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Mining firm Rare Earths Norway says it has discovered Europe’s largest proven deposit of highly prized rare earth elements, potentially reflecting a watershed moment for both the Nordic country and the broader region.
One of the few deposits not owned or controlled by China, the discovery of continental Europe’s largest rare earths deposit is considered a welcome boost in Europe’s bid to break China’s rare earths dominance.
Demand for rare earths and critical minerals is expected to grow exponentially in the coming years as the clean energy transition picks up pace.
Rare Earths Norway said in a June 6 statement that its Fen Carbonatite Complex in the southeast of the country boasts 8.8 million metric tons of total rare earth oxides (TREOs) with a reasonable prospect for economic extraction.