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REYKJAVÍK - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland:AMRQ), a company engaged in mine development in Greenland, has announced the formation of a joint venture (JV) company named Suliaq A/S with JLE Group Ltd., a UK-based family office. The JV aims to support Greenland’s mining sector by providing essential services and supplies.
The non-binding heads of terms agreement outlines that JLE will initially invest £4.0 million for a 10% equity stake in Suliaq, with Amaroq retaining the remaining 90%. JLE has the option to increase its investment up to £12.0 million, which would proportionally raise its ownership in the JV.
Suliaq is set to acquire various assets, including heliportable drill rigs, a helicopter, utility vehicles, an icebreaker, a barge and tugboat, and mining equipment, to support Amaroq’s operations and other mining activities in Greenland. The initial investment will also cover startup costs, administrative expenses, and working capital.
The company will be structured with its own board of directors and governance framework to ensure fair market value in its dealings and maintain operational independence. The establishment of Suliaq comes as Greenland sees increased exploration spending and growing interest in its mining, energy, and infrastructure sectors.
Amaroq’s CEO, Eldur Olafsson, expressed confidence that the JV with JLE will reduce risk and create value for shareholders, Greenland, and its community. The investment and partnership are designed to capitalize on the expansion of Greenland’s mining sector and provide necessary support for its development.
This strategic move is based on a press release statement from Amaroq Minerals Ltd.
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