As one of the few rare earth reserves not owned or controlled by China, the discovery of the largest rare earth reserve in Europe is viewed as a welcome boost in the continent’s efforts to break Beijing’s dominance in rare earth elements.
The demand for rare earth elements and critical minerals is expected to increase exponentially in the coming years as the transition to clean energy accelerates.
Workers transport soil containing rare earth elements for export at the port in Lianyungang, Jiangsu Province, China on October 31, 2010. (Photo: CNBC).
The Norwegian Rare Earth Organization announced in a statement on June 6 that the Fen Carbonatite Complex in the southeast of the country has a total reserve of 8.8 million tons of rare earth oxides (TREO) with reasonable economic extraction prospects.
Within the TREO, which is considered vital for the global shift away from fossil fuels, the company estimates that around 1.5 million tons of rare earth elements related to magnets could be used in electric vehicles and wind turbines.
This discovery overshadows a massive rare earth mine found last year in neighboring Sweden.
Mr. Reistad stated during a video conference on Monday: “It is important to declare that there is currently no mining activity for rare earth elements in Europe.”
One of the goals of the Critical Raw Materials Act is to meet at least 10% of the European Union’s annual rare earth demand by 2030. The Norwegian Rare Earth Organization expressed its hope to contribute to that goal.
The organization indicated that the rare earth mine in Telemark, located about 210 km southwest of Oslo, could affirm Norway’s position as an integral part of the rare earth and critical raw materials value chain in Europe.
The International Energy Agency reported that the current supply is insufficient to meet the necessary demand for the energy sector’s transformation. This is due to a relatively high geographical concentration in the production of many energy transition elements.
Most rare earth elements are located in China, with the world’s second-largest economy estimated to account for 70% of global rare earth ore production and 90% of rare earth ore processing output.
China was the largest rare earth importer for the EU in 2022, accounting for 40% of total imports by weight.
Looking ahead, the Norwegian Rare Earth Organization stated that exploration work at the complex will continue, with plans for further drilling next month. The company aims to develop its first mining phase by 2030.
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