Greenland Ruby acquires US$18M for expansion

Photo: Greenland Ruby

Ruby and sapphire corundum miner Green-land Ruby has signed a deal with Nebari Natural Resources Credit Fund I LP to acquire a US$18 million working capital facility to finance its expansion.


The miner said in a statement that “the facility, which came to be known as Project Aurora, is spread over three tranches and is be-lieved to be one of the largest financings in colored gemstone his-tory.”


Magnus Kibsgaard, the chief executive of Greenland Ruby, said that “Nebari’s financing enables us to accelerate our growth plans.”


“With the new financing, we will not only continue mining at the cur-rent site, but also begin activity at our other licensed sites, where we have already recorded exciting exploration results,” according to Kibsgaard.


In 2017, Greenland Ruby officially launched its ruby and pink sap-phire mining operation in Aappaluttoq, in south-western Greenland.