Amaroq celebrates first gold pour at Nalunaq mine in Greenland

By Elías Thorsson November 28, 2024
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Amaroq CEO Eldur Ólafsson has struck gold in Southern Greenland (Amaroq)

Amaroq Minerals, an Icelandic mine development company, has successfully completed the first gold pour at its Nalunaq gold mine in Southern Greenland. The milestone, achieved on November 27, 2024, marks a major step forward for the company as it begins production at its flagship project.

The gold pour follows the Greenlandic government’s approval of Phase 1 commissioning of the Nalunaq plant on November 26, 2024, which enabled operations at nameplate capacity. During the first 10-hour processing period, the plant produced 1.2 kilograms (39 troy ounces) of gold.

“First gold pour at the Nalunaq mine signifies a major step on our journey, triggering initial cash flow generation. As Nalunaq transitions from being a cost center to a cash generator, our focus turns to resource expansion, mine life extension, and further exploration to unlock the full mineral potential of our Greenland portfolio,” CEO Eldur Ólafsson said in a press release.

CEO Ólafsson along with workers at the Nalunaq mine. (Amaroq)

Amaroq plans to optimize the processing plant during this commissioning phase and aims to conduct weekly gold pours moving forward. Looking ahead, Phase 2 commissioning, which will incorporate the plant’s flotation circuit, is scheduled for completion in the second quarter of 2025. By the fourth quarter of 2025, the company expects to ramp up production to a steady-state nameplate capacity of 260-300 tonnes per day, with material grading 12-16 grams of gold per tonne. Additionally, an updated Mineral Resource Estimate for Nalunaq is expected to be published in the first quarter of 2025.

“I would like to thank my colleagues and the team on the ground who have worked tirelessly throughout the construction and commissioning to deliver first gold on time, maintaining a strong safety record – this is a remarkable achievement for Amaroq and our partners,” Ólafsson said. “Throughout this, we remain focused on the sustainable delivery of our projects, working closely with the local community, and delivering our purpose of creating a Greenlandic legacy. I would also like to thank our local community, the Greenlandic government, and our shareholders for their ongoing support.”