QuickView: Key permit improves development prospects
True North Gems’ prospects have improved materially since it obtained the right to mine its Aappaluttoq ruby-pink sapphire deposit in Greenland in March 2014. This was no mean feat as it is notoriously difficult to obtain mining permission in Greenland, due to the high level of environmental scrutiny undertaken by its government when approving future mining projects. However, this scrutiny plays to the current market for rubies, which demands highly ethical and responsibly mined gemstones, a result of the scars left on the gemstone industry by the trade in blood diamonds. With the exploitation permit in place, the company now looks to finance its low capex requirement of c US$38m to bring Aappaluttoq into production.True North Gems is engaged in exploration and development of coloured gemstone deposits in Greenland and Canada.
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