Europe Unveils Its Largest Rare Earth Deposit: A Surprising 8.8 Million-Ton Discovery

Major Rare Earth Deposit Discovered in Norway

A groundbreaking discovery has recently been made in Europe, unveiling a rare earth deposit containing 8.8 million tons of valuable ores located in Norway.
This significant find was announced by Rare Earths Norway at the Fen complex, situated at the base of an ancient, dormant volcano in the southeastern part of the country, amidst breathtaking landscapes.

This hidden treasure trove offers an incredible wealth of resources.
Teams of geologists and researchers have committed their efforts to exploring and mapping this deposit, with estimates suggesting it might house even more metals than initially thought.

The Importance of Rare Earth Metals

Rare earth elements are critical for various modern industries, particularly in energy sectors.
Metals such as neodymium and praseodymium are essential for manufacturing electric motors and wind turbines, underscoring the growing importance of these materials.

This discovery could significantly alter the landscape for Europe, which currently relies heavily on China for rare earth imports vital for its energy and automotive industries.
Tapping into this Norwegian deposit could help reduce this dependency substantially.

Potential Impact on Europe’s Mining Sector

So far, Europe has not produced any rare earths, making this discovery a potential turning point.
Rare Earth Norway (REN) has estimated that the Fen complex, around 100 kilometers from Oslo, could yield 8.8 million tons of rare earth oxides.
These estimates are preliminary, so actual recoverable volumes may vary.

The investment required to exploit this deposit is significant, estimated at €880 million.
However, the long-term benefits could far outweigh this cost by creating numerous jobs and revitalizing Europe’s mining industry, which has faced decline in recent years.
Additionally, sectors like electric vehicles and renewable energy could expect substantial benefits from this development.

A Chance to End Dependence on China?

This discovery presents a pivotal opportunity for the EU to lessen its reliance on Chinese imports.
Currently, China accounts for 70% of global rare earth extraction and 90% of processing.
In 2022, the country supplied 40% of the rare earths imported by the European Union.

The International Energy Agency (IEA) has warned that current rare earth supplies fall short of meeting the demand necessary for transitioning the energy sector.
To address this, Rare Earths Norway plans to continue exploration at the Fen site with further drilling operations.
The company’s focus will align with the EU’s Critical Raw Materials Act, which aims to extract at least 10% of the EU’s annual rare earth demand by 2030.

Ultimately, Rare Earth Norway aspires to establish a complete supply chain that extends from mining to the production of low-environmental-impact magnets.
While Norway is not an EU member, it enjoys a privileged status as part of the European Economic Area, making Europe its primary customer.
This is particularly relevant as Norway has become a crucial gas supplier following the EU’s cooling relations with Russia.