Greenland Ruby DK ApS, a ruby and sapphire corundum miner in Greenland; and Nebari Natural Resources Credit Fund I, LP, a financier in the mining sector; announced a landmark transaction in the colored gemstone industry, with execution of an agreement for a $18 million working capital facility.
The first funding round is expected before the end of May.Â The facility, known as Project Aurora, is spread over three tranches and is believed to be one of the largest financings in colored gemstone history.
Magnus Kibsgaard, CEO of Greenland Ruby, stated, “This is a tremendous milestone for Greenland Ruby, as Nebari’s financing enables us to accelerate our growth plans. Furthermore, Nebari’s funding is a strong vote of confidence in our project and helps gear us for future success. 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.”
Greenland Ruby officially opened its ruby and pink sapphire mining operation in 2017 at Aappaluttoq, southwest Greenland, after the Greenlandic government awarded the company its mining license. Aappaluttoq is the first colored gemstone mine in Greenland, and one of the first mines to commence modern operations in the country. The current mine site is estimated to have at least 10 years’ worth of gem-quality ruby and pink sapphire material and this will be extended by two other licensed mining areas, ensuring consistent supply for the jewelry industry for many years.
Greenland Ruby’s mining yield is processed at its ultra-modern, state-of-the-art cleaning and sorting operation which is adjacent to the mine. The majority of mine workers and material processors are Greenlandic, and thus jobs and benefits are being provided to a country intent on diversifying its industrial profile. A percentage of Greenland Ruby’s worldwide gem sales go to the company’s PinkPolarBear Foundation, a non-profit organization established by the company to support education and research into the effects of climate change in the Arctic, with a particular focus on Greenland.
Greenland Ruby gems are produced under the strictest human rights, labor, environmental, mining, governance, and product disclosure standards of Northern Europe.
Each Greenland Ruby gem is traceable from mine-to-market and comes with a Certificate of Origin.