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The transaction is a strong sign of the colored gem miner’s ongoing prospects By: Diamond World News Service
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Mille Schiøtt Kongstad, Greenlandic geologist. Holding rough from the Aappaluttoq mine
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; announce today 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. The facility, which came to be known as Project Aurora, is spread over three tranches and is believed to be one of the largest financings in colored gemstone history.
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Greenland Ruby secures $18 million financing
Aappaluttoq, in operations since 2017, is Greenland’s first coloured gemstone mine. (
Image courtesy of Greenland Ruby.)
Greenland Ruby, which mines rubies and sapphire corundum from its home country, has received an $18 million working capital injection from the Nebari Natural Resources Credit Fund.
Financing deals are not very common for the coloured gemstone industry, and Greenland Ruby chief executive Magnus Kibsgaard said the one achieved was a “tremendous milestone.”
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The funds will enable the company to accelerate growth plans by starting exploration in another two license areas, he said.
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