Q3 2024 Nordic Mining ASA Earnings Call Transcript
Key Points
- Nordic Mining ASA (FRA:7NM0) has achieved over 900 days without lost time injuries, highlighting their strong safety record.
- The Engebo project is on schedule to start production ramp-up in the fourth quarter, with the first ore already processed through the primary crusher.
- The company is fully financed to achieve positive cash flow next year, with NOK 586 million in cash and cash equivalents.
- The Engebo project has completed mechanical installations and is ready for hot commissioning, indicating significant progress towards operational readiness.
- Nordic Mining ASA has secured fixed volume and price agreements for Garnet, providing stability in initial years of operation.
- The demand for titanium dioxide pigment has been soft, impacting market conditions and potentially affecting future revenues.
- Interest rates and lower industrial activity have slowed markets in the US and Europe, affecting demand for Garnet.
- The company faces uncertainty in the pigment market due to high interest rates and modified growth in major economies.
- There is ongoing legal uncertainty regarding environmental permits, which could impact operations if not resolved favorably.
- The project is entering a challenging phase with the start of production, requiring careful management to ensure successful ramp-up.
Good morning and welcome everyone to this third quarter presentation here at Nordic Mining. My name is Ivar Fossum, I'm the CEO and together with Chief Financial Officer Tord Meling and Managing Director Kenneth Nakken Angedal, we will give you the presentation this morning.
Please note that the full presentation and the quarterly report has been published in our release this morning and that the webinar will be recorded and posted on our website. As usual, you can post your questions during the presentation and we will arrange a Q&A session after we have finalized our presentation. So let's start.
We have quite a normal agenda today, after my brief introduction Kenneth will give you a much more detailed update on where we are on Engebo.
I will tell you a little bit about the markets before I give you an update of the court project in and we will be finalized with an update of financials and economy. Safety is our priority and as usual, we are extremely proud to see the fantastic statistics so far over 900 days
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