Rare Earths Norway has announced the discovery of Europe’s largest rare earth mine, located in the Nordic country. This discovery has the potential to bring significant changes to both Norway and the continent as a whole. The mineral resource estimate at the Fen carbonatite complex in southeastern Norway contains 8.8 million tonnes of total rare earth oxides (TREO) with economic exploitation potential. Within this estimate, the company believes there are 1.5 million tons of rare earths associated with magnets that could be used in electric vehicles and wind turbines.
This discovery in Fen marks a major milestone for Rare Earths Norway, as it has reserves far exceeding the rare earth mine discovered last year in neighboring Sweden. The company aims to make a big contribution to helping Europe break China’s monopoly on rare earths, as the demand for these essential minerals is expected to grow exponentially in the coming years with the transition to clean energy. The Critical Raw Materials Act seeks to exploit at least 10% of the EU’s rare earth needs by 2030, and Rare Earths Norway aims to play a role in achieving this goal.
Rare earth elements have valuable properties that make them popular in the energy and technology industries. These elements, including neodymium, praseodymium, terbium, and dysprosium, are used in electronic devices like smartphones, electric car batteries, and wind turbines. However, limited supply of rare earths is a concern for companies and governments worldwide, as most of the rare earths are concentrated in China. The Fen rare earth mine in Norway will strengthen the country’s position in Europe’s key raw materials mining chain.
Rare Earths Norway will continue exploration work in the Fen complex, with plans to drill deeper next month. The company aims to develop the first mining phase by 2030. This discovery has the potential to have a significant impact on the rare earth industry and on Norway’s role in the European market.