The Export and Investment Fund of Denmark (EIFO) June 12 announced that it has invested 100 million Danish kroner (US$15.5 million) to increase its stake in Amaroq Minerals Ltd., a company focused on exploring and developing gold and critical mineral projects in southern Greenland.
EIFO, which is the national promotional bank and export credit agency of Denmark, says the investment in Amaroq underscores its commitment to strengthening its strategic relations with Greenland, while also providing risk-tolerant and patient capital for the exploration and mining of critical minerals needed for the clean energy, defense, and high-tech sectors.
“Greenland is a strategic priority for EIFO, and we aim to increase our activity,” said EIFO CEO Peter Lundquist. “We see this investment as an important part of our strategy to support the development of critical minerals and advance sustainable economic growth in Greenland.”
The Danish bank’s investment was part of a roughly 390 million Danish kroner (US$60.5 million) fundraising closed by Amaroq on June 12.
Amaroq says it will apply the funds raised to support the ongoing commissioning and expansion of its flagship Nalunaq gold mine, create a new hub in West Greenland, and accelerate exploration drilling across its Greenlandic mineral properties.
Amaroq Minerals Ltd.
Amaroq is exploring for copper, gold, nickel, rare earths, and other metals at the intersection of three mineralized belts running across southern Greenland.
Located at the southern tip of Greenland, Nalunaq is home to one of the highest-grade gold deposits on Earth. According to a calculation completed in March, the Nalunaq deposit hosts 499,521 metric tons of indicated and inferred resources averaging 20.13 grams per metric ton (483,960 ounces) gold.
Amaroq is also carrying out advanced exploration programs focused on copper, nickel, rare earths, and other critical minerals across its extensive Stendalen and the Sava Copper Belt landholdings in southern Greenland.
EIFO is particularly interested in supporting Amaroq’s critical minerals exploration in Greenland, which hosts at least 25 out of the 34 minerals deemed “critical raw materials” by the European Commission.
“Amaroq is leading the way in Greenland’s critical minerals sector, and we are pleased to support their continued development,” said Lundquist.
EIFO, which first invested in Amaroq through the Danish-Greenlandic political initiative in 2019, is now the third-largest shareholder in the Greenland-focused mining and mineral exploration company.
Shane Lasley, Publisher
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.