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Rare Earths Norway Mining Company Discovers 8.8 Million Tons of Rare Earths, Strengthening Norway’s Position in the European Value Chain
The mining company Rare Earths Norway reveals the largest rare earth deposit in Europe, with 8.8 million tons of rare earth oxides, reinforcing Norway’s role in the transition to clean energy and reducing the EU’s dependence on imports, according to epocanegocios.
Revolutionary Discovery: Rare Earths in Norway
The Norwegian mining company Rare Earths Norway (REN) announced an inaugural estimate of mineral resources for the Fen Carbonatite Complex, known as Fen. This site, located about 108 kilometers southwest of Oslo, is now considered the largest proven rare earth element deposit in continental Europe. Rare earths are essential chemical elements for clean energy technologies, such as electric vehicles and wind turbines, being crucial in the fight against the climate crisis.
In a recent statement, REN revealed that the Fen deposit contains 8.8 million metric tons of total rare earth oxides (TREOs). According to Alf Reistad, CEO of REN, “This is a very important moment for Rare Earths Norway. The resource estimate underscores the potential of the deposit to be a truly transformative asset that can sustain a secure rare earth value chain for Europe.” The company is working with leading partners, such as Montanuniversität Leoben in Austria, to develop the deposit with the most sustainable mining and mineral processing technologies in the world.
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Transformative Potential for Norway and Europe
Trond Watne, chief geologist at REN, emphasized the significance of the discovery: “This is a milestone that can be extremely important for the local community, but also for Norway and Europe for generations.” The estimate highlights Norway’s crucial position in the value chain of rare earths and critical raw materials for Europe.
Among the TREOs, REN identified approximately 1.5 million metric tons of rare earths related to magnets, essential for manufacturing electric vehicles and wind turbines. This further reinforces Norway’s strategic role in the global energy transition, providing an alternative to the predominantly Chinese imports of these elements.
Contribution to the European Union
The International Energy Agency highlights the importance of essential minerals such as copper, lithium, nickel, cobalt, and rare earth elements for growing clean energy technologies. China is currently the largest supplier of these elements, accounting for 40% of the European Union’s imports in 2022. However, the EU seeks to reduce its foreign dependence, and Rare Earths Norway is a key player in this objective.
The company will continue to explore the Fen deposit, with a new drilling campaign planned for 2024. Additionally, REN intends to establish a pilot plant in the municipality of Nome to test new technologies and optimize mineral processing. This exploration and technological development could lead to an investment of NOK 10 billion (approximately R$ 5 billion) by 2030, allowing REN to cover up to 10% of the European demand for rare earths, in line with the European Union’s objectives under the Critical Raw Materials Act (CRMA).
Towards a Sustainable Future
The discovery of the largest rare earth deposit in Europe by Rare Earths Norway represents a significant advance for sustainability and energy independence in the region. With ongoing exploration and the development of advanced technologies, Norway is poised to play a vital role in the global transition to clean energy. REN is committed to minimizing the environmental impact of its operations, ensuring that the mining and processing of rare earths are carried out sustainably.
Therefore, the discovery and development of the Fen deposit not only benefit Norway but also have positive implications for all of Europe, contributing to a more secure and sustainable supply chain of critical raw materials.
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