Amaroq begins selling traceable gold from Greenland

Amaroq Minerals (LSE, TSXV: AMRQ) has kicked off sales of fully traceable gold from its Nalunaq mine in Greenland through the Single Mine Origin (SMO) platform, marking a milestone in the country’s responsible mining efforts.

The company said the SMO-certified gold provides buyers with complete transparency, ensuring that each bar is responsibly mined and mercury-free. 

In keeping with its community-focused strategy, Amaroq is making the gold available exclusively to Greenlandic residents to promote local participation in the nation’s emerging minerals and mining sector.

One-gram Nalunaq gold bar. Credit: Amaroq Minerals

“Amaroq has demonstrated a clear commitment to responsible mining practices, with a particular focus on environmental stewardship and sustainable development,” Charlie Betts, managing director of the Betts Group and Single Mine Origin said. “This collaboration allows the local community to participate in the mine’s ongoing success and in Amaroq’s contribution to the region’s economy.”

Sustainability push

The company’s SMO sales drive comes alongside similar moves recently in the metals industry, as sustainability organization Copper Mark announced on Wednesday an initiative to develop a single mining standard across various metal supply chains.

The Nalunaq mine poured its first gold in late 2024. The past-producing site, which operated between 2004 and 2013, yielded more than 350,000 oz. of gold before closing. Amaroq acquired the project in 2015 and has since expanded the resource base through drilling and a revised geological model.

Nalunaq gold coin. Credit: Amaroq Minerals

Greenland’s government has identified mining as a pillar of its economic diversification strategy. A 2023 European Commission survey found that 25 of 34 minerals deemed “critical raw materials” by the EU can be found in Greenland, though many remain under-explored due to the island’s remote terrain. Officials have urged the U.S. and EU to increase investment in the territory’s resource sector.

Shares of Amaroq fell 3% to 94.40 pence on Friday afternoon in London, giving the company a market capitalization of nearly £429.13 million ($807.89 million).