Greenland Ruby Unveils $18M Loan

RAPAPORT... Greenland Ruby, a miner of rubies and sapphires in the island nation, has reached an agreement with a specialist financier for an $18 million working-capital facility.The financing, spread over three tranches, is "believed to be one of the largest" in the history of colored gemstones, the company said in a recent statement. The deal with Nebari Natural Resources Credit Fund I will allow the miner to accelerate its growth plans, it explained. "This is a tremendous milestone for Greenland Ruby," said its CEO, Magnus Kibsgaard. "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 launched its ruby and pink-sapphire mining operation at Aappaluttoq in southwest Greenland in 2017, and claims it is the country's first colored-gemstone mine. The site has an estimated 10 years of gem-quality ruby and pink sapphire material, the company noted. It expects to be able to extend this lifespan by adding two other licensed mining areas.Each Greenland Ruby gem is traceable from mine to market and comes with a certificate of origin, the miner added.Image: A rough gemstone. (Greenland Ruby)