Norsk Hydro reports record bauxite production in Q3

Hydro's underlying earnings before financial items and tax declined to NOK 2,215 million in the third quarter from NOK 2,667 million in the second quarter of 2015. Weaker alumina and aluminium prices and premiums weighed on results, while strong rolled products sales and record bauxite production contributed positively in the quarter.

Bauxite production reached record-levels this quarter for Norsk Hydro, reflecting the continued improvement efforts made over the last years in Paragominas, explained Svein Richard Brandtzaeg, president and CEO, Norsk Hydro.

“Bauxite production reached record-levels this quarter, reflecting the continued improvement efforts made over the last years in Paragominas.We continue to strengthen our bauxite operation, and have signed a letter of intent with Brazilian mining company Vale for the possible acquisition of Vale’s 40% interest in the Brazilian bauxite producer MRN,” Brandtzaeg said. “The record bauxite production, together with currency effects, also gave a historically low implied alumina cost for the quarter.”

Underlying EBIT for Bauxite & Alumina increased compared to the second quarter primarily due to a weaker Brazilian Real and increased production at Paragominas and Alunorte. This was partly offset by lower LME-linked and index alumina prices.

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