Recent expert assessments show that a rare earths deposit in southeastern Norway is Europe's largest, according to the Norwegian mining group that made the discovery.
Rare Earths Norway said the deposit at the Fen Complex (Fensfeltet) contains 8.8 million tonnes of these metals, which are vital for the green transition. This is a significantly amount, compared to the Kiruna mine in Sweden, which purportedly holds between 1 and 2 million tonnes.
"After three years of intensive drilling and analysis, an initial estimate of mineral resources shows Fensfeltet to be the largest deposit of rare earth elements in Europe,” the company announced.
Estimations assisted by Canadian consultancy firm WSP report the existence at the site of 1.5 million tonnes of permanent magnets, which are used in electric cars and wind turbines, for example.
Rare Earths Norway suggests that mining could start in 2030 with an investment of 10 billion crowns (about €867 million) for the initial phase alone.
“Our goal is to contribute to a comprehensive and compact value chain, from the mine to the magnet, with significantly reduced environmental and climate impact,” said CEO Alf Reistad.
The find is crucial to Europe's efforts to lessen its reliance on China in the area of rare metals. While not a member of the European Union, Norway maintains close ties with the EU.
