Amaroq inks key contracts for Greenland projects

(Sharecast News) - Greenland-focussed gold mine developer Amaroq Minerals announced a two-year contract mining agreement with Thyssen Schachtbau on Wednesday. The AIM-traded company also announced a procurement and supply chain support agreement with Tamarack Mining Services.

Thyssen Schachtbau, a German mining contractor with 150 years of experience, specialises in remote locations, intricate logistics, and harsh Arctic conditions.

The firm said the agreed-upon contract would include revamping existing portals, ramps, ventilation, and electricity supply within the designated mining area.

Subsequently, the initial development and stoping of the high-grade Mountain Block would follow.

At the same time, the procurement and supply chain support agreement signed with Tamarack Mining Services was described as a pivotal step in securing the operational success of Amaroq's projects.

Based in Canada, Tamarack functions as a group purchasing organisation (GPO) dedicated to exclusively serving the global mining industry.

With more than 50 years of collective experience in international mining procurement and supply chain services, spanning active operations across North America and extending to Greenland, Tamarack's involvement would allow for an enhanced, well-supported, and efficient supply chain for the mining projects.

The projects covered by the agreements were progressing well, with the procurement of all pivotal long lead items complete.

Moreover, the first delivery containers reached the Nalunaq site on 13 September, marking a tangible step forward in the physical progression of the mining project.

Scheduled to begin in the first week of October, rehabilitation activities at Nalunaq would mark the operational onset of the project.

"Securing these contracts with experienced and reliable partners is a critical step forward in the restart of the Nalunaq mine," said chief executive officer Eldur Olafsson.

"A key factor in our selection criteria for both parties was their expertise in working with projects in remote locations, as well as their focus on safety and efficiency.

"With these agreements in place, we are ready to move to the next phase of the project's development, with rehabilitation activities due to start this month."

At 1113 BST, shares in Amaroq Minerals were down 0.52% at 57.2p.

Reporting by Josh White for Sharecast.com.