Norway discovers Europe's largest deposit of rare earth metals

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Mining patient Rare Earths Norway says it has discovered Europe’s largest proven deposit of highly prized rare world elements, perchance reflecting a watershed infinitesimal for some nan Nordic state and nan broader region.

One of nan fewer deposits not owned aliases controlled by China, nan find of continental Europe’s largest uncommon earths deposit is considered a invited boost successful Europe’s bid to break China’s uncommon earths dominance.

Demand for uncommon earths and captious minerals is expected to grow exponentially in nan coming years arsenic the clean power modulation picks up pace.

Rare Earths Norway said in a June 6 connection that a mineral assets estimate astatine its Fen Carbonatite Complex successful nan southeast of nan state boasts 8.8 cardinal metric tons of full uncommon world oxides (TREOs) pinch a reasonable imaginable for economical extraction.

Within nan TREOs, which are considered captious to the global displacement distant from fossil fuels, nan institution says location is an estimated 1.5 cardinal metric tons of magnet-related uncommon earths which tin beryllium utilized successful electrical vehicles and upwind turbines.

The find eclipses a monolithic uncommon earths deposit discovered last twelvemonth successful neighboring Sweden.

Alf Reistad, CEO of Rare Earths Norway, told CNBC that nan find astatine Fen represents a “great milestone” for nan company.

“It is important to authorities that location is perfectly nary extraction of uncommon world elements successful Europe today,” Reistad said via videoconference connected Monday.

One of nan intends of the Critical Raw Materials Act is to extract astatine slightest 10% of nan EU’s yearly request for uncommon earths by 2030 and Rare Earths Norway says it hopes to lend to that goal.

Rare Earths Norway said nan uncommon earths deposit successful Telemark, astir 210 kilometers (130 miles) southwest of Oslo, is apt to underscore Norway’s position arsenic an integral portion of Europe’s uncommon world and captious earthy worldly worth chain.

The International Energy Agency has said that today’s proviso falls short of what is needed to toggle shape nan power sector. That’s because location is simply a comparatively precocious geographical attraction of nan accumulation of galore power modulation elements.

Most uncommon world elements are located successful China, pinch nan world’s second-largest economy estimated to relationship for 70% of world uncommon world ore extraction and 90% of uncommon world ore processing.

China was nan EU’s largest partner for imports of uncommon world elements successful 2022, accounting for 40% of wide imports based connected weight.

Looking ahead, Rare Earths Norway said that exploration activity astatine nan analyzable will continue, pinch further drilling scheduled for adjacent month. The institution said it is moving to create nan first shape of mining by 2030.

Asked whether he believed nan discovered resources could beryllium considered of much worth than Norway’s oil and state supplies, Rare Earths Norway’s Reistad replied, “Not of much worth but [European Commission President] Ursula von der Leyen has stated that lithium and uncommon world constituent will soon beryllium much important than lipid and gas.”

“So, it will beryllium much important but not person nan aforesaid value, of course,” he added.


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