Q2 2025 Nordic Mining ASA Earnings Call Transcript
Key Points
- Nordic Mining ASA (FRA:7NM0) successfully commenced production of rutile with a target to have volumes ready for shipment by the end of the quarter.
- The company recorded its first revenues from the Engebø project, amounting to NOK2.7 million from the sale of garnet shipments.
- The garnet abrasive market is experiencing strong demand, with curtailments in supply from South Africa and delays in Australia, benefiting Nordic Mining ASA (FRA:7NM0).
- The company has a solid cash position, ending the quarter with NOK438 million, providing sufficient liquidity to support operations until achieving cash flow positivity.
- The Engebø plant is now fully operational across all stages, from crushing to final product, marking a significant operational milestone.
- Nordic Mining ASA (FRA:7NM0) reported an operating loss of NOK103 million for the quarter.
- The company faced high operational expenses and extraordinary costs due to challenges at the plant, including issues with slurry pumps.
- The Court of Appeals ruled in favor of NGOs challenging key permits for the Engebø project, creating potential legal uncertainties.
- Production volumes remain low despite increased throughput, with the dry separation plant operating at only 50% of designed capacity.
- Operational activities resulted in a negative cash flow of NOK93 million, highlighting ongoing financial challenges.
Welcome to Nordic Mining's presentation of our second quarter results. My name is Finn Marum, and I will be presenting main highlights from the quarter. Following that, Kenneth Nakken Angedal, who's the Managing Director of our Engebø plant, will talk about operations, and finally, our group CFO, Tord Meling, will go through financials. Following that, we'll have a Q&A.
The company recorded 1 lost time injury related to production at the Engebø plant in the second quarter. We had our official opening at Engebø with representatives from local and regional authorities as well as the government who all showed very strong support for the project and they all reinforce the importance of our operation for the supply of strategic minerals to Europe and beyond.
The first commercial shipment of garnet was discussed in May, and a total of 3,900 tonnes were produced. The production ramp-up continued with high operational activity but limited output leading up to our plant shutdown in July. During that shutdown, we carried out upgrades
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