‘Iceland’s most significant interest this century’-Amaroq CEO calls for free trade deal with Greenland

Eldur Ólafsson, CEO of Amaroq Minerals, has emphasized the critical importance of establishing a free trade agreement between Iceland and Greenland, describing it as “the most significant interest of Iceland in this century.”

Writing in Icelandic newspaper Morgunblaðið, he urges authorities to seize current geopolitical opportunities to strengthen ties with Greenland, which is contemplating potential independence. Drawing parallels to Iceland’s historical experience, where strategic military importance led to substantial economic benefits, Eldur suggests that Greenland can similarly leverage its position.

He proposes several initiatives to foster collaboration, including opening Icelandic markets to Greenlandic products, providing healthcare access, supporting infrastructure development and enhancing cultural and educational exchanges. Eldur believes that such a free trade agreement would not only bolster Greenland’s economic independence, but also enhance Iceland’s standing in international trade, improving its negotiating position with both the United States and Europe.

He calls on the Icelandic government to take this matter seriously and work diligently towards formalizing the agreement, which he asserts will create new opportunities for Icelandic businesses and citizens.

Amaroq Minerals, an Icelandic company listed on NASDAQ Iceland, focuses on gold and strategic mineral exploration in Greenland. The company’s flagship project, the Nalunaq gold project in Southern Greenland, has been drawing attention as it advances toward full-scale production. Recent exploration at Nalunaq has yielded promising results, with high-grade gold findings indicating the significant potential of the project. In December 2024, Amaroq successfully raised approximately £27.5 million to accelerate development in the region.

This renewed geopolitical focus on Greenland’s resource potential appears to be bolstering Amaroq’s market value and highlights a potential trend of growing investor interest in Greenland’s mining industry, driven by the region’s untapped resource opportunities.

“We must act now to strengthen our ties with Greenland and secure mutual economic benefits,” he said. “A free trade agreement will open new avenues for collaboration and prosperity for both nations.”