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In a groundbreaking development for Europe’s clean energy ambitions, mining firm Rare Earths Norway has announced the discovery of the continent’s largest proven deposit of rare earth elements. The discovery, located in the Fen Carbonatite Complex in southeastern Norway, could be a pivotal moment for the Nordic country and Europe as a whole, as it aims to reduce reliance on China for these crucial resources.
Rare Earths Norway’s CEO, Alf Reistad, described the find as a “great milestone” for the company. The deposit is estimated to contain 8.8 million metric tons of total rare earth oxides (TREOs), with a significant portion, 1.5 million metric tons, being magnet-related rare earths used in electric vehicles and wind turbines.
This discovery is particularly noteworthy as it is one of the few significant deposits outside China, which currently dominates the global rare earth market, accounting for 70% of rare earth ore extraction and 90% of processing. The newfound resources in Norway could play a crucial role in Europe’s strategy to diversify its supply chain and ensure a steady supply of materials essential for the clean energy transition.
Rare Earths Norway’s discovery surpasses a previous major find in neighboring Sweden, further cementing Norway’s potential to become a key player in Europe’s rare earth and critical raw materials value chain. The company aims to contribute to the European Union’s goal, as outlined in the Critical Raw Materials Act, of extracting at least 10% of the EU’s annual rare earth demand by 2030.
Exploration at the Fen site will continue, with further drilling scheduled for the coming months. The first stage of mining is anticipated to commence by 2030, aligning with the EU’s timeline for reducing dependency on external rare earth sources.
The International Energy Agency has highlighted the urgent need for more diverse and increased supplies of energy transition elements to meet global clean energy goals. With rare earth elements being vital for various green technologies, this discovery in Norway is poised to significantly bolster the EU’s efforts to lead the world in sustainable energy solutions.
Rare Earths Norway’s discovery also reflects the increasing geopolitical significance of rare earth elements. As European Commission President Ursula von der Leyen has emphasized, rare earth elements and lithium are poised to become more critical than oil and gas in the future energy landscape, underscoring the strategic importance of this find.
The discovery not only enhances Norway’s standing in the global rare earth market but also strengthens Europe’s overall energy security and sustainability initiatives. As exploration and development progress, this landmark find could well become a cornerstone of Europe’s green energy infrastructure.
