Investment of DKK 100 million (GBP 11.3m) increases stake in Amaroq Minerals Ltd., positioning EIFO among the top three shareholders.
EIFO, the Export and Investment Fund of Denmark, has acquired additional shares in Amaroq Minerals Ltd. (“Amaroq”), Greenland’s leading mining company. A key contributor to economic growth in Greenland, Amaroq specialises in the identification, acquisition, exploration, and development of gold and strategic critical minerals in the country.
EIFO has been an investor in Amaroq since 2019 through the Danish-Greenlandic political initiative (The Business Cooperation), launched by the Danish Government and the Government of Greenland to promote business development in Greenland.
Amaroq has demonstrated strong operational performance, successfully bringing the Nalunaq gold mine into production via First Gold Pour in 2024, in addition to running advanced exploration programmes at Stendalen and the Sava Copper Belt, exploring for strategic metals such as Copper, Nickel, Rare Earths and other minerals.
The investment underscores EIFO’s commitment to strengthening its strategic relationship with Greenland and to financing the mining of critical minerals required for the green transition. With the UN estimating a $225 billion investment shortfall in critical mineral mining projects to reach 2030 net-zero emissions targets,[1] there is a clear role for export credit agencies such as EIFO to play in providing risk-tolerant, sustainable and patient capital for the exploration and mining of critical minerals. 25 of 34 minerals deemed "critical raw materials" by the European Commission can be found in Greenland. [2] EIFO’s continued commitment to the nation’s mining sector is aligned with its mandate to support Danish and European supply chains for the green transition, defence and technology.
EIFO has made the investment together with a group of new and existing investors, including Industriens Pension of Denmark, another long-term strategic investor in Amaroq. The pension fund has previously participated in capital raises for the company and sees this transaction as a natural opportunity to further increase its ownership stake.
Peder Lundquist, CEO of EIFO, commented: "Greenland is a strategic priority for EIFO, and we aim to increase our activity. 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. Amaroq is leading the way in Greenland’s critical minerals sector, and we are pleased to support their continued development".
About Amaroq
Amaroq’s principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The Company’s principal asset is a 100% interest in the Nalunaq Gold mine, which completed its First Gold Pour in late 2024. The Company has a portfolio of gold and strategic metal assets in Southern Greenland covering the two known gold belts in the region as well as advanced exploration projects at Stendalen and the Sava Copper Belt exploring for strategic metals such as copper, nickel, rare earths and other minerals. Amaroq Minerals is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.
[1] https://unctad.org/news/critical-minerals-boom-global-energy-shift-brings-opportunities-and-risks-developing-countries
[2] https://www.reuters.com/markets/commodities/greenlands-rich-largely-untapped-mineral-resources-2025-01-13/
