Q4 2024 Nordic Mining ASA Earnings Call Transcript
Key Points
- Nordic Mining ASA (FRA:7NM0) achieved a significant milestone by producing the first kilos of mineral concentrates before Christmas, marking progress in their production ramp-up plan.
- The Engebo construction phase has been completed without any Lost Time Injuries, highlighting a strong safety record.
- The company exited the fourth quarter with a solid cash position of NOK467 million, indicating strong financial health.
- Nordic Mining ASA (FRA:7NM0) has secured contracts for the full production of rutile for the first five years, providing revenue stability.
- The Kvinnherad Quartz project has shown promising results in initial test work, indicating potential for future development.
- There have been unforeseen challenges during the ramp-up phase, causing potential delays in reaching full production capacity by up to one quarter.
- The company experienced a soft demand in the pigment sector due to global conflicts and uncertainties, affecting market conditions.
- Currency fluctuations have negatively impacted earnings, with a non-cash negative effect of NOK135 million due to the US dollar-nominated bond loan and royalty agreement.
- The ramp-up speed has been slower than anticipated, leading to a delay in achieving positive cash flow, now expected in the second half of 2025.
- Operational costs and delays have contributed to a lowered low point liquidity estimate, raising concerns about financial obligations.
Good morning, everyone, and welcome to this fourth-quarter interim presentation here at Nordic Mining. My name is Ivar Fossum. I'm the CEO of Nordic, together with CFO, Trond Meling, and Managing Director of Engebo, Kenneth Nakken Angedal. We will jointly give you the presentation this morning. As usual, please note that the full interim report and the presentation has been published in our release this morning, and this webcast will be recorded and also published on our web page.
So with that, let us begin. We have a very standard agenda this morning. After my brief introduction, Kenneth will take you through the details of Engebo and where we are at present before I tell you a little bit about the market outlook, as well as an update of our Quartz project before Tord will finalize with an update on financials. As normal, please remember that you can post your questions during our presentation and we will read them up in our Q&A session towards the -- when we have finalized our presentation.
So let's start and once again, it
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