Sourcing

Greenland Ruby Update Confirms Operational Suspension, Layoffs

SourcingSep 18, 2023

Greenland Ruby Update Confirms Operational Suspension, Layoffs

The company anticipates resuming exploration and mining operations and rehiring staff in 2025.

Greenland Ruby rubies and pink sapphires
Mining company Greenland Ruby, which suspended mining operations late last year, announced several operational changes in a recent statement.
New York—Following news that it has suspended mining operations, Greenland Ruby gave a formal update on its future last week, including its plans to resume operations in 2025.

The company detailed office closures, operational consolidations, layoffs and more in a statement it released Thursday to address “incomplete” information in recent media coverage.

Late last year, the miner shut down its Aappaluttoq mine, where it had been producing rubies and pink sapphires since 2017, because sales and profitability fell short of the company’s expectations. 

“As a response, we implemented a series of measures aimed at enhancing organizational agility and efficiency. One of these measures involved the temporary suspension of mining operations, which was executed Dec. 31, 2022,” said Greenland Ruby CEO Arnt-Eirik Rørnes.

“The mine is now in a state of care and maintenance.” 

 Related stories will be right here … 

In addition to temporarily closing the mine, Greenland Ruby said it has consolidated most operations, including its inventory fulfillment center, to Denmark but will still have a presence in the United States and in Thailand.

Its current inventory level is enough to continue sales through 2025, it said, also noting that it had “achieved positive 2023 sales success, driven by substantial off-take agreements amounting to several million dollars.”

Greenland Ruby also has reduced the number of offices it has globally and downsized its staff.

Last month, Greenland newspaper Sermitsiaq reported the mine company had laid off 30 mine workers at the beginning of the year and later let go of the remaining seven. 

Greenland Ruby has not responded to direct inquiries from National Jeweler about the layoffs.

Sermitsiaq also reported the mine had a debt of 509 million Danish kroner, which is about $73 million at current exchange rates. No reports of debt were addressed in the company’s recent statement.

Greenland Ruby said it anticipates resuming exploration and mining operations, as well as rehiring staff, in 2025.

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