Rare Earths Norway, a mining company, has made a groundbreaking announcement of discovering Europe’s largest proven deposit. This discovery of rare earth elements is highly regarded and could potentially be a game-changer for the Nordic countries and the broader region.
This continental Europe’s largest rare earth deposit, not controlled by China, presents a significant opportunity for Europe amid its oil crisis. The demand for rare earths and critical minerals is expected to grow exponentially as the transition to clean energy accelerates.
Rare Earths Norway revealed in a statement on June 6 that the Fen carbonatite deposit in southeastern India has an estimated 8.8 million tonnes of total rare earth oxides (TREO) with economically mineable prospects. The company also estimates 1.5 million tonnes of magnet-related rare earth elements that can be used in electric vehicles and wind turbines.
This discovery surpasses a significant rare earth deposit discovered last year in Sweden. Rare Earths Norway CEO Alf Rystad emphasized the importance of this discovery, stating that there is currently no mining of rare earth elements in Europe.
Going forward, Rare Earths Norway aims to contribute to mining at least 10% of the EU’s annual demand for rare earth elements by 2030. The company also plans to develop the Telemark rare earth deposit southwest of Oslo to strengthen Norway’s position in the European rare earths value chain.
The International Energy Agency highlighted the shortage of current supplies needed to transform the energy sector due to the geographic concentration of many energy transition elements. China, the world’s largest rare earth ore processor, plays a significant role in supplying rare earth elements worldwide.
Rare Earths Norway intends to continue exploration work at the site with further drilling planned for the coming month. The company aims to begin production by 2030 to contribute to Europe’s rare earth supply and reduce dependence on Chinese sources.
In a recent interview, Alf Rystad remarked that while the discovered resources are valuable, they won’t increase in value compared to oil and gas. He mentioned European Commission President Ursula von der Leyen’s belief that lithium and rare earth elements will become more important than traditional fossil fuels in the future.
Source: www.nbcnews.com
