A Watershed Moment for Norway and Europe
On June 6, 2024, Rare Earths Norway announced a discovery that could potentially alter the global dynamics of rare earth elements. The mining firm revealed that it had unearthed Europe’s largest proven deposit of these highly prized elements.
Breaking China’s Dominance
This discovery is significant as it is one of the few deposits not owned or controlled by China. It marks a welcome boost in Europe’s bid to break China’s rare earths dominance. The demand for rare earths and critical minerals is expected to grow exponentially in the coming years as the clean energy transition picks up pace.
The Discovery at Fen
The mineral resource estimate at the Fen Carbonatite Complex in southeast Norway boasts 8.8 million metric tons of total rare earth oxides (TREOs) with a reasonable prospect for economic extraction. Within the TREOs, the company estimates there is 1.5 million metric tons of magnet-related rare earths, which are vital to the global shift away from fossil fuels.
Outshining Neighbors
This discovery eclipses a massive rare earths deposit discovered last year in neighboring Sweden. Alf Reistad, CEO of Rare Earths Norway, described the discovery at Fen as a “great milestone” for the company.
Aiming for EU’s Annual Demand
One of the aims of the Critical Raw Materials Act is to extract at least 10% of the EU’s annual demand for rare earths by 2030. Rare Earths Norway hopes to contribute to that goal.
Norway’s Integral Role
The rare earths deposit in Telemark, roughly 210 kilometers southwest of Oslo, is likely to underscore Norway’s position as an integral part of Europe’s rare earth and critical raw material value chain.
The Future of Rare Earths
The International Energy Agency has stated that today’s supply falls short of what is needed to transform the energy sector. With most rare earth elements located in China, this discovery could potentially shift the balance and provide a much-needed boost to the global supply of these critical elements.
A Transformative Asset
This deposit could be a truly transformative asset that can underpin a secure rare earths value chain for Europe. Rare Earths Norway is working with leading partners to develop this deposit with the world’s most sustainable mine and mineral processing technology, minimizing the environmental footprint from mine to magnet.
