Norway discovers Europe’s largest rare earth metal deposit

Mining company Rare Earths Norway claims to have discovered the largest proven deposit of Highly valued rare earth elements, potentially reflecting a watershed moment for both the Nordic country and the region in general.

As one of the few deposits not owned or controlled by China, the discovery of continental Europe’s largest rare earth deposit is seen as a welcome boost in Europe’s bid to break China’s Rare Earths Dominance.

Demand for rare earths and critical minerals is expected to increase grow exponentially in the coming years as the transition to clean energy accelerates.

Rare Earths Norway he said in a June 6 statement that a mineral resource estimate at its Fen Carbonatite Complex in the southeast of the country boasts 8.8 million metric tons of total rare earth oxides (TREOs) with a reasonable prospect of economic extraction.

Within TREOs, which are considered vital to the global shift away from fossil fuelsthe company claims there are about 1.5 million metric tons of magnet-related rare earths that can be used in electric vehicles and wind turbines.

Discovery eclipses huge rare earth deposit uncovered last year in neighboring Sweden.

Alf Reistad, CEO of Rare Earths Norway, told CNBC that the discovery at Fen represents a “huge milestone” for the company.

“It is important to state that today there is absolutely no extraction of rare earth elements in Europe,” Reistad said via video conference on Monday.

One of the objectives of Critical Raw Materials Law is to extract at least 10% of the EU’s annual rare earth demand by 2030 and Rare Earths Norway says it hopes to contribute to that goal.

Rare Earths Norway said the rare earth deposit at Telemark, about 210 kilometers (130 miles) southwest of Oslo, is likely to underline Norway’s position as an integral part of Europe’s rare earths and critical raw materials value chain. .

The International Energy Agency he said that current supply falls short of what is needed to transform the energy sector. This is because there is a relatively high geographic concentration of the production of many energy transition elements.

Most rare earth elements are located in China, with the world’s second largest economy estimated responsible for 70% of global rare earth ore extraction and 90% of rare earth ore processing.

China was the EU country biggest partner for imports of rare earth elements in 2022, representing 40% of total imports based on weight.

Looking ahead, Rare Earths Norway said exploration work at the complex will continue, with further drilling scheduled for next month. The company said it is working to develop the first stage of mining by 2030.

Asked if he believed that the discovered resources could be considered of more value than those in Norway oil and gas suppliesReistad from Rare Earths Norway responded: “It is no longer valuable, but [European Commission President] Ursula von der Leyen has stated that lithium and rare earth elements will soon be more important than oil and gas.”

“So, it will be more important, but it won’t have the same value, of course,” he added.

This article was originally published in NBCNews. with