Vancouver: Canadian junior True North Gems (TSX-V:TGX) is fine tuning details to start building an open-pit mine that will produce ruby and pink sapphire gemstones starting next year and running until at least 2024.
The Vancouver-based miner, which began exploration about a decade ago, closed Thursday an $11 million finance package with joint-venture partner LSNG that will finally allow it to begin constructing Greenland’s first ruby mine.
True North Gems was granted a 30-year mining license in March and a construction permit in July for its Aappaluttoq project. Its partner LSNG, a company in Greenland that is majority owned by international Arctic contractor Leonhard Nilsen & Sonner of Norway, recently committed to increase funding for the project. Now LSNG will earn a 27% stake in the project by spending $26 million on infrastructure to get the mine to operational status.