EDISON EQUITY RESEARCH: TRUE NORTH GEMS
December 07 2015 - 12:35AM
InvestorsHub NewsWire
EDISON EQUITY RESEARCH: TRUE NORTH GEMS - BREAKING GROUND
IN GREENLAND
Mining has started at the Aappaluttoq ruby and pink sapphire mine
on schedule and budget, marking a significant milestone in True
North Gems' (TGX) history. With specialised process equipment
currently being shipped, the mining underway will form a stockpile
of raw gemstone-bearing material for subsequent processing towards
the end of Q116. While sales contracts are being finalised we
suspend our small FY15 revenue assumption as it has a negligible
effect on our base case value, reducing it by only 2.6%. Sales
contracts for Aappaluttoq material remain the key near-term
catalyst to re-rating True North’s shares.
True North Gems is developing its 85.4%-owned (65% on completion of
the mine by its JV partner LNSG) and exploitation (mining)
permitted Aappaluttoq ruby and pink sapphire mine in Greenland.
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