Amaroq Minerals inks crucial deals for Nalunaq gold production

15th Nov 2024 10:47

(Sharecast News) - Amaroq Minerals announced critical agreements in preparation for gold production at its Nalunaq project in Southern Greenland on Friday.

The AIM-traded company, which holds significant gold and strategic mineral assets in the region, said it expected its first gold pour to occur in the fourth quarter.

It said the agreements included an offtake arrangement with Auramet International, under which Auramet would purchase all gold produced at Nalunaq.

Auramet's involvement also extended to financing facilities, such as pre-export finance, offering Amaroq additional financial flexibility to support its operations.

Amaroq said it had also partnered with Metalor Technologies, a Switzerland-based precious metals refinery, which would process all doré alloy produced at Nalunaq.

"We are pleased to have signed these important agreements with established partners in the industry, providing us with the necessary support and expertise to ensure the successful delivery and sale of gold produced from Nalunaq at competitive industry terms," said chief financial officer Ellert Arnarson.

"Importantly, we are also committed to offering local people the opportunity to buy gold sourced from Nalunaq, and will be partnering with a UK refinery to enable us to do so.

"We look forward to a productive collaboration as we approach first gold and beyond."

At 1005 GMT, shares in Amaroq Minerals were up 1.26% at 78.98p.

Reporting by Josh White for Sharecast.com.