True North Gems canada mine infrastructure and capital loan . The deal included :
• Building a port .
• Building a complete and modern camp for approx . 48 workers .
• Building Fuel depot , Explosive Depot , Heli-pad and workshop .
• Building a Process Plant .
• Building approx . 8.5 km of roads to tie all facilities together .
• The completion of all infrastructure , which will enable planned production to commence in 2015 .
• Once construction is completed , LNSG will be in charge of the daily operation of the mine-site . In return , LNS will receive 7 percent initial ownership in the Greenlandic company True North Gems Greenland ( tnGG ) and upon completion of the infrastructure and reaching operational status LNS will have earned the right to a further 20 percent ownership . Bringing their total ownership to 27 percent .
“ We had other interesting investors but we chose LNS because we saw the Group as the ideal partner for the project . At the end of the day , we wanted what was best for the not only the project , but also the community ” says Jensen .
“ We see it as a very strong joint venture .”
Community involvement True North Gems has completed the Impact Benefit Agreement ( IBA ) negotiations and all parties have executed a ground breaking accord . The Company has also finalized the subsequent operating and closure plan for the Aappaluttoq Ruby deposit . As part of its agreement , the company plans to engage with the local community and provide training and economic benefits from the project .
“ If you look at our social impact assessment report , we raise the possibility of hiring local people right from the start ,” says Jensen . “ This is a decision we made a long time ago as we wanted to engage with the local community to make sure they benefit from this project . When we have a mandate we strive to adhere to it .”
For the project , the company has planned to hire roughly 80 workers of which the company has committed to ensure that at least 75 % of these will be local employees in which they would train and
www . truenorthgems . com 73