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LNS goes ruby hunting

The rubys are easy to find in the rocks of Grønland. FOTO: TNG/LNS

LNS goes ruby hunting

As long as vanity exists this project will be profitable for us, says LNS Spitsbergen

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LNS Spitsbergen leader Frank Jakobsen can't even estimate the lifetime value of the assigned parent company if it is started on the southwest coast of Greenland, 160 kilometers south of the capital of Nuuk, in a short time.

At Fiskenæsset rubies lie in the day. Therefore, it would be an open pit mine. LNS will quickly start to build infrastructure such as the pier, roads, various buildings and a sorting facility, to name a few.

Enormous values
Ruby deposits at Fiskenæsset are estimated to be around 400 million carats, which would be the largest known occurrence of rubies in bedrock. One carat is 200 milligrams and the value of the finished product comes upon completion.

An estimate may lie in what was the first modest 60 tons of ore mined from the site.

"The gemstones were converted into a total of 14 jewelry sets and each set is worth $40,000," said Frode Nilsen, administrative director of LNS, in an interview with the construction and transportation news publication at.no.

At current prices the sets would be worth nearly 240,000 kroner.

Along with the Canadian company TNG (True North Gems), LNS created a so-called joint venture company, TNG Greenland, which now owns the rights. LNS' shareholding in the company is 20 percent.

Leonhard Nilsen & Sønner AS possesses unique experience in the Arctic region, including its "branch" in Longyearbyen.

Arctic competence
But there are probably not many local employees who will have direct dealings with daily operations in Greenland.

"We want as much as possible to use local labor, which is characteristic for our projects," Jakobsen said. "Greenland has struggled with high unemployment and needs the development this project will provide."

He added the holding companies will obviously both have board and leadership positions, and the project is likely to get a Norwegian mining supervisor.

Nøkkelord

Se bildet større

Rubys of Grønland. FOTO: TNG/LNS

Se bildet større

MD at LNS Spitsbergen, Frank Jakobsen. FOTO: Christopher Engås

Faktaboks

Facts

Rubies are considered to be one of the "big four" in gemstones. The others are diamonds, emeralds and sapphires. Rubies have no industrial uses, unlike diamonds.

Rubies are the most expensive after diamonds and a ruby of high quality can be worth more than a regular white diamond.

Rubies are in the same family as sapphires, namely corundum. All corundums that are not red are sapphires.

The most rubies have historically come from Burma. They are also mined in Thailand, Cambodia, Madagascar and other countries.

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