US considering investing in mining for critical minerals in Greenland, says Amaroq CEO

The US government is considering investing in a company’s critical mining projects in Greenland, its CEO told CNBC, ahead of high-stakes discussions between Washington and Danish officials on the future of the island.

The projects are managed by a mining company Wolfwhich operates in southern Greenland and is involved in the extraction or exploration of gold, copper, germanium and gallium, among other critical mineral deposits.

Discussions with U.S. government agencies about potential investment opportunities are ongoing and have not been finalized, Eldur Ólafsson, CEO of Amaroq, told CNBC in an interview.

The deals could involve “operating agreements, infrastructure support and credit lines”, Ólafsson added, although he declined to comment on the specific projects the US government was interested in.

When asked for comment, a spokesperson for the US State Department, mentioning Louisiana Governor Jeff Landry, told CNBC: “The United States is eager to build lasting trade relationships that benefit Americans and the people of Greenland.”

“President Trump reiterated the importance of Greenland to U.S. defense and underscored his commitment to this relationship by designating Governor Landry as special envoy to Greenland.”

CNBC reached out to the Export-Import Bank of the United States, or EXIM, for comment but did not receive a response as this article went live.

Olafsson’s comments come as US President Donald Trump discussions on the acquisition of Greenland intensifywhich he considers an integral part of national security, following a dramatic military operation aimed at seizing Venezuelan President Nicolás Maduro on Saturday.

European nations were struggling to answer to increasing US rhetoric on Greenland, which has refused to rule out military action.

US Secretary of State Marco Rubio is scheduled to meet with Danish officials next week to discuss Greenland, an autonomous Danish territory.

Rare earth companies with projects in the Arctic island jumped earlier this week on US comments regarding the acquisition of territory.

Trump has primarily focused on national security when discussing Greenland in recent days, but former national security adviser Mike Waltz told Fox News in January 2025 that U.S. interest in the island was “aboutcritical minerals“.

Some experts have warned that extracting critical minerals from Greenland is not economically viable due to harsh conditions and lack of infrastructure, but Ólafsson told CNBC it is realistic with proper planning and logistics.

He compared the process to major critical mineral mines in Russia and Alaska, which he said were built under similar conditions.

He said that “one of the biggest challenges of any mining project usually lies in certain [transporting minerals] over long distances over land,” but added that many of Greenland’s mineral deposits were near “deep fjords,” meaning they might be easier to ship..

Climate change has transformed parts of Greenland, with ice melting to reveal wetlands, areas of shrubs and barren rocks.

This made some of the island’s strategic minerals more accessible to mining companies.