Energy
Tuesday, June 11th, 2024 6:34 pm EDT
Key Points
- Rare Earths Norway discovers Europe’s largest proven deposit of rare earth elements, marking a significant moment for the Nordic country and the region.
- The deposit, situated in the Fen Carbonatite Complex in southeast Norway, contains 8.8 million metric tons of total rare earth oxides (TREOs), with 1.5 million metric tons of magnet-related rare earths crucial for electric vehicles and wind turbines.
- This discovery is vital for Europe’s bid to reduce China’s dominance in rare earths production, as demand for these minerals is expected to soar with the clean energy transition.
Rare Earths Norway has announced the discovery of Europe’s largest proven deposit of rare earth elements, a significant breakthrough that could have far-reaching implications for the region. Unlike many deposits controlled by China, this discovery offers a potential shift in the rare earths market dynamics. The demand for these elements, crucial for the clean energy transition, is anticipated to surge in the coming years. The Fen Carbonatite Complex in southeast Norway boasts 8.8 million metric tons of total rare earth oxides (TREOs), with a substantial portion suitable for use in electric vehicles and wind turbines. This find, surpassing last year’s discovery in Sweden, marks a milestone for Rare Earths Norway. The company aims to contribute to the European Union’s goal of extracting 10% of its rare earth demand by 2030. With most rare earth elements concentrated in China, Europe seeks to diversify its supply chain, making this discovery strategically significant. Rare Earths Norway plans to continue exploration and aims to commence mining by 2030. While not surpassing the value of oil and gas, rare earths are poised to become more crucial for the future energy landscape, as emphasized by European Commission President Ursula von der Leyen.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/06/11/norway-discovers-europes-largest-deposit-of-rare-earth-metals.html
