$18m Finance Boost for Greenland's First Ruby Mine
April 28, 21
(IDEX Online) - Greenland's first ruby mine is receiving a huge financial boost with an $18m investment from a mining financier.
It's been described as "one of the largest financings in colored gemstone history".
Greenland Ruby opened its Project Aurora ruby and pink sapphire mining operation at Aappaluttoq, in the southwest of the country, in 2017 and predicts the deposit has a 10-year life.
The UDS-based Nebari Natural Resources Credit Fund has agreed to make the $18m of working capital available in the tranches, the first of them next month.
Magnus Kibsgaard, CEO of Greenland Ruby, said: "This is a tremendous milestone. With the new financing, we will not only continue mining at the current site, but also begin activity at our other licensed sites, where we have already recorded exciting exploration results."
Most mining jobs are going to local workers and a percentage of revenues support education and research into climate change in the Arctic.
Pic courtesy Greenland Ruby