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According to the very serious site www.nordicnames.de, Ivalo is the Danish form of the Greenlandic name Ivalu, literally meaning 'tendon, thread, sinew' (http://www.nordicnames.de/wiki/Ivalo).
Minik is also a Greenlandic name and it apparently means (no joke): 'viscid train oil which is being used as sealing for skin boats' (http://www.nordicnames.de/wiki/Minik).
Greenland is officially an autonomous country within the Kingdom of Denmark, so they probably wanted to give to their children names celebrating Greenlandic culture.