Greenland Gold
Gold Mining in Greenland
Gold Mining in Greenland
Amaroq Minerals, originally founded as Alopex Gold Inc., is a mining company focused on the identification, acquisition, exploration, and development of gold and strategic minerals in Greenland. On February 22, 2017, Alopex Gold Inc. was founded by Eldur Olafsson and listed on the Toronto Stock Exchange. Olafsson has substantial experience in the geothermal and mining industries where he worked alongside SinopacGroup to build the largest geothermal district heating company in the world [1]. Additionally, during his time at Orka Energy, Olafsson worked in the acquisition and development of geothermal energy in both China and the Philippines. In May of 2017, Alopex Gold Inc. raised $2.5 million in a private placement deal after acquiring the Vagar License earlier that year [2]. Over the years, Amaroq Minerals has acquired numerous licenses and secured funding through private placement to become the largest license holder in Southern Greenland. In 2022, Alopex Gold underwent a complete corporate rebrand and changed its name to Amaroq Minerals to further reflect the company’s mission.
Today, Amaroq Minerals operates its headquarters in Toronto, Canada with additional offices in Iceland and Greenland. With a team of twenty-two employees, Amaroq Minerals’ current strategy involves leveraging existing infrastructure to redevelop the Nalunaq mine in Greenland as well as improve local communities through responsible mining practices [3]. Amaroq Minerals’ array of licenses grant the company 9,785.56 km2 in total land mass by the Government of Greenland, making the company the largest license mineral holder in Southern Greenland [4]. Most recently, in June of 2024, Amaroq Minerals secured approval from Greenland’s government in its Environmental Impact Assessment and the Social Impact Assessment for its Nalunaq gold project [5].
Looking forward, Amaroq Minerals proposed C$51 million in fundraising with intentions to accelerate its development and exploration initiatives [6]. An important milestone was reached in December 2024 when the first gold pour from Nalunaq took place and ramped-up to a steady state nameplate plant capacity of 260-300 tons per day of material between 12-16 g/t . Au is expected to take place in Q4 2025. As a result, the annual production should be around 50 thousand oz which at current prices translates to $140m revenue stream.
Manufacturing Footprint
Mineral exploration and production operations centered on the Nalunaq Gold Mine and exploration licenses across South Greenland.
Pipeline Depth
Growing portfolio of gold and strategic mineral projects, with active production at Nalunaq and additional exploration targets.
Strategic Partnerships
Investor support and collaborations advance responsible mining and infrastructure development in Greenland.
Icelandic Companies in Greenland
Amaroq Minerals
MINING
Amaroq is one of the few companies actively exploring and developing gold projects in Greenland. Its work in South Greenland is a direct link between Greenland’s mineral potential and public markets.
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Eimskip
LOGISTICS
Eimskip moves cargo between Iceland and Greenland and plays a quiet but important role in keeping Greenland connected. Most goods going in and out of Greenland pass through networks like this.
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Icelandair Group
AVIATION
Icelandair operates flights between Iceland and Greenland, making travel and logistics possible in a part of the world where access really matters. Those routes support tourism, business travel, and cargo for the country.
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Landsvirkjun
ENERGY
Landsvirkjun has been exploring renewable energy solutions in Greenland, including hydropower and geothermal power. As Iceland’s leader in renewable energy, they are necessary as Greenland looks ahead.
Invest in Iceland
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