Greenland Ruby – Traceable Gemstones Making Communities Shine
A mining operation in Greenland producing sustainably sourced, traceable rubies, and facilitating the funding of local initiatives and climate research in the Arctic.
Key Information:
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Organization name: Greenland Ruby A/S Company headquarters: Nuuk, Greenland Sector/Industry: Mining – Precious Gems Organization type: Private Enterprise Project location: Aappaluttoq Ruby Mine, Fiskenæsset, Greenland Markets served: The global market for responsibly sourced gemstones. Project ownership/key stakeholders: Project Aurora: Greenland Ruby received an US$18 million working capital injection from the Nebari Natural Resources Credit Fund. LNS took over from True North Gems. Company website: www.greenlandruby.gl |
Company description:
Greenland Ruby is an active ruby and pink sapphire mining operation, established in October 2016. Greenland Ruby is part of LNS Group, a Norwegian, family-owned company. Greenland Ruby Is a member of the International Colored Gemstone Association (ICA) CIBJO (World Jewellery Confederation) and the AGTA (American Gem Trade Association). The company is also the first colored gemstone mining member of the Responsible Jewelry Council. The sales and marketing office is located in New York City, and Paris respectively, with additional offices in Miami, Bangkok, Copenhagen and Mo I Rana in Norway.
Project description:
The current mine at Aappaluttoq is well-funded, but additional funding is sought for the exploitation of the adjacent anorthosite deposit (most probably the largest in the world) of which Greenland Ruby holds the license as well. Mining will be done with low-intensity blasting techniques that are common in the diamond mining industry. The Aappaluttoq Project consists of mining operations and the processing of ruby-bearing ore to ruby concentrate. Greenland Ruby’s mining yield is processed at its ultra-modern, state-of-the-art processing plant adjacent to the mine. Sorting and cleaning of ruby concentrate is done in Nuuk. Construction began in 2015 at a capital cost of US$25 million and the ruby mine officially opened in 2017. The Greenland Ruby mine site is accessed via a small port for equipment and a heliport for employees and provisions.
Financials:
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Total assets in Arctic: US$100m Total staff in Arctic: 55 Production/outputs: 2,600kg annually of sorted rough, translating to almost 1 million carats of polished gemstones. Project timeline: 2021-2031 Funding method desired: Debt and equity Project funding sources: Private Project status: Proposed Total Project Cost: Approximately US$15 million per year to operate the ruby mine. Investment spending breakdown: Updated exploration reports, geological studies, confirmation drilling, pilot plant and starting production costs. |
Interview Questions:
What are your project’s biggest positive contributions to the Arctic, at the regional or local level?
Greenland Ruby initiated the PinkPolarBear Foundation, whereby a percentage of proceeds from the sale of each gem goes to the Foundation. The foundation supports international polar research in all disciplines, particularly programs focused on understanding the mechanisms driving climate change in the arctic, as well as sponsoring research, cultural projects and education in Greenland. The PinkPolarBear Foundation’s first project is to sponsor the Amitsialak Sewing Workshop in Nuuk.
What measures have you taken to increase transparency and guard against corruption in your project’s financial and reporting activities?
Greenland Ruby has a state-of-the-art administration and reporting system. We are monitored by our parent company, Norwegian-owned LNS Group, and report to the Government of Greenland, as per our mining license. We are also proud to be the very first colored gem miner to join the Responsible Jewellery Council. Greenland Ruby is currently undergoing a third-party, independent audit of the supply chain and of the responsible practices as required for its membership in RJC.Our mine-to-market tracking system also makes us unique. The PinkPolarbear Foundation has its own board and is monitored by Greenland Ruby.
How does your project balance economic and social goals with environmental protection?
The Aappaluttoq mining operation has a neutral impact on the climate. There is no residual, visual or environmental impact, and when we close the operation, the waterway (Ukkaata Qaava, which has been determined not to have any fish or other larger aquatic life). will be refilled, all equipment and buildings will be removed, and the site will be fully restored to its natural wilderness. We also have a CO2 neutral policy.Human rights, labor, environmental, mining, and product disclosure practices are respected at every project stage. The company is committed to achieving the 17 SDG’s (Sustainable Development Goals) as set out by the United Nations.
How does your project integrate long-term sustainability, especially in the local community, into its design?
Greenland Ruby employs local Greenlandic staff, provides training and sponsors local projects, education and exchange programs. All resources are from local vendors. The company also pays royalties on the values extracted, which goes to Greenland’s authorities.
What resources or organization have you relied on when crafting your project’s sustainability strategy?
Greenland Ruby has partnered with the research community to measure project process and impacts, including the International Polar Foundation in Brussels, the Greenland Institute of Natural Resources, and the Greenland Climate Research Center. In addition, Greenland Ruby is dedicated to making a difference in the lives of Greenlandic people through the PinkPolarBear Foundation, along with four other Founding Members. Ultimately, by driving large-scale change in the behavior of humans we can foster an improvement in the habitat of other species and other life-forms.Greenland Ruby has, amongst others, signed an agreement with Greenland’s self-rule authorities that constitutes a framework for how the company is to act, both towards authorities as well as the local population.
Primary Contact:
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Name: Erik Jens |
Phone: 9174121389 |
Position: Senior Advisor |
Email: [email protected] |
This profile is part of our ongoing Sustainable Arctic Opportunities Series, in which we partnered with the Arctic Economic Council to profile businesses and projects in the Arctic which represent active or recent investment opportunities, while demonstrating a strong commitment to sustainability. These profiles are just a sample of the vast spectrum of innovative and responsible businesses and organizations operating in the Arctic region. By presenting these businesses and letting them explain in their own words how they contribute to the region, we hope to show the breadth of opportunity and the enormous potential of the Arctic where, with a deep commitment to sustainability and respect for the environment, businesses and development projects can contribute positively to the communities that live there and the stewardship of this most spectacular area of our planet.
Do you know an Arctic business that would be a good candidate for the Sustainable Arctic Opportunities Series? Contact us at [email protected]
This profile was assembled for the Arctic Economic Council by the Polar Research and Policy Initiative, with funds provided by the Nordic Investment Bank.
