06:54 AM EDT, 06/28/2024 (MT Newswires) -- Amaroq Minerals ( AMRQF ) on Friday said the government of Greenland approved the environmental impact assessment (EIA) and social impact assessment (SIA) for the Nalunaq project, a major milestone toward the development of the cornerstone gold project.

The EIA identified, forecast and communicated the potential environmental impacts of the Nalunaq project in all of its phases. It also identified mitigation and monitoring measures to eliminate or minimize negative environmental effects.

The purpose of the SIA was to assess the project's impact on existing social conditions. Positive social impacts included job and training opportunities and generation of public revenue through royalties, corporate and income taxes.

"Securing these approvals validates that the company's operations are fully aligned with government guidelines and strategies, and that it is fully supported by our local communities who recognise that we hold ourselves accountable to the highest standards," said Joan Plant, executive vice president of ESG at Amaroq. "We now look forward to working with the government of Greenland and Kommune Kujalleq on the Impact Benefit Agreement, which we aim to have in place by the end of the year."

Amaroq, an independent mine development company with a land package of gold and strategic mineral assets in Southern Greenland, fell 2.7% to $1.09 per share on Thursday.