Europe’s Largest Rare Earth Deposit Uncovered: Here’s Where

The New Giant Rare Earth Deposit in Norway

Norway is making a major move in the rare earth minerals industry.
The largest rare earth deposit in Europe has been discovered in Fensfeltet, as reported by Rare Earths Norway.
This deposit contains a staggering 8.8 million tons of these essential metals for the ecological transition.

This discovery surpasses the Kiruna deposit in Sweden, which is estimated to hold between 1 and 2 million tons.
The Kiruna find had sparked hopes of competing with and becoming independent from China.

Currently, Beijing controls over 80% of the global supply of these crucial metals, which are essential in various technologies for energy transition, hi-tech industries, and defense.

Europe’s Emancipation from China

The Norwegian deposit could potentially change the market dynamics, allowing Europe to significantly reduce its reliance on China.
This could be a game-changer for the European rare earth supply chain.

Rare earths are among the most challenging materials to source, and Europe has not yet produced a gram of them.
However, the discovery in Norway might alter this scenario.

Rare Earth Norway (REN) stated that the Fen complex, located around a hundred kilometers from Oslo, could house 8.8 million tons of rare earth oxides, approximately four times more than the Kiruna deposit in Sweden.

The Path Forward for Norway and Europe

REN’s estimates, although preliminary, suggest significant potential.
The company expressed optimism about investing around 870 million euros by 2030 to kickstart the initial development phase.

The ultimate goal for the Norwegian company is to establish a complete supply chain, from mining to producing environmentally friendly magnets.
This integrated approach could potentially satisfy 10% of the EU’s demand, aligning with the goal of self-sufficiency in at least 10% of critical materials, as outlined in the Critical Raw Materials Act.

While Norway is not an EU member, it holds a privileged status within the European Economic Area, making Europe its primary market.
Just as Norway has become a significant gas supplier to the EU, REN’s CEO, Alf Reistad, reassures Europeans about the transformative potential of the deposit.

Rare Earths Norway foresees mining operations at the Fen Complex starting in 2030 with an investment of approximately 867 million euros for the initial phase.

Despite the terrestrial nature of this rare earth complex, Norway had previously approved deep-sea mining, exploiting mineral resources at great ocean depths.
However, uncertainties remain regarding the extraction technology in deep waters due to its early stage of development.
It remains to be seen whether this new deposit will influence Norway’s stance on deep-sea exploitation, a topic that has faced strong criticism.

It is clear that the discovery of this vast rare earth deposit in Norway could have far-reaching implications, not only for the country but also for Europe’s strategic supply chain and environmental sustainability goals.