Rare Earths Norway, a mining firm, has discovered Europe’s largest proven deposit of rare earth elements, which are highly sought-after minerals. This discovery in Norway is significant as it is one of the few rare earth deposits not owned or controlled by China. The Fen Carbonatite Complex in the southeast of Norway boasts 8.8 million metric tons of total rare earth oxides (TREOs), with an estimated 1.5 million metric tons of magnet-related rare earths that are crucial for electric vehicles and wind turbines.
The next challenge for Rare Earths Norway is to economically extract these rare earth elements from the deposit. This discovery is a major milestone for the company and could potentially help Europe reduce its dependence on China for rare earths. The European Union aims to extract at least 10% of its annual demand for rare earths by 2030, and Rare Earths Norway hopes to contribute to this goal. This deposit is likely to position Norway as an essential player in Europe’s rare earth and critical raw material supply chain.
Rare earths are becoming increasingly important as the world transitions to clean energy and reduces its reliance on fossil fuels. The International Energy Agency has highlighted the shortage of rare earth elements needed for the energy sector transformation. Most rare earth elements are currently sourced from China, which accounts for a significant portion of global rare earth extraction and processing. The EU relies heavily on China for rare earth imports, with China being the largest supplier in 2022.
Looking forward, Rare Earths Norway plans to continue exploration at the Fen Carbonatite Complex, with further drilling scheduled for the coming months. The company aims to start mining operations at the complex by 2030. CEO Alf Reistad believes that the rare earth resources discovered in Norway could be more valuable than the country’s traditional oil and gas supplies in the future. European Commission President Ursula von der Leyen has also emphasized the growing importance of rare earth elements and lithium in the clean energy transition.
Overall, the discovery of Europe’s largest rare earth deposit in Norway has the potential to reshape the regional rare earth market and reduce Europe’s dependence on Chinese supplies. The development and extraction of these rare earth elements could play a crucial role in Europe’s transition to clean energy and sustainable technologies. Rare Earths Norway is committed to advancing the exploration and eventual extraction of these valuable minerals to meet the increasing demand for rare earths in the coming years.
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