages with employees on a regular
basis, which also includes discussions around the need
to update and strengthen company policies governing
working conditions. For more information about stake-
holder engagement, please refer to disclosure require-
ment ESRS 2 SMB-2 on page 96 and S1-2.
To provide and enable remedy for human rights impacts
or breaches to the commitments, obligations and policies
Rana Gruber has towards employees and non-employees
in the workforce, a whistleblowing mechanism has been
implemented. This also includes a policy and procedures
for how cases should be handled. Regarding health and
safety, a deviation system is implemented, as applicable
by the law. For further information about remediation of
negative impacts and channels for employees to raise
concerns, please refer to disclosure requirement S1-3.
The policy and procedures regarding whistleblowing
are disclosed in disclosure requirement ESRS G1-1 on
page 178.
S1-2:
Processes for engaging with own workers and workers’
representatives about impacts
Engagement with employees is of high importance for
Rana Gruber and is an on-going matter across differ-
ent channels. This includes processes for engaging with
employees and workers' representatives about actual
and potential impacts. It is ultimately the CEO and man-
agement team that has the responsibility to effect neces-
sary actions to manage feedback from the employees.
As applicable by the Norwegian Working Environment
Act, the company has a working environment committee
(Arbeidsmiljøutvalget). This committee has nine mem-
bers with representatives from the company (four mem-
bers) and workers' representatives (four members).
Further, one member represents the occupational health
service (not entitled to vote). Among the members is
the Chief safety officer (Hovedvernombud) and repre-
sentative from the largest trade unions. The company
and the employee side alternate having the leader and
the secretary of the committee every year. The leader
of the committee has a double vote, and the copy of the
proceedings and other documents and shared with all
employees in internal channels.
The committee has meetings six times a year, and the
agenda is topics considering the working environment
RANA GRUBER ANNUAL REPORT 2024152 SUSTAINABILITY STATEMENT
at a higher level, including to assess reports and actions
regarding working conditions, health and safety, sick-
leave and employee satisfaction. Safety representatives
report deviations when needed in the HSE system, which
is assessed by the committee in the meetings. Further-
more, the tripartite cooperation between trade unions,
employers, and the authorities is maintained through
regular cooperation meetings with union representa-
tives to discuss rules on issues such as recruitment and
dismissal, working hours, salary practices, and parental
leave.
The company`s own employees have an employee per-
formance interview with their manager annually. Fur-
ther, the company conduct an employee survey every
year. This is facilitated by a digital system that provides
both managers and employees with an overview of indi-
vidual perspectives on various aspects of the organisa-
tion. Responses are limited to managers and employees,
ensuring that everyone’s right to privacy is protected.
The system provides valuable statistical insight into
overall completion rates. It also enables the organisation
to enhance its understanding of the company as a whole
and identify areas where potential discrepancies need to
be addressed and improved.
General meetings for all employees are conducted at
least four times a year (or more frequent if needed) and
department meetings are conducted on all levels of the
organisation regularly.
Furthermore, Rana Gruber encourages constructive dis-
cussions and openness in negotiations, and makes pro-
visions for communication with all employees, for the
purpose of handling conflicts or other concerns. More-
over, own employees have influence on the company’s
decisions through board directorship, and through the
annual general meeting as shareholders.
S1-3:
Processes to remediate negative impacts and channels
for employees to raise concerns
Rana Gruber strives for an open culture of expression
that helps ensure that reports of misconduct are dealt
with quickly and responsibly at the lowest possible level.
This is important for the working environment and the
well-being of individuals in the workforce and is also
crucial for the company to improve and develop.
The management collaborates with employee repre-
sentatives to ensure that the company has a culture for
reporting malpractice, misconduct, or other conditions
of concern. This includes a commitment to maintaining
and continuously improving a documented whistleblow-
ing procedure in accordance with the requirements of
applicable law and generally accepted whistleblowing
standards. The organisation facilitates an internal whis-
tleblowing channel on SharePoint that allows employ-
ees to report concerns while maintaining privacy and
anonymity. The established routines and procedures are
in line with the Norwegian Working Environment Act
(Arbeidsmiljøloven). For further information about the
protection of whistleblowers, please refer to chapter on
topic standard ESRS G1 (business conduct).
As far as deviation, Rana Gruber has a well-established
culture for reporting hazardous situations, incidents or
other safety deviations, and the company's employee
handbook – which describes safety procedures – has
been handed out to all employees. All employees and
non-employees can report deviations and give input
and suggestions for improvement regarding safety in
the workplace through dialogue with their manager and
safety representative as well as through a digital plat-
form.
In the case of registered deviations, the company follows
given routines and procedures. In the event of major
incidents, an internal investigation involving the partic-
ipation of several employees is carried out according to
given procedures.
S1-4:
Taking action on material impacts on own workforce, and
approaches to mitigating material risks and pursuing
material opportunities related to own workforce, and
effectiveness of those actions
A good corporate culture that promotes a safe and
engaging workplace where all employees are respected
for who they are is crucial for Rana Gruber. The com-
pany believes this contributes to a positive working envi-
ronment, increases well-being among employees and
promotes creativity and innovation. In addition, it may
attract and retain talent. Such a culture is therefore
essential to ensure a sustainable and successful future
for the company.
Working conditions
Rana Gruber has a long and strong tradition as a busi-
ness and employer in the local community. The company
respects and encourages employees to form and join
unions of their own choice as close and trustful cooper-
ation with the unions is crucial for the company’s devel-
opment and growth. As a result, almost 100 per cent of
Rana Gruber’s own employees are members of a local
trade union that is affiliated with a national union.
In addition to an annual performance review, the com-
RANA GRUBER ANNUAL REPORT 2024 153SUSTAINABILITY STATEMENT
pany conducts an annual employee survey. The results
in 2024 reflected a workplace with a high level of sat-
isfaction, pride, and teamwork, with an employee sat-
isfaction score of 81 per cent (response rate 60 per
cent) - exceeding the industry average. When asked to
describe Rana Gruber's working culture, the three most
frequently mentioned words were 'collaborative', 'trust-
ing' and 'friendly'. In addition, as many as 85 per cent
said they would recommend Rana Gruber to their peers
as a satisfactory place to work.
The well-being of employees is important to Rana Gru-
ber and the company aim to contribute to good physical,
mental and social health for all employees. In 2024, the
company were given the opportunity to participate in a
trial project offering personalised digital health guidance
to employees who wanted to change their lifestyle or get
help from expertise in improve physical health. Almost
30 employees participated in the trial project where
guidance was personalised by quality-assured profes-
sionals with a focus on changing habits, lifestyle, mental
health, nutrition, rest and physical activity.
To promote a healthy and active lifestyle the compa-
ny´s welfare group coordinates initiatives such as hik-
ing trips. In addition, the company sports association
(bedriftsidrettslaget), which has nearly 100 members,
arranges local events and competitions, such as the
annual hiking trip competition, an important and appre-
ciated event within the company. Low-threshold activ-
ities are organised in both summer and winter for
employees. The company also provides training facili-
ties for all employees. Furthermore, the company’s wel-
fare group arranges family activities for employees and
their families.
Health and safety
Although the number of serious incidents has been
low over the past few years, the company continually
reviews its safety protocols and preventive measures
to ensure that the safety of all employees are upheld.
Measures to deal with actual and potential negative
impacts and to increase health and safety for all employ-
ees are of the highest priority in the company. As subject
by law, Rana Gruber has implemented strong manage-
ment systems to govern health and safety throughout
the operations, in line with the requirements set out
by national law. The system follows the requirements
for risk assessment and deviation management, ISO
31000:2018 (risk management) and all laws and regula-
tions set out by the Norwegian government, including
internal control regulations (Internkontrollforskriften)
as set out in the Norwegian Working Environment Act
(Arbeidsmiljøloven). The management system for health
and safety covers all own employees and non-employees
in the company`s workforce.
The company includes a wide range of affected parties
when carrying out risk assessments, including the Chief
safety officer, operators, and technical supervisors. Risk
assessments shall be carried out before a new work
process or task is started and applies to all depart-
ments. In 2023, the company started a process of com-
prehensively updating all risk assessments of equipment
and activities. This work will continue in 2025.
In 2024, EcoOnline Chemical Management was fully
implemented across the organisation. This tool assists
employees in handling and managing chemicals safely
and efficiently, while ensuring the company complies
with health, environmental, and safety standards. Fur-
thermore, risk assessments of the use of chemicals were
carried out in 2024 and in 2025 the focus will increase on
the substitution of dangerous chemicals.
In some areas, the company has developed and adopted
stricter guidelines and procedures than applicable by law,
in cooperation with the unions to safeguard operations
and production, while simultaneously avoiding excessive
workloads on employees. For example, the company oper-
ates with a lower limit value for air quality in the mine
than what is required by law. This is monitored with daily
gas measurements as the air is affected by activity and
temperature. Employees working in the mine must carry
personal gas loggers, which measure NO
2
, CO, and O
2
.
NO
2
is measures as it has the lowest threshold value of
all NOx compounds. The gas loggers are programmed to
trigger an alarm if NO
2
or CO exposure exceeds permissi-
ble limits or if O
2
levels become too low.
A health examination is carried out upon employment
and every three years for all own employees. This is
a targeted health check-up to assess any connection
between exposures in the work environment and health
issues, to follow up on symptoms and signs of illness
or injury that can occur in connection with exposures at
work and to protect and promote the health of employ-
ees. The health examination is provided by an occupa-
tional health service provider.
Road maintenance, work rotation and individual adapta-
tions of machines are initiated as preventive measures
for neck- and back injuries. Health and safety measures
to prevent ingestion of respirable dust and quarts are
implemented as well as protection for noise both in the
mine and the processing plant. The canteen in the mine
has lighting adapted to natural daylight, and all employ-
ees are covered for mental and physical health under the
RANA GRUBER ANNUAL REPORT 2024154 SUSTAINABILITY STATEMENT
company's health insurance. To mitigate the health risks
associated with exposure to chemicals and gases, the
management has initiated a thorough risk assessment
of all chemicals used in the operations. Furthermore,
the company has carried out physical work environment
assessments to map employees’ exposure to hazardous
substances, dust, and noise. Measures to mitigate actual
and potential risk to employees have been implemented
if needed, and employees have participated in chemical
safety courses to learn how to handle chemicals safely.
Furthermore, the company has conducted dust expo-
sure measurements within machinery to assess whether
established measures has been successful (e.g. clean
clothes and machines), and the results has proven to be
RANA GRUBER ANNUAL REPORT 2024 155SUSTAINABILITY STATEMENT
positive. Additionally, noise measurements have been
carried out in all departments, and the results show that
all measurements are below acceptable levels. And at
last, but not least, a health examination has been carried
out of all employees at Storforsheia and in the mine.
Rana Gruber is mandated to have safety representatives
responsible for safety in different parts of the operations.
By the end of 2024, there were 29 representatives (1
non-binary, 7 women and 21 men). Safety representatives
complete legally required courses and have a particular
responsibility to safeguard the interests of employees in
matters relating to the working environment.
In 2024, 48 safety rounds were carried out throughout
the company. The number of rounds per department is
assessed based on risk factors and the size of the area,
and safety representatives have a supporting role for
team leaders. From 2024 this also includes training in
the use of EcoOnline Chemical Management.
Continuous training of employees in health and safety is
an important measure to provide a safe workplace. All
employees must familiarise themselves with guidelines
and systems for safeguarding health and safety in the
workplace. The company provides mandatory training
in the management system, guidelines, and procedures
related to health and safety, and time and resources
are set aside to train new employees and inform about
changes to systems and routines.
In 2024, a total of 2605 safety courses were completed.
Additional training in health and safety includes courses
on the use of chemicals (provided by external actor)
and fire protection courses for team managers covering
extinguishing equipment and training of employees. The
latter was conducted in collaboration with the fire pro-
tection manager in the company.
In relation to electrification of operations in the mine,
new machinery has been put into operation in the report-
ing year. To ensure high levels of health and safety in this
transition, the company has conducted a risk assessment
specifically for new machinery and related changes in
operations. Furthermore, as new safety chambers have
been implemented as part of the electrification process,
the company has conducted thorough training on the use
of these for all employees in the mine in 2024.
Lastly, the company is working towards an external
audit of the health and safety management system as
well as ISO 45001:2018 certification (occupational health
and management system). To prepare for adaptation, a
gap analysis was carried out in 2024.
In addition to the proactive preparedness associated
with the electrification of operations, Rana Gruber has
also taken further measures to be better prepared for
critical situations, such as establishing an industrial
safety team. The industrial safety team is the company's
own emergency preparedness group that can quickly be
deployed as first response in the case of unwanted inci-
dents at the company. The team is a statutory require-
ment for self-protection under section 23 of the Civil
Protection Act. This team is trained to handle fires,
injuries, and other emergencies until emergency ser-
vices arrive, at which point they cooperate with exter-
nal responders. Personnel who are part of the industrial
safety team receive comprehensive training, includ-
ing advanced first aid, fire protection and smoke div-
ing). The 84-person team (including one non-binary and
nine women) conducts at least four risk-based exercises
annually; four exercises were completed in 2024.
Equality and opportunities for all
Rana Gruber aims to contribute to increased equality and
diversity in society by promoting equality and anti-dis-
crimination in the mining industry in general and in the
company in particular. In 2024, the company reviewed
its work with equality and diversity and revised the risk
assessment relating to the company's work against dis-
crimination and harassment in accordance with the Nor-
wegian Equality and Discrimination Act.
The company has established a strategy for increased
equality and diversity which includes measures such as
leadership training, strengthening equality awareness
during general- and department meetings and imple-
menting a recruitment strategy with gender equality
goals led by a dedicated recruitment team. For further
information about the strategy and associated policies,
please refer to disclosure requirement ESRS S1-1.
Rana Gruber sees training in the company’s princi-
ples as an essential part of the work to increase equal-
ity and diversity. The strategy and associated policies
shall be well known for all employees, and the com-
pany has developed a plan for training in the equality
and diversity work. All managers must work actively,
purposefully, and accordingly to the plan to promote
equality, culture building and work for increased diver-
sity in the company. Active cooperation between the
management of the company and employee represent-
atives is important for promoting equality and anti-dis-
crimination.
Other measures implemented to increase equality and
diversity include:
RANA GRUBER ANNUAL REPORT 2024156 SUSTAINABILITY STATEMENT
Ensuring that diversity and equality are formally
linked to management and board responsibilities and
are part of Rana Gruber’s way of working.
Ensuring work-life balance for all employees.
Strengthen measures to promote diversity in HR
processes, internal and external job advertisements.
Marketing and promotion of the approach to increase
diversity at Rana Gruber.
Ensure all employees are offered training in routines
and processes.
A more systematic approach to recording and
ensuring gender balance, results from salary
processes, part-time employees, and employees on
parental leave.
Encouraging women to take up representational
positions and management positions.
Systematically work to make sure the corporate
culture is consistent with equality and anti-
discrimination.
Furthermore, salaries, and any salary differences, are
continuously monitored. The salary survey from 2024
shows that the company does not have objectionable gen-
der differences when it comes to salary. Any differences
have an explanation such as seniority etc. Salary differ-
ences are reviewed annually with union representatives.
For more information about measures to enhance equal-
ity and diversity as well as gender and salary differ-
ences, please see the Equality and anti-discrimination
act statement in the appendix.
Training and skills development
The company is dependent on competent employees
who want to contribute to the development of the min-
ing industry. A commitment to developing and promoting
talent, along with a comprehensive training program has
proved to enhance the workforce's overall skill set and
competence.
All employees are taught about, among other things,
the company, operations, safety, and work tasks. Fur-
thermore, specialised training is provided when needed
in the various units of the operations. The department
managers are responsible for necessary and relevant
training which mainly takes place in departments and
through the company's digital training platform.
The company aims to provide all employees with the
necessary training to perform several different tasks.
This involves extra training and courses that make the
operations less vulnerable in connection with holidays
and illness. When several people are able to perform
different tasks, it is also easier to ensure efficient job
rotation, which can prevent the risk of strain injuries and
makes the workday less repetitive.
As the work tasks in the company are largely charac-
terised by specialist work, in some cases it can be chal-
lenging for employees to perform tasks that are different
from the ones they usually do. The company always tries
to find solutions for employees who want different work
tasks, with the aim of finding solutions and facilitate a
flexible work life within the company's scope of possibil-
ities.
In 2024, additional training was implemented regarding
health and safety. The company also introduced train-
ing in responsible business conduct, anti-corruption
and bribery and IT security which is mandatory for all
employees.
Furthermore, Rana Gruber have placed significant focus
on IT security and safeguarding the organisation against
external threats in 2024. The IT department has recruited
additional specialists as the company undergoes a dig-
italisation transition and the complexity of operations
increases. Comprehensive training has been conducted
for all employees, and a cybersecurity service has
been implemented to train and raise awareness among
employees about phishing attacks and other forms of
social engineering that could be exploited by hackers.
The focus on training and skills development also entails
covering educational costs, such as course fees, and
learning materials. Paid leave is also provided for meet-
ings, travel, and examinations related to education. This
has encouraged master’s degrees and PhDs. The com-
pany has also awarded scholarships and apprenticeships
with a range of specialisations to upper secondary stu-
dents. In 2024, Rana Gruber had nine employees pursuing
higher education, as well as 17 employees studying for a
professional certificate (Fagbrev). The workforce was fur-
ther enriched by the addition of 20 young apprentices.
Rana Gruber has implemented a leadership program
designed to provide leaders and team leaders with both
personal and professional development. Through the
program the participants are trained in skills such as
development of employees and how to foster an inspir-
ing learning and improvement culture. The goal is to
increase their understanding of the leadership role,
enhance confidence as well as boosting their motivation.
Additionally, the training aims to equip participants with
various tools for daily leadership tasks.
Rana Gruber also makes visits to schools in the local
community to inform about opportunities in the company
RANA GRUBER ANNUAL REPORT 2024 157SUSTAINABILITY STATEMENT
and industry. Furthermore, the company research and
educational institutions through funding of the Science
Centre in Mo i Rana, a mining-relevant educational pro-
gram at the Norwegian University of Science and Tech-
nology, and the associated academic staff. This support
is important to develop the skills the industry needs in
the future, as well as attracting new employees.
Metrics and targets
S1-5:
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks
and opportunities
Rana Gruber has set out ambitions to enhance work-
ing conditions, health and safety and equality and diver-
sity. This includes a commitment to base the business on
the collaboration between employers, trade unions, and
authorities. Further, the company priorities safety and
always aims to have zero work-related injuries. In con-
nection to equality and diversity the company aims to
increase the share of female employees to 30 per cent by
2030.
As of 2024, the company has not set other time-bound
and outcome-oriented targets related to reducing neg-
ative impacts on own workforce; and/or advancing
positive impacts on own workforce; and/or managing
material risks and opportunities related to own work-
force.
S1-6:
Characteristics of the undertaking’s employees
Table: Employees by gender
Gender Number of employees 2023 Number of employees 2024
Male 281 275
Female 59 59
Other
1)
1 1
Not reported - -
Total employees 341 335
1) Gender as specified by the employees themselves.
Employees by head count. All employees work in Norway.
Table: Employees by contract type, broken down by gender
Female Male Other
1)
Not disclosed Total
Number of employees (head count)
2)
67 300 1 - 368
Number of permanent employees (head count) 59 275 1 - 335
Number of temporary employees (head count) 3 10 - - 13
Number of non-guaranteed hours employees (head count) 0 0 - - -
Number of full-time employees (head count) 59 271 1 - 331
Number of part-time employees (head count) 0 4 - - 4
Apprentices 5 15 - - 20
1) Gender as specified by the employees themselves.
2) Number of employees includes temporary employees and apprentices.
RANA GRUBER ANNUAL REPORT 2024
158 SUSTAINABILITY STATEMENT
Employee turnover
2023 2024
Number of employees 341 335
The total number of employees who have left the undertaking during the reporting period 15 19
Percentage of employee turnover 4 6
S1-7:
Characteristics of non-employee workers in the undertaking’s own workforce
Table: Number of non-employees in own workforce
Description Unit 2023
1)
2024
Number of non-employees in own workforce Decimal 0 93
Number of non-employees in own workforce - self-employed people Decimal 0 0
Number of non-employees in own workforce – people provided by undertakings primarily
engaged in employment activities
Decimal 0 0
1) Data not available for 2023.
S1-8:
Collective bargaining coverage and social dialogue
Table: Collective bargaining agreements
Description Unit 2023 2024 Comment
Total employees covered by collective
bargaining agreements
Number of
employees
275 276 This includes all permanent
employees (operators), including
temporary operators and apprentices.
Percentage of total employees covered by
collective bargaining agreements
Per cent 75 75
Percentage of employees in country (EEA)
covered by workers' representatives
Per cent 100 100
Own workforce in region (non-EEA) covered
by collective bargaining agreements by
coverage rate and by region
Table /Semi-
Narrative
95 95
S1-9:
Diversity metrics
Table: Employees at management level
Description Unit 2023 2024
Number of employees (head count) at top management level Integer 6 6
Percentage of employees at top management level Per cent 2 2
RANA GRUBER ANNUAL REPORT 2024 159SUSTAINABILITY STATEMENT
Table: Number of employees by age
Description Unit 2023 2024 Methodology used
Number of employees (head count)
under 30 years old
Integer 84 100 Calculations from the personnel system. Employees as
of 31.12.2024 and 31.12.2023.
Percentage of employees under 30
years old
Per cent 24.6 27.7 Calculated based on the number of employees in the age
group divided by the total number of employees.
Number of employees (head count)
between 30 and 50 years old
Integer 165 171 Calculations from the personnel system. Employees as
of 31.12.2024 and 31.12.2023.
Percentage of employees between
30 and 50 years old
Per cent 48.4 47.4 Calculated based on the number of employees in the age
group divided by the total number of employees.
Number of employees (head count)
over 50 years old
Integer 92 90 Calculations from the personnel system. Employees as
of 31.12.2024 and 31.12.2023.
Percentage of employees over 50
years old
Per cent 27.0 24.9 Calculated based on the number of employees in the age
group divided by the total number of employees.
S1-11:
Social protection
Table: Number of employees covered by social protection, through public programs or through benefits offered,
against loss of income
Disclosure requirement 2023 2024 Comment
Number of employees in own workforce
who are covered by social protection,
through public programs or through
benefits offered, against loss of income due
to sickness.
All
employees
All
employees
Insurance through work. In case of sick leave, the
company advances salary for employees beyond 6G.
Full salary for the first year, including holiday pay.
Number of employees in own workforce
who are covered by social protection,
through public programs or through
benefits offered, against loss of income due
to unemployment starting from when own
worker is working for undertaking.
All
employees
All
employees
Employees who become unemployed receive
unemployment benefits from the government (NAV).
Number of employees in own workforce
who are covered by social protection,
through public programs or through
benefits offered, against loss of income
due to employment injury and acquired
disability.
All
employees
All
employees
Insurance through work. In case of sick leave, the
company advances salary for employees beyond 6G.
Full salary for the first year, including holiday pay.
Table continues on next page
>>
RANA GRUBER ANNUAL REPORT 2024160 SUSTAINABILITY STATEMENT
Disclosure requirement 2023 2024 Comment
Number of employees in own workforce
who are covered by social protection,
through public programs or through
benefits offered, against loss of income due
to parental leave.
All
employees
All
employees
In relation to childbirth, the father is entitled to two
weeks of leave according to the Norwegian Working
Environment Act. This is a statutory right without
salary, but the company gives 100 per cent salary for
these weeks.
In general, employees on parental leave receive full
salary, regardless of if the employee take 100 per cent
or 80 per cent leave. There is no reduction in salary
above 6G, and the company advances the salary.
Number of employees in own workforce
who are covered by social protection,
through public programs or through
benefits offered, against loss of income due
to retirement.
All
employees
All
employees
The company saves for pensions, in addition to public
pension savings.
S1-12:
Persons with disabilities
Table: Percentage of persons with disabilities amongst employees subject to legal restrictions on data collection
Description Unit 2023 2024
Percentage of persons with disabilities amongst employees subject to legal restrictions on
collection of data
Per cent 0 0.3
The company has had one person with a disability for
two months in 2024 as part of a pilot project in the mine.
The work tasks in the company physically demanding
and therefore might be challenging for people with disa-
bilities. However, the company is working to get a better
understanding of which tasks can be accommodated in
the future.
S1-13:
Training and skills development metrics
Table: Training and skills development
Description Unit 2023 2024
Percentage of employees that participated in regular performance and career
development reviews
Percentage 95 100
Average number of training hours per person for employees Decimal 23.8 28
RANA GRUBER ANNUAL REPORT 2024 161SUSTAINABILITY STATEMENT
Table: Average number of training hours by gender
Gender 2023 2024
Male 22.9 29.2
Female 29.2 21.0
Other - 16.0
Not reported - -
Total employees 23.8 28
S1-14:
Health and safety metrics
Despite meticulous work with safety, 15 work-related
injuries were recorded in 2024. One injury with absence
and 14 injuries without absence. The one injury with
absence resulted in a cumulative absence of eight days.
The remaining 14 injuries without absence did not result
in days away from work.
Table: Work-related accidents and injuries
Description Unit 2023 2024 Data collected
from
Comment
Percentage of people in its
own workforce who are
covered by health and safety
management system based
on legal requirements and
(or) recognised standards or
guidelines
Per cent 100 100 HSE-system All own employees and non-
employees in the company’s
workforce are covered by the HSE
management system. Coverage is
assessed annually through internal
audits and external certification (ISO
9001).
Number of fatalities in own
workforce as result of work-
related injuries and work-
related ill health
Integer 0 0 HSE-system There have been no fatalities in the
workforce as a result of work-related
injuries or occupational illness. The
company work to prevent serious
incidents through risk management,
training, and a strong safety culture.
Number of fatalities as result
of work-related injuries and
work-related ill health of
other workers working on
undertaking's sites
Integer 0 0 HSE-system There have been no fatalities in the
workforce as a result of work-related
injuries or occupational illness. The
company maintain high health and
safety standards and collaborate
closely with contractors and
partners to ensure a safe working
environment for everyone.
Table continues on next page
>>
RANA GRUBER ANNUAL REPORT 2024162 SUSTAINABILITY STATEMENT
Description Unit 2023 2024 Data collected
from
Comment
Number of recordable work-
related accidents for own
workforce
Integer 7 15 HSE-system
and personal
system
One (1) injury with absence and 14
injuries without absence. Injuries are
reported to HR and HSE. The person
managing the personnel system
receives a copy of the injury report
and records the injury, including
whether there was absence. This
ensures the system keeps track of
the number of absence days.
Rate of recordable work-related
accidents for own workforce
Per cent 12.4 24 Personal
system
Numbers are calculated based
on total injuries (with and without
absence) / (total hours worked x
1000000) (H2 number).
If calculated based on total injuries
with absence / (total hours worked
x 1000000), the result would be
1.8 for 2023 and 1.6 for 2024 (H1
number).
Number of cases of recordable
work-related ill health of
employees
Integer - - Data not available in the reporting
year
Number of days lost to work-
related injuries and fatalities
from work-related accidents,
work-related ill health and
fatalities from ill health related
to employees
Integer - - Data not available in the reporting
year
S1-15:
Work-life balance metrics
Table: Family-related leave
Description Unit 2023 2024 Methodology used
Percentage of employees entitled to take family-related leave Per cent 6.2 9.0 Average in 2024
Percentage of entitled employees that took family-related leave Per cent 100 100
RANA GRUBER ANNUAL REPORT 2024 163SUSTAINABILITY STATEMENT
Table: Family-related leave by gender
Gender
Per cent of employees that took family-related leave
Male
19
Female
11
Other
0
Not reported
0
Total employees
30
S1-16:
Compensation metrics (pay gap and total compensation)
Table: Gender pay-gap (salary ratio women to men)
Description Unit 2023 2024
The gender pay gap within the total employment Percentage 98.2 97.1
The gender pay gap within the management group Percentage 74.8 74.7
Annual total renumeration ratio Decimal 3.92 3.88
Table: Incidents, complaints and severe human rights impacts
Description Unit 2023 2024 Comment
Number of incidents of discrimination Integer 0 0
Number of complaints filed through channels for
people in own workforce to raise concerns
Integer 0 0
Number of complaints filed to National Contact
Points for OECD Multinational Enterprises
Integer 0 0
Amount of material fines, penalties, and
compensation for damages as result of
violations regarding social and human rights
factors
Monetary 0 0 Employees can receive
a warning. In case of
multiple warnings,
the employee may be
dismissed.
Number of severe human rights issues and
incidents connected to own workforce
Integer 0 0
Number of severe human rights issues and
incidents connected to own workforce that
are cases of non-respect of UN Guiding
Principles and OECD Guidelines for Multinational
Enterprises
Integer 0 0
Amount of material fines, penalties, and
compensation for severe human rights issues
and incidents connected to own workforce
Monetary 0 0 Employees can receive
a warning. In case of
multiple warnings,
the employee may be
dismissed.
RANA GRUBER ANNUAL REPORT 2024164 SUSTAINABILITY STATEMENT
Workers in the value chain (ESRS S2)
Rana Gruber is committed to responsible business prac-
tices and strives to uphold and promote fundamental
human rights and labour rights across the value chain.
The company is commited to international instruments
such as the UN Universal Declaration of Human Rights,
the UN Guiding Principles on Business and Human
Rights, the ILO Declaration on Fundamental Principles
and Rights at Work and the OECD Guidelines for Multina-
tional Enterprises.
Furthermore, the company is subject to the Norwe-
gian Transparency Act (Åpenhetsloven) and upholds
the duties in the Act, herby conducting due diligence in
accordance with the OECD Guidelines for Multinational
Enterprises on a regularly basis.
The transparency act statement for the financial year is
to be found in the appendix of the sustainability state-
ment.
Strategy
ESRS 2 SBM-2:
Interests and views of stakeholders
Please see disclosure requirements ESRS 2 SBM-2 on
page 96 and ESRS S2-2.
ESRS 2 SBM-3:
Material impacts, risks and opportunities and their
interaction with strategy and business model
As part of its double materiality assessment, Rana Gruber
has identified significant impacts, risks, and opportunities
associated workers in the value chain. This includes the
subtopics defined in ESRS 1, AR 16. Findings and results
from regular due diligence has informed the double mate-
riality assessment regarding material impacts.
Material impacts
Risks for actual and potential adverse impacts on funda-
mental human rights and labour rights is mostly linked to
the supply chains; hereby products the company depend
on in its operations. Rana Gruber has almost 350 perma-
nent first tier suppliers (limited to suppliers with an annual
spend of over 100 000 NOK), of which 90 per cent of these
are based in Norway, with the remaining eight per cent
spread across Scandinavia, Europe, and the US. Most of
these suppliers have production facilities in Norway and
Europe but are nevertheless dependent on sub-suppliers
across the world. In terms of sub-suppliers, the company
has less insight at the time being due to a global and com-
plex supply chain with a lack of transparency.
The due diligence assessments highlights products such
as machinery, where activities such as extraction and
processing of minerals and metals inherence salient risk
for adverse impacts. There is also a salient risk of vio-
lations of labour rights aboard the ships transporting
products from the suppliers to Rana Gruber.
When assessing downstream activities, the company has
identified risks related to transportation, hired labour, and
working conditions in factories as salient risk for adverse
impacts on fundamental human rights and labour rights.
On a general level, the company has identified lack of
transparency in the global supply chains the company is
dependent on. This relates to both upstream and down-
stream activities and makes it challenging to conduct
thorough due diligence processes. Furthermore, the
company has insufficient internal resources to monitor
suppliers in line with the OECD guidelines. As a result,
sourcing may be made without sufficient focus on fun-
damental human rights and labour rights. The company
is therefore working actively to strengthen governance,
policies, and procedures in this area.
Material risks
Identified material risk is related to loss of credibility and
reputation in the case of actual adverse impacts on fun-
damental human rights and labour rights in the supply
chains. With the introduction of the EU Corporate Sus-
tainability Due Diligence Directive (CSDDD), the com-
pany also expect there to be increased awareness on the
matter for stakeholders such as customers and finan-
cial institutions. Further, the risk of fees and liability con-
cerns if not compliant with legislations and expectations
might increase.
Material opportunities
Identified material opportunities is related to address-
ing the mentioned material risks. Through strong gov-
ernance and due diligence processes the company has
an opportunity to strengthen its position as a responsi-
ble business, satisfying increased expectations from the
mentioned stakeholders.
Impact, risk and opportunity management
S2-1:
Policies related to value chain workers
Rana Gruber is committed to uphold responsible busi-
ness practices throughout the value chains and the com-
pany aims to influence suppliers and producers towards
RANA GRUBER ANNUAL REPORT 2024 165SUSTAINABILITY STATEMENT
ethical and sustainable production and fair business
practices at all levels of the value chain.
The company is committed to the UN’s Universal Dec-
laration of Human Rights, the UN Guiding Principles on
Business and Human Rights, the ILO Declaration on Fun-
damental Principles and Rights at Work and the OECD
Guidelines for Multinational Enterprises. These inter-
national instruments set principles for areas such as
human rights and labour rights and is integrated in the
policies and processes the company has implemented to
govern responsible business conduct in both own opera-
tions and the supply chains.
Supplier Code of Conduct
The Rana Gruber Supplier Code of Conduct (SCoC) pro-
motes responsible labour practices and ethical behavior
by ensuring that workers associated with the compa-
ny's first tier suppliers and business partners adhere to
established standards and guidelines. The SCoC applies
to all suppliers, collaborators, subcontractors, and
employees of the suppliers. This also extends to con-
sultants and others acting on behalf of the supplier. The
Rana Gruber SCoC is based on the mentioned interna-
tional instruments and addresses matters such as child
labour, forced labour/compulsory labour, marginalised
populations, discrimination and harassments as well as
labour rights such as health and safety, wages, working
hours, and regular employment. As of 2024, it does not
address trafficking in human beings.
Furthermore, the SCoC includes an expectation that
suppliers shall conduct due diligence processes in
accordance with the OECD Due Diligence Guidelines for
Responsible Business Conduct. To address remedy, it
also highlights that the supplier has a duty to immedi-
ately report to the management in Rana Gruber upon
suspicion of any breaches of the principles laid out in the
SCoC and that there shall be no retaliation against sup-
pliers or employees of suppliers who report actual or
potential concerns. Further, measures should be in place
to allow employees of the supplier to report concerns
anonymously or through a designated representative.
No cases of non-respect of the UN Guiding Principles
on Business and Human Rights, the ILO Declaration on
Fundamental Principles and Rights at Work or the OECD
Guidelines for Multinational Enterprises that involve
value chain workers have been reported in 2024.
The SCoC was developed in the reporting year and has
been approved by the management team and the board
of directors. The policy will be revised annually going
forward. It is implemented in the company’s procure-
ment system to ensure that principles are being commu-
nicated to suppliers and business partners before going
into agreements.
S2-2:
Processes for engaging with value chain workers about
impacts
As part of the due diligence processes that is conducted
regularly, Rana Gruber seeks to engage with value chain
workers and their representatives. In 2024, this has
been limited to engagement with the representatives of
the supplier or business partner on behalf of the employ-
ees and/or worker representatives. The company aims
to get a better understanding of the perspectives of
value chain workers going forward.
S2-3:
Processes to remediate negative impacts and channels
for value chain workers to raise concerns
To provide for or cooperate in the remediation of neg-
ative impacts on value chain workers, Rana Gruber's
Supplier Code of Conduct (SCoC) highlights that the sup-
plier/business partner shall have measures in place to
allow employees to report concerns anonymously or
through a designated representative. Further, that there
should be no retaliation against suppliers or employees
of suppliers who report actual or potential concerns. It
also highlights that the supplier has a duty to immedi-
ately report to the management in Rana Gruber upon
suspicion of any breaches of the principles laid out in the
SCoC.
On a general level, Rana Gruber is committed to the
OECD Due Diligence Guidelines for Responsible Busi-
ness Conduct, which includes a commitment to provide
for or cooperate in remediation when appropriate. As of
2024, the company has not established channels where
value chain workers can make their concerns and needs
known directly to Rana Gruber, but this is something the
company will look into as part of the ongoing due dili-
gence processes.
S2-4:
Taking action on material impacts on value chain
workers, and approaches to mitigating material risks
and pursuing material opportunities related to value
chain workers, and effectiveness of those actions
Rana Gruber is committed to promote fundamental human
rights and labour rights across its value chain. The com-
pany is subject to the duties in the Norwegian Transpar-
ency Act (Åpenhetsloven) and in addition to governing
commitments and policies the company has implemented
due diligence processes in line with the OECD Due Dili-
gence Guidelines for Responsible Business Conduct.
RANA GRUBER ANNUAL REPORT 2024166 SUSTAINABILITY STATEMENT
In line with these commitments, Rana Gruber actively
work to take action that addresses adverse impacts on
value chain workers. This includes to develop and con-
tinually improving policies, procedures, and processes to
address risks for actual and potential adverse impacts
on fundamental human rights and labour rights.
In line with the OECD Due Diligence Guidelines for
Responsible Business Conduct the company has embed
responsible business conduct in company polices and
management systems. This includes the Rana Gruber
Supplier Code of Conduct which is disclosed in more
detail in disclosure requirement S2-1.
The implementation of due diligence process is embed-
ded in the responsibility of the board of directors and
management team of the company, and there are sys-
tems in place to conduct due diligence regularly and as
part of the procurement practices. This includes the sys-
tem House of Control that is used to screen suppliers on
matters such as fundamental human rights and labour
rights based on a self-assessment scheme. This serves
as one way to identify and assess actual and poten-
tial adverse impacts in the value chain and the com-
pany prioritise suppliers for self-assessment based on
inherent risk level, purchasing patterns and how crit-
ical the supplier or business partner are to the com-
pany’s operations. In 2024, about 50 per cent of Rana
Gruber`s biggest suppliers have conducted the self-as-
sessment. Further, suppliers that is subject to the Nor-
wegian Transparency Act has provided their annual
statement regarding work with due diligence on human
rights and labour rights. When reviewing statements
and responses, no adverse actual or potential impacts
were discovered by the company. Rana Gruber has also
implemented a simplified version of the self-assess-
ment to be used for smaller businesses to improve the
response rate.
In addition to the supplier self-assessment, the company
regularly assess inherent risk in the value chain, related
to countries, goods, and product categories. Supplier
visits is also conducted as part of the due diligence pro-
cesses, and in 2024 the company conducted supervision/
audits at three first-tier suppliers located in Norway,
Sweden and Türkiye.
Going forward Rana Gruber aims to strengthen its due
diligence processes by improving engagement with
value chain workers and their representatives. In addi-
tion, efforts will be made to foster closer dialogue with
more suppliers and business partners regarding due dil-
igence assessments.
Metrics and targets
S2-5:
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks
and opportunities
Rana Gruber is committed to upholding responsible busi-
ness practices and aims to influence suppliers and pro-
ducers towards ethical and sustainable production, as
well as fair business practices at all levels. At the core of
this commitment, Rana Gruber’s ambition is to enhance
transparency in the value chain by carrying out more
thorough due diligence processes that support human
rights and labour rights.
As of 2024, the company has not set time-bound and
outcome-oriented targets related to reducing negative
impacts on value chain workers; and/or advancing pos-
itive impacts on value chain workers; and/or managing
material risks and opportunities related to value chain
workers.
Affected communities (ESRS S3)
Rana Gruber's commitment to respecting the economic,
social, cultural, and political rights of local communi-
ties, including the rights of Indigenous peoples, is cen-
tral to the company's approach. This commitment is
also expressed through the company’s engagement in
Towards Sustainable Mining (TSM), where this matter is
a central component.
Strategy
ESRS 2 SBM-2:
Interests and views of stakeholders
The interests and views of the local community are of
great importance to Rana Gruber, and the company
maintains close dialogue with various stakeholders. This
includes the local community in Mo i Rana in general, as
well as local communities and neighbours near opera-
RANA GRUBER ANNUAL REPORT 2024 167SUSTAINABILITY STATEMENT
tional sites. Furthermore, Rana Gruber engages in close
dialogue with the Indigenous peoples in the area who are
affected by the business, represented by Saltfjellet Rein-
beitedistrikt (the reindeer herding district).
Please see disclosure requirements ESRS 2 SBM-2 on
page 96 and ESRS S3-2.
ESRS 2 SBM-3:
Material impacts, risks and opportunities and their
interaction with strategy and business model
As part of its double materiality assessment, Rana
Gruber has identified significant impacts, across the
value chain associated with affected communities. This
includes the subtopics defined in ESRS 1, AR 16. In the
reporting year the topic standard was assessed as not
having financial materiality. The company therefore only
discloses on material impact.
Material impacts
Rana Gruber has a long history as an employer and com-
pany in Mo i Rana. Through its operations, the company`s
activities have a direct impact on the local communi-
ties in which it operates. The company also recognises
the indirect impact it may have on remote communities
through its upstream and downstream activities.
Upstream activities
It is a part of Rana Gruber's culture and policy to support
local suppliers as much as possible. This is reflected
in the organisation’s share of local suppliers. The indi-
rect effect on local communities in upstream activities
beyond first-tier suppliers is an area where the com-
pany lack insights to impacts at the time being. Which
includes information about communities along the sup-
plier’s value chain which is an area that will need closer
attention going forward.
Own operations
Mining is a fundamental part of the identity and history
of the local community in Mo i Rana. Founded in 1964
and with 200 years of mining expertise, Rana Gruber is
one of the largest companies in the region and strives
to contribute to the development of the local community
where possible.
Communities living or working around Rana Gruber's
operating sites such as the processing plant and mining
areas are to some extent affected by the operations. This
includes impacts such as noise and traffic, air pollution
and spreading of dust.
The company closely monitors actual and potential neg-
ative impacts affecting the local community and neigh-
bours near its operational sites and maintains a close
dialogue with those who may be affected when nec-
essary. This includes the local Indigenous community,
represented by the reindeer herding district (Saltfjellet
Reinbeitedistrikt). In 2024, the industry was affected by
the company’s reopening of an open pit at Stensundtjern
in Mo i Rana. The company has implemented measures
in response to this.
As a leading employer and company in the region, Rana
Gruber has been a positive contributor to the local com-
munity for many years. This is reflected in the company’s
close cooperation with trade unions, local communities,
local businesses and its contributions to associations,
sports, projects, and other funding initiatives in the local
community. Furthermore, Rana Gruber aims to be a good
partner in the industry cluster in the region.
Downstream activities
The company’s assessment of potential and actual
impacts on downstream activities concludes that these
are limited at the time being.
Impacts, risks and opportunities management
S3-1:
Policies related to affected communities
Rana Gruber is committed to upholding responsible busi-
ness practices throughout its own operations and the
value chain. The company is committed to the UN’s Uni-
versal Declaration of Human Rights, the UN Guiding Prin-
ciples on Business and Human Rights, the ILO Declaration
on Fundamental Principles and Rights at Work, and the
OECD Guidelines for Multinational Enterprises. These
international instruments, principles, and guidelines set
standards for the protection of marginalised populations,
communities, and Indigenous peoples and are integrated
into the policies Rana Gruber has implemented to govern
responsible business conduct across the value chain.
Code of Conduct
The Rana Gruber Code of Conduct (CoC) is based on the
ten principles of the the UN’s Universal Declaration of
Human Rights, the UN Guiding Principles on Business
and Human Rights, the OECD Guidelines for Multinational
Enterprises, and the Towards Sustainable Mining frame-
work (TSM). The CoC includes principles to protect human
rights of marginalised populations, communities, and
Indigenous peoples, stating that production and use of
natural resources shall not contribute to the destruction
of the resource and income bases of Indigenous peoples
or other marginalised communities. To address remedy, it
also highlights that employees are required to promptly
report any suspected violations of the principles set forth
in the document.
RANA GRUBER ANNUAL REPORT 2024168 SUSTAINABILITY STATEMENT
RANA GRUBER ANNUAL REPORT 2024 169SUSTAINABILITY STATEMENT
RANA GRUBER ANNUAL REPORT 2024170 SUSTAINABILITY STATEMENT
For more information about the Rana Gruber Code of
Conduct, please refer to disclosure requirement ESRS
G1-1 on page 178.
Supplier Code of Conduct
The Rana Gruber Supplier Code of Conduct (SCoC) pro-
motes responsible labour practices and ethical behav-
iour by ensuring that suppliers and business partners
adhere to established standards and guidelines. This
includes the same principles regarding marginalised
populations, communities, and Indigenous peoples as set
out in the Code of Conduct described above.
For further information about the Supplier Code of Con-
duct please refer to disclosure requirement S2-1 in the
topic standard ESRS S2 (workers in the value chain).
No cases of non-respect of the UN Guiding Principles on
Business and Human Rights or the OECD Guidelines for
Multinational Enterprises that involve the local commu-
nity has been reported in 2024.
S3-2:
Processes for engaging with affected communities about
impacts
Engagement and dialogue with the local community are
crucial to Rana Gruber’s operations, and the views, inter-
ests, and rights of the local community inform the com-
pany’s strategy and business model in various ways.
The company maintains close and frequent dialogue with
local government and society, local communities and
neighbours near operational sites, as well as Indigenous
peoples represented by the reindeer herding district in
the area (Saltfjellet Reinbeitedistrikt).
Engagement with the mentioned stakeholders takes place in
different channels. The company seeks to maintain a close
dialogue with the neighbours of the mine and processing
plant and meets with nearby residents when needed. This
includes information meetings open for all hosted by the
company at least once a year, or more frequent if needed.
The company seeks to have a close and constructive dia-
logue with the reindeer herding district (Saltfjellet Rein-
beitedistrikt). Rana Gruber has an agreement with the
district and meets with representatives once a year, or
more often if needed. In 2024, the two parties negotiated
a new interacting agreement regarding the reopening of
an open pit at Stensundtjern in Mo i Rana. As part of the
agreement a study will be carried out by Rana Gruber
which will map the consequences for reindeer herding
district and propose mitigation measures if needed. The
operations will proceed in 2025 and will include frequent
dialogue between the parties.
S3-3:
Processes to remediate negative impacts and channels
for affected communities to raise concerns
Rana Gruber is committed to the OECD Due Diligence Guide-
lines for Responsible Business Conduct, including the com-
mitment to provide for, or cooperate in, remediation when
appropriate. The company is committed to promptly, appro-
priately, and efficiently counteract and address violations of
the principles set out in the company´s Code of Conduct and
Supplier Code of Conduct. Both employees and suppliers
are required to promptly report any suspected violations
of the principles. No retaliation shall be taken against those
who report actual or potential concerns.
The company has yet to establish a whistleblowing
mechanism available for external stakeholders that
secures anonymity. However, Rana Gruber encour-
ages anyone that have concerns to contact the company
through other channels.
S3-4:
Taking action on material impacts on affected
communities, and approaches to mitigating material
risks and pursuing material opportunities related to own
workforce, and effectiveness of those actions
Rana Gruber is committed to promote responsible business
conduct across it value chain. In addition to governing com-
mitments and policies, the company has implemented due
diligence processes in line with the OECD Due Diligence
Guidelines for Responsible Business Conduct.
In line with these commitments, Rana Gruber actively
works to take action that addresses adverse impacts on
local communities, including marginalised populations,
communities, and Indigenous peoples. This includes to
develop and continually improving policies, procedures,
and processes to address risks for actual and potential
adverse impacts.
To mitigate actual and potential negative impact on local
communities and neighbours affected by the compa-
ny´s operations, Rana Gruber seeks to maintain a close
dialogue with the neighbours of the mine and process-
ing plant, and the company meets with nearby residents
at least once a year. In cases involving significant noise,
dust or traffic, the company notifies residents in nearby
areas and implements measures if possible. In 2024, the
company have conducted dust measures and noise map-
ping to assesses the need for further measures.
In connection with the commissioning of the new Sten-
sundtjern open-cast mine, Rana Gruber has collabo-
rated closely with the operators of Arctic Circle Raceway
motor racing track. Since portions of the racetrack are
RANA GRUBER ANNUAL REPORT 2024 171SUSTAINABILITY STATEMENT
located within where the within the mine's operational
area, relocation of the track will be necessary. However,
racers will be able to celebrate the track's 30
th
anniver-
sary in 2025 at its original location, as mining operations
will not impact the track until 2026.
Rana Gruber shall also be a positive contributor to the
local community and is committed to support local ath-
letes, cultural events, local organisations and facilities.
In the reporting year the company has supported a sig-
nificant number of initiatives:
Athletes
Rana Gruber is proud to support local athletes compet-
ing on national and international levels:
Marthe Kråkstad Johansen (b. 1999) is a biathlon ath-
lete with a long-standing track record in international
competitions. She is part of the elite national team in
biathlon the current season (2024/2025) and has two
top ten positions in the World Cup as well as a first
place in the relay in Östersund. In 2024, she also won
the national championship in the joint start, the third
year in a row.
Robin Pedersen (b. 1996) is a professional ski jumper
and a member of the national ski jumping team. He rep-
resented Norway at FIS Ski Jumping World Cup and FIS
Ski Flying World Championships in 2024. In the current
season (2024/2025), he has competed in several conti-
nental cup events in ski jumping, securing several victo-
ries, and competed in several FIS Jumping World CUP.
He also represented Norway in the 2025 FIS Ski Jump-
ing World Cup in Trondheim.
Kasper Ågheim Kalkenberg (b. 2005) is a biath-
lon athlete on the Norwegian U23 national team. He
has participated in several international events and
has three gold medals, three silver medals and two
bronze medals from the Junior world cup. In addi-
tion, he has won the in the national junior champion-
ship several times as well as finish in 12
th
place in the
senior championship.
Marthe Kråkstad JohansenRobin Pedersen
Kasper Ågheim Kalkenberg
RANA GRUBER ANNUAL REPORT 2024172 SUSTAINABILITY STATEMENT
Håkon W. Skog Erlandsen (b. 1989) is a Norwegian
adventurer, musician and world record holder. In 2025
Håkon was a part of the first team to climb the north
side of Mount Everest (from Tibet), being a crucial part
of the team opening the route for foreigners on the
north side of the mountain. Håkon has the last years
been travelling all continents to preserve and promote
international native music and culture. In 2025 Håkon
also climbed Carstensz Pyramid in Papua New Guinea
as the last part of completing the Seven Summits. A
feat he is doing with his saxophone, being the first in the
world to do so.
Cultural events
Mo i Rana Pride: In 2023, Rana Gruber became the main
partner of Mo i Rana Pride - a nonprofit organisation that
organises the annual LGBT Pride Festival in the city. The
festival celebrates equality, freedom and love and con-
tributes to highlighting gender and sexual diversity for a
week in the community. The support is intended not only
to promote a positive, safe and inclusive culture at Rana
Gruber, but also to support LGBT Rights and diversity in
the community at large.
Sports
Rana Football Club (Rana FK): Rana Gruber is a part-
ner of the local football club, Rana FK. The football club
shares the same values as the company and demon-
strates a commitment to social responsibility by prior-
itising grassroots football over top-level competitions
and actively works towards equality and diversity. Offer-
ing inclusive activities to all members of the community
is a central goal. Moreover, part of the funding is ear-
marked to address social inequalities, which is in line
with the overall goal of Rana Gruber's contribution to the
local sports club. In addition to Rana Gruber support-
ing Rana FK, its largest collaboration partner has also
stepped in and supported Rana football club and their
work to offer inclusive activities to all members of the
community is a key goal.
Bossmo & Ytteren IL (sports club): In 2023, Rana Gruber
entered a three-year partnership with Bossmo & Ytteren
IL (B&Y IL). Recognised as one of northern Norway's larg-
est multi-sport clubs, B&Y IL offers activities including
football, handball, biathlon and Nordic skiing to appeal to a
wide demographic and encourage physical activity among
children and young people. Skillevollen ski centre is also
a facility utilised by the entire municipality. The club has a
strong presence in the local community and is committed
to making sport accessible to all. The agreement between
Rana Gruber and B&Y IL includes a clause stipulating that
10 per cent of the support will be used to ensure equal
participation in sporting activities for athletes and families,
regardless of their financial circumstances.
Arctic Circle Raceway: Rana Gruber is a sponsor and
co-owner of Arctic Circle Raceway (ACR), which is a mot-
orsport facility located on a former mining area oper-
ated by the company. In the beginning, Rana Gruber
sponsored the construction, and thereafter the company
joined a group of investors to buy the facility. This is an
example of how Rana Gruber contributes to activities in
the local community.
Rana FKHåkon W. Skog Erlandsen
RANA GRUBER ANNUAL REPORT 2024 173SUSTAINABILITY STATEMENT
In addition to the above-mentioned contributions, the fol-
lowing organisations and facilities received support from
Rana Gruber in 2024:
Athletes
Rikke Kalkenberg
Preben Horven
Lars Johan Hovind
Emilie Ågheim Kalkenberg (recruit national team
athlete)
Benedicte Stien Schreiner
Kristian Skjømming (recruit national team athlete)
Birk Fjellheim
Erik Leiråmo
Kristine Sandstedt Ingebrigtsen
Sports activities and sports events
Dunderlandsdalen shooting team
Stålhallen in Mo i Rana (sports hall)
Fageråsbakkene in Mo i Rana (Ski jumping hill)
The Blåvegen ski race
Skonseng sports club
Storforshei sports club
Rana handball club
Rana athletics club
Rana slalom club
First Lego League
Arctic Circle ski team
Max Arena (sport hall)
Rana løpskarusell
Rana Gruber-cup (soccer tournament)
Toppidrettsfondet
Junior National championship in nordic combined
Rana Gruber sports association (bedriftsidrettslaget)
Cultural activities
Vintersenteret Nordland (science centre)
Rana Kormakeri (choir)
Båsmokoret (choir)
Grottenkonsert in Plura Valley (concert)
Haukneskoret (choir)
Non-profit organisations and aid agencies
The Bellona Foundation (non-governmental
organisation)
Frivillighetssentralen (the volunteering centre)
BUA (aid organisation)
The Salvation Army (aid organisation)
Going forward, Rana Gruber will continue its efforts to
respect the social, cultural, and political rights of local
communities, both locally and globally. The company will
continue to support local suppliers as well as strength-
ening due diligence processes regarding communities
that might be affected across the value chain.
Rana Gruber shall also continue to work closely with
trade unions, the local communities and neighbours
nearby operation sites as well as the reindeer herding
district. Furthermore, the company will continue its com-
mitment to supporting various initiatives and projects in
the local community, such as local events, sports teams,
and cultural activities that contribute to an equal and
diverse community in the area.
Metrics and targets
S3-5:
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks
and opportunities.
Rana Gruber’s ambition is to continue to be a stable,
responsible, and significant contributor to local value
creation.
As of 2024, the company has not set time-bound and
outcome-oriented targets related to reducing negative
impacts on affected communities; and/or advancing pos-
itive impacts on affecting communities; and/or managing
material risks and opportunities related to affected com-
munities.
RANA GRUBER ANNUAL REPORT 2024174 SUSTAINABILITY STATEMENT
Arctic Circle Raceway
RANA GRUBER ANNUAL REPORT 2024 175SUSTAINABILITY STATEMENT
RANA GRUBER ANNUAL REPORT 2024176 SUSTAINABILITY STATEMENT
Governance information
Business conduct (ESRS G1)
Rana Gruber shall be a serious and dependable com-
pany and business partner and, therefore, maintain high
standards of business ethics and integrity. All business
operations shall be conducted in accordance with the
principles of responsible, ethical, and fair business prac-
tices and must, at a minimum, comply with applicable
laws and public regulations.
Governance
ESRS 2 GOV-1:
The role of the administrative, supervisory and
management bodies
Rana Gruber seeks to maintain high standards for corpo-
rate governance and believes that strong corporate gov-
ernance is decisive for value creation.
Corporate governance at Rana Gruber shall be based on
the following main principles:
Rana Gruber shall at all times comply with all laws
and regulations that apply to the company.
The board shall ensure that the company has
appropriate corporate governance.
The company shall at all times seek to comply with the
recommendations in the Norwegian Code of Practice for
Corporate Governance and operations must be conducted
in accordance with high ethical standards. Furthermore,
Rana Gruber shall actively take social responsibility.
Rana Gruber’s corporate governance principles are
determined by the board of directors, which has the
overall responsibility for ensuring that the company has
a high standard of corporate governance. The board
has prepared a corporate governance policy document
addressing the framework of guidelines and principles
which regulate the interaction between the sharehold-
ers, the board, and the CEO. The corporate govern-
ance policy can be changed by the board and shall be
reviewed by the board on a regular basis.
The board of directors has provided a statement on the
company’s corporate governance as referenced to in the
directors’ report. For further information, please refer to
the Corporate governance statement on page 18.
Strategy
ESRS 2 SBM-3:
Material impacts, risks and opportunities and their
interaction with strategy and business model
As part of the double materiality assessment, Rana Gru-
ber has identified significant impacts, across the value
chain associated with business conduct. This includes
the subtopics defined in ESRS 1, AR 16, all of which are
deemed material except animal welfare. In the reporting
year business conduct was assessed as not having finan-
cial materiality. The company therefore only disclose on
material impact.
Material impact
The company is aware of the importance of responsible
business conduct across the value chain. In the double
materiality assessment Rana Gruber identified several
impacts of significance across the value chain:
Upstream activities
Rana Gruber is dependent on suppliers from all over
the world to provide products and services crucial for
the company’s business activities. Potential negative
impacts identified in the materiality assessment includes
corruption and bribery in the supply chains. To manage
adverse impact, Rana Gruber has implemented policies
and guidelines covering these topics which are man-
datory for the suppliers to comply with. This includes
among others a Supplier Code of Conduct (SCoC) and a
policy on bribery, corruption, and fraud. For more infor-
mation about the policies, please refer to disclosure
requirement G1-1.
Own operations
The materiality assessment identified a strong company
culture enhancing high standards of corporate govern-
ance and sustainability matters as a positive impact the
company has regarding people, the planet, and the econ-
omy. Protection of whistleblowers was identified as a
potential negative impact, if not handled accordingly to
the company policy and routines regarding whistleblow-
ing. Further, a potential negative impact regarding cor-
ruption and bribery was also identified, even though the
likelihood of this occurring is considered low.
RANA GRUBER ANNUAL REPORT 2024 177SUSTAINABILITY STATEMENT
To handle these potential negative impacts, Rana Gruber
has established policies and procedures addressing the
above-mentioned issues. These are described in detail in
disclosure requirement ESRS G1-1.
Downstream activities
During the materiality assessment, no actual or potential
negative or positive impacts of significance were identi-
fied related to downstream activities.
Impact, risk and opportunity management
ESRS 2 IRO-1:
Description of the processes to identify and assess
material impacts, risks and opportunities
To identify impacts, risks and opportunities in relation
to business conduct, Rana Gruber has conducted a dou-
ble materiality assessment in line with ESRS 1, chapter
3. For further information about the double material-
ity assessment, please refer to disclosure requirement
IRO-1 on page 100.
G1-1:
Corporate culture and business conduct policies and
corporate culture
Rana Gruber shall be a serious and dependable com-
pany and business partner and have high standards
in responsible business ethics and integrity. All busi-
ness operations shall be conducted in accordance with
the principles of responsible, ethical, and fair business
practices and must, as a minimum, comply with appli-
cable laws, international instruments and public regula-
tions. The same level of responsible business conduct is
expected of suppliers and business partners of the com-
pany. To govern high standards of responsible business
conduct across the value chain Rana Gruber has imple-
mented policies, principles and guidelines with respect
to responsible business ethics and integrity.
The policies and procedures for apply to the company,
all employees, contractors, consultants and other per-
sons acting on behalf of Rana Gruber. All managers
are responsible for making the policies known in their
organisation and promoting a culture of awareness and
compliance and for monitoring compliance. Training in
responsible business conduct and anti-corruption and
bribery is mandatory for all employees. The company
also expect the same high standard from all suppliers
and business partners, as stated in the Rana Gruber
Supplier Code of Conduct.
Code of Conduct
The Rana Gruber Code of Conduct (CoC) is based on
the ten principles of the UN Global Compact, the UN
Guiding Principles on Business and Human Rights, the
OECD Guidelines for Multinational Enterprises, and the
Towards Sustainable Mining Framework (TSM). The CoC
states that all business operations shall be conducted
in accordance with the principles of responsible, ethi-
cal, and fair business practices and must, as a minimum,
comply with applicable laws and public regulations.
To address remedy, it also highlights that employees are
required to promptly report any suspected violations of
the principles set forth in the document to their immediate
superior in Rana Gruber and that there shall be no retal-
iation against those who report actual or potential con-
cerns. The CoC applies to Rana Gruber and all employees,
including consultants and others acting on its behalf. For
further information about the CoC please refer to disclo-
sure requirement ESRS S3-1 on page 168.
Supplier Code of Conduct
Rana Gruber's Supplier Code of Conduct (SCoC) pro-
motes responsible labour practices and ethical behav-
iour by ensuring that suppliers and business partners
adhere to established standards and guidelines. The
SCoC promotes fundamental human rights, responsible
labour practices and ethical behaviour and is based on
the UN’s Universal Declaration of Human Rights, the UN
Guiding Principles on Business and Human Rights, the
ILO Declaration on Fundamental Principles and Rights at
Work, the OECD Guidelines for Multinational Enterprises
and the Towards Sustainable Mining framework (TSM).
It applies to all suppliers and business partners, hereun-
der sub-suppliers and employees of the supplier/busi-
ness partner. It also extends to consultants and others
acting on behalf of the supplier/business partner.
The SCoC includes an explicit expectation that suppliers
conduct due diligence processes in accordance with the
OECD Due Diligence Guidelines for Responsible Business
Conduct. For further information about the SCoC please
refer to disclosure requirement ESRS S2-1 on page 165.
Anti-corruption and bribery
Rana Gruber's policy on bribery, corruption, and fraud
provides an overview of rules and procedures for pre-
venting corruption and explains how employees should
behave in order to avoid it. The company also has a gifts
and hospitality policy to ensure that all Rana Gruber
employees are aware of the rules and regulations gov-
erning gifts and hospitality in relation to bribery, corrup-
tion, and fraud. In addition, the company has developed a
set of guidelines that comply with Norwegian legislation
and statutory regulations.
No employee shall be held accountable for refusing to
participate in unauthorised payment activities, even if
RANA GRUBER ANNUAL REPORT 2024178 SUSTAINABILITY STATEMENT
RANA GRUBER ANNUAL REPORT 2024 179SUSTAINABILITY STATEMENT
this results in the loss of business opportunities. The
policies on anti-corruption apply to the company, all
employees, and contractors. All managers are respon-
sible for making the policies known in their organisation
and promoting a culture of awareness and compliance
and for monitoring compliance.
Whistleblowing
Rana Gruber has established a whistleblowing proce-
dure in line with the regulations set out in the Norwe-
gian Working Environment Act (Arbeidsmiljøloven). All
employees have the right to report any misconduct or
breaches of the commitments, obligations, and policies
that Rana Gruber upholds towards both employees and
non-employees in the workforce. This includes viola-
tions of legal rules, written ethical guidelines, or widely
accepted ethical norms in society, such as conditions
that may involve danger to life or health, threats to the
climate and environment, corruption or other financial
crimes, abuse of authority, an unsafe working environ-
ment, or personal data breaches.
In collaboration with union officials, the management has
ensured that a whistleblowing system for the report-
ing of irregularities is in place. This also includes proce-
dures for how reported cases should be handled.
Rana Gruber encourages the reporting of misconduct
in accordance with the whistleblowing procedure and is
responsible for ensuring that whistle-blowers do not suf-
fer direct or indirect sanctions. The company will take all
reasonable steps to protect the confidentiality of the per-
son making a report (provided it is lawful to do so) and
will promptly investigate and act when necessary and
required by law. Whistleblowing protection is available
to employees or contractors who disclose certain (pro-
tected) information that the person reasonably believes
is in the public interest.
For further information about remediation of negative
impacts and channels for employees to raise concerns,
please refer to disclosure requirement ESRS S1-3 on
page 153.
The policies and procedures mentioned have been
approved by the management team and revised by the
audit committee. They are available to all employees on
the company intranet and communicated to suppliers
and business partners.
G1-2:
Management of relationships with suppliers
Rana Gruber is committed to responsible business con-
duct and works actively to safeguard and promote fun-
damental human rights and labour rights throughout
the value chain. The Rana Gruber Supplier Code of Con-
duct (SCoC) includes set of principles for responsible
business practices the company expects its suppliers to
abide by.
The SCoC has been embedded in contracts with new
suppliers and business partners from 2024, as well as
the biggest suppliers, and will be part of all new con-
tracts going forward. The company regularly conducts
due diligence in accordance with the OECD Guidelines
for Multinational Enterprises. This includes assessment
of social and environmental matters, partly done as part
of a self-assessment survey that covers topics such as
human rights, decent working conditions, discrimination,
diversity and inclusion, anti-corruption, as well as cli-
mate and environmental factors.
For further information about the Rana Gruber Supplier
Code of Conduct, please refer to disclosure require-
ments ESRS G1-1. For more information about the com-
pany`s due diligence processes, please refer to the topic
standard ESRS S2 (workers in the value chain) and the
transparency act statement in the appendix.
G1-3:
Prevention and detection of corruption and bribery
Rana Gruber actively works against corruption and
bribery, and strictly prohibits any form of facilitating,
offering, or accepting a bribe of any kind to any per-
son, whether private or public, directly or through a
third party. All actions that violate national or interna-
tional law or ethical business conduct are to be avoided.
No gifts, hospitality, or financial benefits or similar may
be offered, promised, given, or accepted by any public
official without the written consent from Rana Gruber.
These principles are stated in the company anti-cor-
ruption and bribery policy as well as the Business
Code of Conduct (CoC). These apply to all employees
and non-employees acting on behalf of the company
and is available on the company intranet. Principles for
anti-corruption is also part of the Supplier Code of Code
of Conduct (SCoC).
As a general principle, the company avoids sourcing
from countries or regions where the risk of corrup-
tion and bribery is known to be elevated. This risk is
assessed using a digital risk matrix and supply chain
tool provided by a third party, based on research, analy-
sis, and data.
In exceptional cases where it becomes necessary to
procure goods from a high-risk country, the company
require all relevant suppliers to complete a self-assess-
RANA GRUBER ANNUAL REPORT 2024180 SUSTAINABILITY STATEMENT
ment scheme. A thorough screening process is con-
ducted as part of this procedure. Additionally, a physical
inspection and on-site visit is carried out before any
orders are placed. In 2024, the company conducted one
such physical inspection in a country where the risk of
corruption and bribery was known to be elevated.
In 2024, the company has conducted risk assessments
related to bribery and corruption within the value chain.
These assessments are carried out for both new and exist-
ing suppliers and business partners. In addition, new sup-
pliers and business partners are risk-assessed through
a third-party evaluation. The company also revised its
anti-corruption and bribery policy in 2024 and provided an
updated training course mandatory for all employees.
In 2024 there has not been any actual risk identified, and
the company has no reason to believe such events have
taken place. However, the company acknowledges that
this does not mean there is no risk for these matters in
the value chain, and the issue will be part of the due dili-
gence assessments going forward.
METRICS AND TARGETS
G1-4:
Confirmed incidents of corruption or bribery
Disclosure
requirement
Paragraph Description Unit 2023 2024
G1-4 24 a Number of convictions for violation of
anti-corruption and anti- bribery laws
Integer 0 0
G1-4 24 a Amount of fines for violation of anti-
corruption and anti- bribery laws
Monetary 0 0
G1-5:
Political influence and lobbying activities
Rana Gruber cooperates closely with Norwegian author-
ities. This includes dialogue and work on operating per-
mits and emission permits, where the Directorate of
Mining and the Norwegian Environment Agency are
important stakeholders. The company also engages reg-
ularly with the Norwegian Ministry of Trade, Industry
and Fisheries, the Confederation of Norwegian Enter-
prise (NHO) and various political parties and politicians
on a local, regional and national level.
In 2024 the company has had an extensive dialogue with
the Directorate of Mining and the Norwegian Environment
Agency regarding a new operating and emission per-
mit. This matter is disclosed further in the topic standard
ESRS E2 (pollution).
The company has continued its dialogue with the Min-
istry of Transport about the train track used from the
mine to the processing plant. The train track is owned by
the authorities (Bane Nor), and large price increases for
use permits were announced in 2023. As Rana Gruber is
dependent on transportation by train for effective opera-
tions as well as meeting the ambitions on fossil free oper-
ations, this has been an issue of risk for the company.
Rana Gruber also engages regularly with non-govern-
mental organisations (NGOs) on different sustainability
matters, partly through a partnership with the envi-
ronmental foundation Bellona. Together the parties are
working to strengthen the environmental work in Rana
Gruber, as well as enhance political engagement regard-
ing issues the company faces in the transition to fossil
free operations. In 2024, the company facilitated a work-
shop with Bellona and all employees that covered envi-
ronmental topics such as electrification, carbon reduction
in the steel industry and alternative use of tailings.
The total monetary value of financial and in-kind political
contributions made directly and indirectly by Rana Gru-
ber is not disclosed in 2024.
G1-6:
Payment practices
Rana Gruber has procedures for payment practices in
place to make sure payments are paid on due date. Most
of the suppliers operates with a 30-day due date, and
some 14 days. There have been no legal proceedings for
late payments in the reporting year.
RANA GRUBER ANNUAL REPORT 2024 181SUSTAINABILITY STATEMENT
Transparency act statement
With reference to the Transparency Act, the purpose of this statement is to provide
information about how Rana Gruber works to promote respect for fundamental human
rights and decent working conditions across the company’s value chain.
Rana Gruber is subject to the Norwegian Act relating
to enterprises' transparency and work on fundamental
human rights and decent working conditions (the Trans-
parency Act). The company recognises the duties out-
lined in the Transparency Act (“the Act”) and regularly
conducts due diligence assessments. Rana Gruber pro-
vides information about its work in line with sections 5
and 6 of the Act, including publishing an annual state-
ment to ensure public access to information regarding
how the company addresses adverse impacts on funda-
mental human rights and decent working conditions.
The transparency act statement provides information
about how Rana Gruber governs responsible business
practices in its own operations and supply chains. Fur-
ther, it highlights the most salient risks related to fun-
damental human rights and labour rights and provides
information about measures that have been imple-
mented to address adverse impacts. It also serves as a
disclosure of due diligence policies, processes and activ-
ities conducted to identify and address actual or poten-
tial adverse impacts and findings such as stated in the
OECD Due Diligence Guidance for Responsible Business
Conduct.
GENERAL INFORMATION
This section of the statement provides a general descrip-
tion of the company and area of operations as well as the
commitments, guidelines and procedures that is imple-
mented to handling actual and potential adverse impacts
on fundamental human rights and labour rights.
About Rana Gruber
Rana Gruber, established in 1964 and with 200 years of
mining expertise, is an iron ore producer located in Mo i
Rana in Northern Norway. With a total of 368 employees
(head count 31.12.2024), the company operates open-pit
and underground mines 35 km from its processing plant.
The plant is located at the coast, with direct access to
Rana Gruber’s port and railway, enabling efficient ore
transportation.
The operations involve iron ore mining and mineral pro-
cessing to yield iron ore concentrate in addition to one
specialised product. Rana Gruber produces hematite and
magnetite concentrates, as well as Colorana pigments.
Robust and sustained production at maximum capacity
resulted in record production totaling 1.84 million metric
tonnes in 2024. The revenue in 2024 was NOK 1.66 billion.
For further information about the company, please see
page 8 in the report.
Commitment to responsible business practices
Rana Gruber is committed to uphold responsible busi-
ness practices throughout the value chain and the com-
pany aims to influence suppliers and producers towards
ethical and sustainable production and fair business
practices at all levels of the value chain.
The company is committed to the UN’s Universal Dec-
laration of Human Rights, the UN Guiding Principles on
Business and Human Rights, the ILO Declaration on Fun-
damental Principles and Rights at Work and the OECD
Guidelines for Multinational Enterprises. These inter-
national instruments set principles for areas such as
human rights and labour rights and is integrated in the
policies and processes the company has implemented to
govern responsible business conduct in both own opera-
tions and the supply chains.
Governance
Rana Gruber’s operations shall be conducted in accord-
ance responsible business conduct and with high eth-
ical standards. The company shall take an active role
regarding social responsibility and must create value for
shareholders in a sustainable way. Therefore, sustain-
ability permeates all operations and the organisational
structure of the company.
The highest level of supervisory bodies in Rana Gru-
ber is the board of directors (“the board”). The board
shall ensure that the company has appropriate cor-
porate governance, including due diligence processes
on fundamental human rights and labour rights. Fur-
thermore, the board has the overall responsibility
for maintaining Rana Gruber’s corporate governance
framework, including its policies and procedures. This
includes a responsibility for compliance with the Trans-
parency Act. The board reviews and sign the transpar-
ency act statement.
RANA GRUBER ANNUAL REPORT 2024182 SUSTAINABILITY STATEMENT
The chief executive officer (CEO) holds the ultimate oper-
ational responsibility for the implementation of the
strategic processes within the company. This includes
compliance with obligations and demands as well as over-
seeing management of impacts caused by the company´s
activities. Furthermore, the CEO has the overall responsi-
bility for securing compliance with the duties in the Trans-
parency Act, hereunder the securing implementation of
due diligence processes, policies and procedures.
The procurement department is responsible for conduct-
ing due diligence as part of the procurements process.
This process is described i further detail on page 185.
The HR department is responsible for ensuring that the
company is a safe, reliable, and responsible workplace
for all employees in the workforce. For more information
on the matter of Rana Gruber's own workforce, please
refer to the topic standard ESRS S1 (own workforce) on
page 147.
Policies and guidelines
Rana Gruber is committed to uphold responsible busi-
ness practices throughout the value chains and the com-
pany aims to influence suppliers and producers towards
ethical and sustainable production and fair business
practices at all levels of the value chain.
The company is committed to the UN’s Universal Dec-
laration of Human Rights, the UN Guiding Principles on
Business and Human Rights, the ILO Declaration on Fun-
damental Principles and Rights at Work and the OECD
Guidelines for Multinational Enterprises. These inter-
national instruments set principles for areas such as
human rights and labour rights and is integrated in the
policies and processes the company has implemented to
govern responsible business conduct in both own opera-
tions and the supply chains.
RANA GRUBER ANNUAL REPORT 2024 183SUSTAINABILITY STATEMENT
Code of Conduct
The Rana Gruber Code of Conduct (CoC) is developed
in line with mentioned international instruments and
states that all business operations shall be conducted
in accordance with the principles of responsible, ethi-
cal, and fair business practices and must, as a minimum,
comply with applicable laws and public regulations.
Supplier Code of Conduct
The Rana Gruber Supplier Code of Conduct (SCoC)
is developed in line with the mentioned international
instruments and promotes fundamental human rights
and labour rights. It applies to all suppliers, collabora-
tors, subcontractors, and employees of the suppliers.
This also extends to consultants and others acting on
behalf of the supplier. Furthermore, the SCoC includes
an expectation that suppliers shall conduct due diligence
processes in accordance with the OECD Due Diligence
Guidelines for Responsible Business Conduct.
To address remedy, both the CoC and SCoC highlights
that the employee/supplier/business partner has a duty
to immediately report to the management in Rana Gru-
ber upon suspicion of any breaches of the principles laid
out the policies and that there shall be no retaliation
against suppliers/business partners or employees of
suppliers/business partners who report actual or poten-
tial concerns. For supplier and business partners meas-
ure shall be in place to allow employees of the supplier
to report concerns anonymously or through a designated
representative.
Due diligence processes
Rana Gruber has implemented due diligence pro-
cesses in line with the OECD Due Diligence Guide-
lines for Responsible Business Conduct. The company
actively work to addresses adverse impacts on value
chain workers. This includes to develop and continu-
ally improving policies, procedures, and processes to
address risks for actual and potential adverse impacts
on fundamental human rights and labour rights.
RANA GRUBER ANNUAL REPORT 2024184 SUSTAINABILITY STATEMENT
In line with the OECD Due Diligence Guidelines for Respon-
sible Business Conduct the implementation of due dili-
gence process is embedded in the responsibility of the
board and management team. There are systems in place
to conduct due diligence regularly and as part of the pro-
curement practices. This includes the system House of
Control that is used to screen suppliers on matters such
as fundamental human rights and labour rights based
on a self-assessment scheme. This serves as one way to
identify and assess actual and potential adverse impacts
in the value chain and the company prioritize suppliers for
self-assessment based on inherent risk level, purchasing
patterns and how critical the supplier or business partner
are to the company’s operations.
In addition to the supplier self-assessment, the company
regularly assess inherent risk in the value chain, related
to countries, goods, and product categories. Supplier
visits is also conducted as part of the due diligence pro-
cesses when needed.
Procurement processes
The company has implemented a procurement process
that ensures efficiency while maintaining compliance
with company policies, hereunder the Supplier Code of
Conduct where policies regarding fundamental human
rights and labour rights is described. Below is a step-by-
step overview of the process.
1. Need Arises
The process begins when an employee identifies the
need for a purchase, whether for goods or services pro-
vided by a supplier or business partner.
2. Requisition created
The designated employee then creates a requisition,
detailing the specific items or services required.
3. Requisition approval
The requisition is submitted for approval according to
the company’s authorization framework. Depending on
the value or type of purchase, this may involve multiple
levels of approval.
4. Processing by the procurement department
Once approved, the requisition is forwarded to the pro-
curement department. Here, the team verifies all details
to ensure accuracy and compliance with procurement
policies. This includes an assessment of risk for adverse
impacts on fundamental human rights and labour rights
when needed, as well as an assessment of the infor-
mation the supplier/business partner provides in the
self-assessment tool.
5. Agreement signed with supplier/business partner
After verification, the procurement department sends
the requisition to the relevant supplier to proceed with
the purchase of the required goods or services. Both
parties (the company and the supplier/business partner)
sign larger agreements, hereunder the Supplier Code of
Conduct.
Whistleblowing mechanisms
Rana Gruber has established a procedure for whistle-
blowing, in line with the regulation on the matter in
the Norwegian Working Environment Act (Arbeidsmil-
jøloven). All employees have the right to report any mis-
conduct or breaches to the commitments, obligations
and policies Rana Gruber has towards own employees
and non-employees in the workforce. This includes legal
rules, written ethical guidelines or ethical norms that
are widely accepted in society, such as conditions that
may involve, danger to life or health, danger to the cli-
mate and the environment, corruption or other financial
crime, abuse of authority, unsafe working environment
or personal data breaches.
Rana Gruber encourages the reporting of misconduct
in accordance with the whistleblowing procedure and is
responsible for ensuring that whistle-blowers do not suf-
fer direct or indirect sanctions. The company will take all
reasonable steps to protect the confidentiality of the per-
son making a report (provided it is lawful to do so) and
will promptly investigate and act when necessary and
required by law. Whistleblowing protection is available
to employees or contractors who disclose certain (pro-
tected) information that the person reasonably believes
is in the public interest.
As of 2024, the company has not established channels
where value chain workers can make their concerns and
needs known directly to Rana Gruber. As part of a due
diligence process, the company has decided to imple-
ment such a solution during 2025.
Reporting and information obligations
In line with the reporting obligation (section 5 in the
Act), the company disclosure information about its due
diligence processes on fundamental human rights and
labour rights annually. The transparency act statement
is made public on ranagruber.no.
In accordance with the obligation to provide information
(section 6 in the Act), the company responds to inquiries
from business associates, journalists, and other stake-
holders. The company has received five inquires with
request for information in 2024. All inquiries have been
answered in line with the duties in the Act.
RANA GRUBER ANNUAL REPORT 2024 185SUSTAINABILITY STATEMENT
ADVERSE IMPACTS AND SIGNIFICANT RISKS OF
ADVERSE IMPACTS
This section of the statement highlights the actual
adverse impacts and significant risks of adverse impacts
on fundamental human rights and labour rights as iden-
tified in due diligence processes.
The due diligence processes have provided the company
with a comprehensive view of its own operations, sup-
pliers and business partners, identifying where there
are significant risks of adverse impacts on fundamental
human rights and labour rights. The due diligence pro-
cesses conducted in 2024 has not identified any actual
adverse impacts.
Own operations
Rana Gruber shall be a safe, reliable, and responsible
workplace for all employees and has procedures and
measures in place for securing a safe workplace for all
employees. As the mining industry is characterised by
physically demanding work and extensive use of machin-
ery and equipment, there is a risk of injury during working
hours. Considering an inherent risk of adverse impacts
related to health a safety, the company has implemented
policies, systems and procedures securing a high level of
HSE-standards in all areas of the operations. All employ-
ees and non-employees are covered by the HSE system.
Other measures to secure a safe workplace for all
employees is implemented (as a minimum) in line with
obligations with the Norwegian Working Environment
Act. The company also aims to enhance equality and
diversity in the workplace. Considering these measures,
the risk for actual and potential adverse impacts on the
workforce in relation to violation of fundamental human
rights and labour rights is considered to be low at the
time being.
For more information on these matters, please refer to
the topic standard ESRS S1 (own workforce) on page 147.
Supply chain and business partners
The greatest risk of actual and potential adverse
impacts on fundamental human rights and labour rights
is located in the company`s supply chain activities. Rana
Gruber is dependent on global and complex supply
chains and have almost 350 permanent first tier suppli-
ers (limited to suppliers with an annual spend of over
100 000 NOK). 90 per cent of these are based in Norway,
with the remaining per cent spread across Scandinavia,
Europe, and the US. Most of these suppliers have pro-
duction facilities in Norway and Europe but are never-
theless dependent on sub-suppliers across the world. In
terms of sub-suppliers, the company has less insight at
the time being due to a global and complex supply chain
with a great lack of transparency.
The due diligence processes highlight products such as
machinery, where activities such as extraction and pro-
cessing of minerals and metals inherence salient risk for
adverse impacts. There is also a salient risk of violations
of labour rights aboard the ships transporting products
from the suppliers to Rana Gruber.
On a general level, the company has identified lack of
transparency in the global supply chain the company
is dependent on. This makes it challenging to conduct
thorough due diligence processes. Furthermore, the
company has insufficient internal resources to monitor
suppliers in line with the OECD Guidelines. As a result,
sourcing may be made without sufficient focus on fun-
damental human rights and labour rights. The company
is therefore working actively to strengthen governance,
policies, and procedures in this area.
Indigenous peoples
The company closely monitors actual and potential
adverse impact affecting the local community of Indige-
nous peoples, represented by the reindeer herding dis-
trict (Saltfjellet Reinbeitedistrikt). In 2024, the district
was affected by the company`s reopening of an open
pit at Stensundtjern in Mo i Rana. The company imple-
mented measures in this regard which is described
below.
MEASURES TO CEASE ACTUAL ADVERSE IMPACTS
OR MITIGATE SIGNIFICANT RISKS OF ADVERSE
IMPACTS
This section of the statement highlights measures the
company has implemented or plans to implement to
cease actual adverse impacts or mitigate significant
risks of adverse impacts.
Implemented measures
The company has implemented measures to mitigate
risk for adverse impacts on different levels:
Governance
Implemented a Code of Conduct and Supplier Code of
Conduct in line with international instruments such as
UN’s Universal Declaration of Human Rights, the UN
Guiding Principles on Business and Human Rights, the
ILO Declaration on Fundamental Principles and Rights
at Work and the OECD Guidelines for Multinational
Enterprises.
Conducts due diligence in accordance with the OECD
Guidelines for Multinational Enterprises on a regularly
basis and as part of the procurement process.
RANA GRUBER ANNUAL REPORT 2024186 SUSTAINABILITY STATEMENT
Procurement processes has been centralized
to strengthen responsible practices and is now
facilitated by a dedicated procurement resource.
This reorganisation has increased the efficiency of
working with suppliers on procurement policies
and contributes to an overall improvement of due
diligence in procurement practices.
In 2024, training courses in responsible business
conduct (including principles in the CoC and
SCoC) was developed and made mandatory for all
employees in the company. In addition, training in
anti-corruption and bribery has been conducted.
Supply chain and business partners
Rana Gruber Supplier Code of Conduct is
implemented in the company’s procurement system
to ensure that principles are being communicated to
suppliers and business partners before going into
agreements.
Screening of suppliers on matters such as
fundamental human rights and labour rights based
on a self-assessment scheme. In 2024, about 50
per cent of Rana Gruber`s biggest suppliers have
conducted the self-assessment. The company have
also implemented a simplified version of the self-
assessment to be used for smaller businesses to
improve the response rate. All suppliers that the
company categorize as critical have responded to the
self-assessment.
In addition to the supplier self-assessment, the
company regularly assess inherent risk in the value
chain, related to countries, goods, and product
categories.
Supplier visits is also conducted as part of the
due diligence processes, and in 2024 the company
conducted supervision/audits at three first-tier
suppliers located in Norway, Sweden and Türkiye.
Indigenous peoples
Protection of marginalized populations, communities,
and Indigenous peoples is integrated in the policies
Rana Gruber has implemented to govern responsible
business conduct across the value chain (CoC and
SCoC).
The company seeks to have a close and constructive
dialogue with the reindeer herding district (Saltfjellet
Reinbeitedistrikt) and meets with representatives
once a year, or more often if needed.
Due to impact on the reindeer herding district caused
by the reopening of an open pit, the parties negotiated
a new interacting agreement at Stensundtjern in Mo i
Rana in 2024.
As part of the agreement a study will be carried out
by Rana Gruber which will map the consequences for
the reindeer herding district and propose mitigation
measures if needed. The operations will proceed in
2025 and will include frequent dialogue between the
parties.
For measures regarding own operations and employees,
please see the topic standard ESRS S1 (own workforce)
on page 147.
Measures the company plan to implement
Going forward Rana Gruber aims to strengthen is due
diligence processes by improving engagement with
value chain workers and their representatives. In addi-
tion, efforts will be made to foster closer dialogue with
more suppliers and business partners regarding due dil-
igence assessments.
The effect of the implemented and planned measures
motioned above is more thorough due diligence pro-
cesses which will contribute to a greater understanding
of actual adverse impacts and significant risks of adverse
impacts on fundamental human rights and labour rights
across the value chain. The company aims to enhance
transparency in the value chain and will strive to get
more knowledge and understanding of sub-suppliers,
input factors etc. going forward.
RANA GRUBER ANNUAL REPORT 2024 187SUSTAINABILITY STATEMENT
RANA GRUBER ANNUAL REPORT 2024188 SUSTAINABILITY STATEMENT
Norwegian equality and anti-discrimination act statement (ARP)
Part one of this statement describes a mapping of gen-
der balance, salary and involuntary part-time work. The
figures apply to 2024.
Part two describes the company’s work to promote
equality and diversity, and to prevent discrimination and
harassment, in accordance with the Norwegian Equal-
ity and Anti-Discrimination Act. The mapping was done in
accordance with the working method described in the Act
and includes all areas of discrimination and applies to all
employees and non-employees that are a part of the com-
pany`s workforce. The board and executive management
of Rana Gruber are involved in the company’s work with
equality and anti-discrimination. A description of this can
be found in the board of directors’ report on page 35.
PART ONE: STATUS FOR GENDER EQUALITY IN
RANA GRUBER
Salary differences and part-time work
Salary, and any salary differences between men and
women, are continuously monitored in the company. In
2024, an assessment was made by comparing the average
salary within, but not between, four employee categories:
operators, clerks, technical professionals and managers.
In the disclosed salary figures from the reporting year
2023, the total compensation including bonuses and
incentive schemes were included in the salary figures
for 2023. This is corrected in 2024, and only the fixed
salaries are included. Total gender balance data reflect
only permanent employees, as the number of temporary
workers fluctuates and would not provide a reliable rep-
resentation.
The results for each employee category are presented in
the tables below, and explanatory notes are attached.
The salary survey from 2024 shows that the company
does not have objectionable gender differences when
it comes to salary. Any differences have their natu-
ral explanation (seniority etc.). Salary differences are
reviewed annually with union representatives.
A total of 1 non-binary, 59 women and 275 men worked
as full-time employees at Rana Gruber in 2024. The pro-
portion of women per 31 December 2024 was 17.6 per
cent.
Table 1.1: Total gender balance*
Women Men Other Total Per cent
2023 59 281 1 341 17.3%
2024 59 275 1 335 17.6%
* Only permanent employees
Table 1.2: Temporary employees*
Women Men Total Share of women
Per cent of total
employees
2023 11 3 14 78.6% 3.7%
2024 3 10 13 23.1% 3.5%
* Temporary employees do not include the apprentices and substitutes
Table 1.3: Apprentices
Women Men Total Share of women
Per cent of total
employees
2023 6 20 26 23.1% 6.8%
2024 5 15 20 25.0% 5.4%
RANA GRUBER ANNUAL REPORT 2024 189SUSTAINABILITY STATEMENT
Table 1.4: Part-time positions
Women Men Total Share of women
Per cent of total
employees
2023 1 4 5 20% 1.3%
2024 0 4 4 0% 1.1%
Table 1.5: Parental leave (average number of weeks)
Women Men Total
2023 14 9 11
2024 19 13 15
Tables 2.1 - 2.4: Salary, gender and involuntary part-
time
The tables below apply to 2024. Numbers from 2023 are
included as reference.
Table 2.1: Salary differences between men and women
The difference in average salary for women and men
is largely based on the collective agreement’s provi-
sions for seniority supplements, as there are relatively
few women with more than ten years of employment in
the company. The difference can also be traced to the
fact that there are fewer female team leaders and fewer
women working in the underground mine, which often
involves associated compensation.
Women Men
Women's salary in
percentage of men's
2023 694 319 739 562 93.9%
2024 766 030 804 330 95.2%
The company has assessed salary differences between
men and women in four different employee categories
(operators, office/mercantile positions, technical super-
visors, and managers) based on average annual salary,
including fixed pay, overtime pay, and variable pay.
The results for each employee category are displayed in
the tables below.
Table 2.2.1: Salary differences between men and
women, operators
The operator's category consists of team leaders, core
workers, specialised workers, and auxiliary workers
from all departments of the operation.
This category is covered by both general and compa-
ny-specific collective agreements, which regulate how
the salaries for this group are determined. Specifically,
salaries and supplements are determined according to
working conditions, seniority, and responsibilities, inde-
pendent of other potential differences between individ-
ual employees. Which means that operators who work in
the same place, have the same responsibilities, and the
same level of seniority, have the same salary. The dif-
ference in average salary for women and men is largely
based on the collective agreement’s provisions for sen-
iority supplements, as there are relatively few women
with more than ten years of employment in the company.
The difference can also be traced to the fact that there
are fewer female team leaders, whose responsibility
implies salary compensation, and to the fact that there
are fewer women working in the underground mine,
which involves working conditions with an associated
compensation.
2023
Operators Women Men
Women's salary in
percentage of men's
Employees 39 218
Average yearly salary (NOK), fixed salary 647 282 702 760 92%
Payments in kind (NOK) 13 125 13 125 100%
RANA GRUBER ANNUAL REPORT 2024190 SUSTAINABILITY STATEMENT
2024
Operators Women Men
Women's salary in
percentage of men's
Employees 39 209
Average yearly salary (NOK), fixed salary 699 275 754 094 93%
Payments in kind (NOK) 24 229 24 229 100%
Table 2.2.2 Salary differences between men and
women, office/mercantile positions
The office/mercantile positions category includes office
positions, mercantile positions, and positions within IT,
warehousing, purchasing, marketing, personnel and
finance. Some positions are covered by both general and
company-specific collective agreements, while others do
not fall under any collective agreement.
In this group, there is a relatively large proportion of
women with several years of employment in the com-
pany compared to men, which has effects on the average
salary. The lower average salary in 2024 compared to
2023 is due to a higher proportion of younger, lower-paid
employees following the departure of older, higher-paid
employees through attrition.
2023
Office/mercantile positions Women Men
Women's salary in
percentage of men's
Employees 6 5
Average yearly salary (NOK), fixed salary 860 095 843 344 95%
Payments in kind (NOK) 13 125 13 125 100%
2024
Office/mercantile positions Women Men
Women's salary in
percentage of men's
Employees 6 7
Average yearly salary (NOK), fixed salary 817 160 805 437 95%
Payments in kind (NOK) 24 229 24 229 100%
Table 2.2.3 Salary differences between men and
women, technical officers
The technical officer's category includes employees with
engineering background or other shorter practically ori-
ented educational backgrounds.
Women and men with the same education, experience
and responsibilities have similar salaries in this cate-
gory. However, several men are seniors who have gone
from management positions to technical officer positions,
while keeping the same salary, which explains the differ-
ence in average salary.
2023
Technical officers Women Men
Women's salary in
percentage of men's
Employees 10 43
Average yearly salary (NOK), fixed salary 783 991 850 338 92%
Payments in kind (NOK) 13 125 13 125 100%
2024
Technical officers Women Men
Women's salary in
percentage of men's
Employees 13 42
Average yearly salary (NOK), fixed salary 855 554 906 225 94%
Payments in kind (NOK) 24 229 24 229 100%
RANA GRUBER ANNUAL REPORT 2024 191SUSTAINABILITY STATEMENT
Table 2.2.4 Salary differences between men and
women, managers
The managers category ranges from operations manag-
ers to top management positions. Most female manag-
ers belong to the higher management levels, while most
male managers belong to lower management levels,
which explains the difference in average salaries.
2023
Managers Women Men
Women's salary in
percentage of men's
Employees 5 16
Average yearly salary (NOK), fixed salary 1 374 100 1 358 425 101%
Payments in kind (NOK) 13 125 13 125 100%
2024
Managers Women Men
Women's salary in
percentage of men's
Employees 4 16
Average yearly salary (NOK), fixed salary 1 468 184 1 550 320 95%
Payments in kind (NOK) 24 229 24 229 100%
Table 2.3 Gender distribution at different occupational levels/groups*
2023 2024
Position Women Men Other
Share of
women Women Men Other
Share of
women
Operators 38 218 1 17.4% 38 209 1 18.2%
Office/mercantile positions 6 5 - 120.0% 6 7 - 85.7%
Technical officers 10 43 - 23.3% 13 42 - 31.0%
Managers 5 16 - 31.3% 4 16 - 25.0%
* Only permanent employees.
Work which is involuntarily part time
Part-time positions have only been established on
request from employees for seniority or health reasons.
The company has never advertised part-time positions.
Table 2.4 Involuntary part-time work among women and men (number and/or share of all employees)
Gender diversity Temporary employees Parental leave Part time positions
Positions that are
involuntarily part time
Women Other Men Women Men Women Men Women Men Women Men
2023 59 1 281 4 16 7 14 0 9 0 0
2024 59 1 275 3 10 11 19 0 4 0 0
RANA GRUBER ANNUAL REPORT 2024192 SUSTAINABILITY STATEMENT
PART TWO: RANA GRUBER’S WORK TOWARDS
EQUALITY AND NONDISCRIMINATION
Rana Gruber considers diversity a key resource and
strength, prioritising the creation of a safe and inclu-
sive workplace where every employee feels respected.
This commitment stems from the understanding that
a diverse and inclusive culture enhances well-be-
ing, boosts productivity and innovation, and ultimately
strengthens the company's overall performance. A pos-
itive work environment can also lead to higher job sat-
isfaction, reduced sick leave and improved employee
retention, crucial for sustainable growth and the attrac-
tion of top talent.
To achieve this, Rana Gruber mandates that all manag-
ers actively and consistently promote gender equality,
inclusivity, and diversity. All employees are informed
about the company's principles and goals in this area.
Building on an extensive 2023 analysis that mapped
existing conditions and identified measurable objectives,
Rana Gruber continues its ongoing collaborative efforts
with management and employees to promote equality,
diversity, and anti-discrimination in 2024.
Equality Strategy
Rana Gruber's commitment to equality and diversity, as
described above, is formalised in the Equality Strategy,
adopted by the board in 2023. This strategy prohibits
discrimination and harassment based on gender, preg-
nancy, maternity leave, adoption and other caregiving
responsibilities, ethnicity, religion, beliefs or life stance,
disability, sexual orientation, gender identity, gender
expression, and age (collectively referred to as “grounds
of discrimination”), in accordance with the Equality and
Anti-Discrimination Act. The commitment extends to
other relevant personal characteristics and combina-
tions thereof. The strategy includes specific metrics to
guide the company's efforts, detailed below.
Policies and guidelines
Rana Gruber’ Equality Policy emphasises equal treat-
ment and zero tolerance for discrimination and harass-
ment. The company upholds these principles across
the organisation, encompassing all areas of discrimina-
tion defined in the Equality and Anti-Discrimination Act:
recruitment, pay/working conditions, promotion, devel-
opment opportunities, work-life balance, and combating
any harassment/violence. These standards are expected
of all contractors, suppliers, and business partners.
Additionally, Rana Gruber maintains policies and pro-
cedures for whistleblowing, data privacy (GDPR), and
workplace health and safety.
The company's continuous equality and anti-discrimina-
tion efforts follow a four-step process:
1. Investigating and mapping,
2. Analysing causes,
3. Initiating measures and,
4. Evaluating the outcomes of the efforts
Investigating and mapping (1) and analysing causes
(2):
Rana Gruber has formed a working group with repre-
sentatives from the management, HR and employee rep-
resentatives to regularly assess potential discrimination
risks and barriers to equality based on the discrimina-
tory indicators and areas of discrimination.
In 2024, the working group addressed several areas
as part of the assessment conducted in the reporting
year.
Existing policies in line with the checklist provided by
the Equality and Anti-discrimination Act.
The physical conditions of the workplace in relation
to various discriminatory indicators, e.g. universal
design.
As part of the assessment the working group analysed
the causes of the identified risks:
The ambitions, guidelines, policies and actions
related to gender equality and diversity can be even
better communicated within the organisation.
Mining has traditionally been a male-dominated
industry. In 2024, 59 of the company’s total of 335
employees were women.
Several work tasks in the company are characterised
by requirements for good health and strong physique
due to physical tasks.
Hiring people with disabilities presents challenges
due to the physically demanding nature of the jobs
and associated safety concerns and regulations.
The company acknowledges that there might be
challenging for older employees due to the physically
demanding jobs.
Challenges in providing adequate work assignments
for pregnant employees unable to continue working
in the mine due to health and safety regulations.
There is an internal style of communication and
jargon that may be perceived as exclusive, but not
more at Rana Gruber than any other company in the
industry.
Rana Gruber is located in a region with less ethnic
diversity than some other regions, and the diversity
of the company reflects that.
RANA GRUBER ANNUAL REPORT 2024 193SUSTAINABILITY STATEMENT
Historically, the company has had several employees
from the same families, which can present challenges
related to facilitating family life.
Mining and processing plants are by nature
restrictive in terms of accessibility (e.g. universal
design).
The company has a requirement that employees
must be competent in a Scandinavian language. This
is rooted in safety regulations. Nevertheless, this can
be an obstacle to a diverse workplace, especially for
foreign jobseekers.
The shift work model offers little flexibility for
working hours, which can affect the facilitation of
family life and thereby gender equality.
This analysis forms the basis for several initiated meas-
ures described in the following section.
Initiating measures (3)
To address identified risks, Rana Gruber has imple-
mented several measures:
Regular working group reviews, at least once a year.
Initiatives to encourage women’s advancement in
the company and attract more women to the mining
industry. For example, encouraging women to apply
to internal positions and participate in various training
courses.
Ensure a safe work environment for women in the mine
by providing necessary accommodations and support.
Assess and plan for accommodations for pregnant
employees who cannot continue to work in the mine
due to safety regulations, to the extent possible.
Employees who are not familiar with a Scandinavian
language enrol in Norwegian courses.
Continuously assess the need for accommodations for
minority groups.
Strengthen internal communication to ensure that the
policies, along with related guidelines, is effectively
communicated throughout the organisation.
Identify and initiate physical measures that satisfies
universal design requirements and other physical
measures that can help promote equality and diversity.
Assess individual adjustments to working conditions
and consider the possibility of systematising and
effectively communicating these changes to ensure
that all employees are well informed about the
arrangements.
Updating the board regularly on equality and diversity
measures and ongoing efforts.
To promote inclusivity, the company is actively
fostering a culture of respect.
Issuing an employee survey to assess the company's
efforts in promoting equality and preventing
discrimination. This survey is conducted at the end of
each year, representing the final step (Step 4) of the
continuous process outlined in the Act.
Evaluate the results of efforts (4)
Rana Gruber uses four strategic measures to track pro-
gress: (1) increasing gender balance within own employ-
ees; (2) accommodating employees with disabilities; (3)
accommodating employees from minority backgrounds;
and (4) building an inclusive culture.
Results in 2024:
1. Gender balance
Current female to male ratio 17.9 per cent (60 out of 335
employees), a small increase since prior year. The goal is
to reach 30 per cent by 2030 and consequently increase
the gender balance within the company. There has been
a slight increase in the number of women working within
the mine operations.
Year Per cent Amount
2021 18.2% 52 out of 286
2022 16.1% 46 out of 286
2023 17.3% 59 out of 341
2024 17.6% 59 out of 335
…
2030 30.0% 101 out of 335
Initiatives to increase female representation include
school visits, awareness-building meetings, manage-
ment training, both internal and external communication
improvements, equality and anti-discrimination training,
establishing in-house ambassadors, engagement with
educational institutions, and actively promoting women’s
advancement and recruitment within the company.
2. Accommodating employees with disabilities:
Rana Gruber is committed to inclusivity and is looking
for other possibilities to support, assess and improve the
physical and psychological work environment for employ-
ees with disabilities. The company also partner with the
Norwegian Labour and Welfare Administration (NAV) to
provide accommodated work arrangements for employ-
ees facing health challenges, ensuring each individual's
needs are met. Additionally, Rana Gruber ensures that if
employees experience injury or illness that prevents them
from performing their regular duties, the employee and
their manager jointly explore the possibility of alternative,
adapted work tasks, to the greatest extent possible.
3. Accommodating employees with minority
backgrounds:
Rana Gruber is committed to fostering a diverse and
RANA GRUBER ANNUAL REPORT 2024194 SUSTAINABILITY STATEMENT
inclusive workplace that values employees from all
backgrounds. Currently, the company has employees
with different nationalities and continuously assess how
the company can a accommodate all employee’s needs.
Rana Gruber is implementing several key measures to
facilitate and encourage employees with minority back-
grounds to work at the company, such as offering lan-
guage courses to help those with language barriers.
4. Building an inclusive culture:
The company is committed to building an inclusive work-
place culture. Rana Gruber has formulated a strategy
anchored in clear and measurable metrics that serves
as guiding benchmarks for our actions:
Rana Gruber's 2024 internal culture assessment is
reflected in employee surveys, the equality strategy,
and leadership training.
An employee survey was conducted in 2024 with a
60 per cent response rate. These results are further
discussed in the Sustainability Report.
Sponsoring the local Pride-festival
Using gender neutral terms
Rana Gruber anticipates these initiatives will increase
female recruitment, increase diversity, and better sup-
port employees with disabilities, fostering an even more
open and inclusive workplace aligned with the Equality
and Anti-discrimination Act.
RANA GRUBER ANNUAL REPORT 2024 195SUSTAINABILITY STATEMENT
Rana Gruber ASA
Postal address:
P.O. box 434
NO-8601 Mo
NORWAY
Visitor address – Mo i Rana:
Rana Gruber ASA
Mjølanveien 29
NO-8622 Mo i Rana
NORWAY
ranagruber.no