The Danish Export and Investment Fund (EIFO) has made a strategic investment of DKK 100 million in shares in the Greenlandic mining company Amaroq Minerals Ltd., which extracts gold and other critical minerals in Greenland. The investment is part of a larger capital expansion, where the company is raising a total of DKK 395 million from a number of existing and new investors. This is according to EIFO.
Amaroq has had EIFO as an investor since 2019 through the Danish-Greenlandic business cooperation, and the fund already has investments in two other Greenlandic mining companies as well as additional loans and guarantees to companies in other industries in Greenland for almost DKK 200 million.
The company began production at the Nalunaq gold mine in South Greenland in 2024 and is also working on exploration in Stendalen and the Sava Copper Belt in the search for strategic metals such as copper, nickel and rare earths. The capital increase will also be used to establish a new resource center in West Greenland and to strengthen the existing production in Nalunaq.
- Greenland is a strategic focus point for EIFO, and we want to increase our activity. We see this investment as an important part of our strategy to contribute to the development of strategic minerals and economic growth in Greenland. Amaroq Minerals has shown strong results, and we are pleased to be able to contribute to the company's continued development, says Peder Lundquist, CEO of EIFO.
Industriens Pension is also participating in the capital increase and is taking the opportunity to increase its ownership stake in Amaroq. The company has previously participated in similar capital rounds at the mining company.
Amaroq has most recently acquired licenses in West Greenland as part of the strategy for the development of strategic minerals throughout the country.
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