In a significant development, Norway has recently announced the discovery of Europe’s largest rare earth mine. The mine is located at the Fen carbonatite complex in southeastern Norway and is estimated to contain 8.8 million tonnes of total rare earth oxides (TREO) with economic potential for exploitation. With an estimated 1.5 million tons of rare earths that could be used in magnets for electric vehicles and wind turbines, this discovery surpasses the rare earth mine found in neighboring Sweden last year.
Rare earth elements, comprised of 17 metals including neodymium, praseodymium, terbium, and dysprosium, have valuable properties that make them essential for various industries. These elements are used in electronic devices like smartphones, electric car batteries, and wind turbines. However, the limited supply of rare earths outside of China poses a challenge for companies and governments worldwide. China currently dominates the rare earth market, accounting for a significant portion of global mining and processing activities.
The European Union aims to reduce its reliance on Chinese rare earths by exploiting at least 10% of its needs by 2030. Rare Earths Norway hopes to play a role in achieving this goal by continuing exploration work at the Fen complex and beginning the first phase of mining by 2030. The company’s efforts could strengthen Norway’s position in the European raw materials mining chain and contribute to reducing Europe’s dependence on Chinese rare earths. By expanding the domestic supply of these critical minerals, Rare Earths Norway hopes to support the continent’s transition to a cleaner and more sustainable energy future.
Alf Reistad, managing director of Rare Earths Norway described this discovery as a major milestone for his company and believes it could help Europe reduce its reliance on Chinese rare earth mines while supporting its transition towards cleaner energy sources.
In conclusion, Rare Earths Norway’s discovery represents an important step forward in reducing Europe’s dependence on Chinese rare earth mines while supporting its transition towards cleaner energy sources. As demand for these minerals continues to increase globally due to their critical role in various industries like electric cars and wind turbines; finding alternative sources becomes increasingly crucial not only for Europe but also for countries worldwide looking to diversify their economies from resource-based ones.
With this newfound resource base in place, Rare Earths Norway can now work towards creating new job opportunities while contributing significantly towards ensuring energy security within Europe through reduced dependence on foreign sourced minerals like China’s dominance over global markets has been known as “China’s Resource Curse.”
