Greenland budget, page-22

Going to throw some more translated Greenland news in here.

http://knr.gl/da/nyheder/tngg-manglede-100-millioner-kroner

True North Gems a mining company in Greenland has declared bankruptcy. From what I gather this company had a decent sized project in the works. One less mining operation in Greenland should mean they're more desperate for the funds and jobs from our Citronen mine.

Translated article:

True North Gems Greenland is bankrupt and it was the company's board, which requested the company bankrupt because they could not find investors.

It confirms the curator of the company's bankruptcy, Peter Schriver from Nuna Law, to KNR.

- I can confirm that True North Gems Greenland's bankruptcy proceedings yesterday Monday at 12:30. And the bankruptcy was initiated following a request lodged by the company's board that morning, said True North Gems Greenland's curator, Peter Schriver from law company Nuna Law.

Mineral Exploration Company is according to him bankrupt because cash flow is not passed True North Gems Greenland's path.

- It lacked simply to obtain the approximately 100 million Danish kroner, which was needed to get started, he said.

Also read True North Gems Greenland bankrupt

But potential investors have not believed that there was enough money to serve in ruby mine.

- They have apparently not been assessed that the profit in proportion to the risk they have assessed that they undertook. But I have no detailed knowledge of the individual investor's reason to withdraw, says Peter Schriver.

Already in July, missing the company money, and had the same reason guys some of their employees in the mine at Qeqertarsuatsiaat.

It is not yet known what the future holds for the company, but according to Peter Schriver will do what you can for the employees and sell licenses to anyone who has greater opportunities to realize the company's goals, says True North Gems Greenland's curator, Peter Schriver KNR.

- We need to find a potential buyer, and we must have the PA with the transfer of licenses and so on. We think there is a very good option, he says.