Difficult financial situation for LNS-owned Ruby Mine in Greenland

The board of Greenland Ruby has decided to apply for a reconstruction of the company in an attempt to avoid bankruptcy. A press release reveals that Greenland Ruby has not succeeded in attaining sufficient funds to manage the company’s debt.

Greenland Ruby is licensed to extract gemstones in Greenland and has invested in facilities and infrastructure at the mining facility in Aappaluttoq. The majority owner of the mining company is the Northern Norwegian contractor Leonhard Nilsen og Sønner (LNS).

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High North News is an independent newspaper published by the High North Center at Nord University in Bodø, Norway.