Greenland Ruby secures $18M in financing

The funding from Nebari Natural Resources Credit Fund will allow the mine project to speed up its expansion plans at Aappaluttoq.

By Peter Bakkemo Danilov, High North News - May 11, 2021
Mille Schiøtt Kongstad, Greenlandic geologist, holds a rough gem stone from the Aappaluttoq mine. (Greenland Ruby via High North News)

Greenland Ruby and Nebari Natural Resources Credit Fund have come to an agreement for an $18 million working capital facility.

The first round of funding is expected before the end of May. The facility is to be known as Project Aurora.

“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,” says Magnus Kibsgaard, CEO of Greenland Ruby, and adds:

“With the new financing, we will continue mining at the current site and begin activity at our other licensed sites, where we have already recorded exciting exploration results. I want to thank Nebari, which has a successful track record in financing high-level mining companies, for its invaluable development and organizational advice. This is not just a finance deal but a true partnership.”

Greenland Ruby officially opened its ruby and pink sapphire mining operation in 2017 at Aappaluttoq, southwest Greenland, after the Greenlandic government awarded 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.

Nebari Natural Resources Credit Fund I, LP is a private fund focused on financing debt facilities for public and private companies within the mining sector.