True North Gems
CANADA
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 implement in various functions of the operation .
According to Jensen , after initiating the Hearing Process , receiving exploitation permitting and approvals of Exploitationand Abandonment Plans from the Greenland government , the company had received 300 unsolicited applications from the local community .
“ We couldn ’ t believe it . Over 300 people applied for positions within our company all on their own . I think the community is starting to trust us and our commitment .”
In regards to training , the company
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