Giant rare earth element reserve excites Europe

Recent research conducted at the Fen carbonatite complex in the Telemark region of southern Norway has revealed that it holds Europe's largest rare earth element reserve. The reserve amount has far exceeded initial estimates, rising from 8.8 million tons to 15.9 million metric tons. This significant increase represents a major opportunity for Europe regarding the supply of rare earth metals.

China's approximately 90 percent share in the mineral processing sector has posed a strategic risk for European Union countries for years. Specifically, in 2024 import data, 95 percent of the EU's mineral needs were supplied via China, Malaysia, and Russia. Experts emphasize that this new source discovered in Norway's Fen complex could reduce risks in the supply chain.

Commenting on this development, EIT RawMaterials CEO Bernd Schaefer stated that the updated reserve assessment is a historic threshold for Europe.

The primary reason for the strategic value of the mine in the Fen deposit is that the rare elements it contains can be used in critical sectors. Neodymium and praseodymium minerals, known in the industry as NdPr, make up 19 percent of the oxides found in the deposit. These elements are indispensable components in electric vehicle motors, wind turbines in renewable energy plants, and various electronic devices. They are also used in important subsystems of the modern defense industry.

The 15.9 million-ton reserve discovered in Norway's Fen region is approximately seven times larger than the Kiruna mine in Sweden, which was previously Europe's largest deposit. Compared to the 2.2 million-ton reserve in the Kiruna region, it is noted that the scale of the new reserve could provide a cost advantage in mining investments.

Although there is currently a production license for the Fen complex, a series of additional permit processes are required before operations can begin. Company officials share the assessment that, "We are meticulously managing regulatory processes to compete with prices in China."

Official production is expected to begin at the end of 2031, and the annual NdPr production target for 2032 has been announced as 800 tons. However, mining projects across Europe can sometimes face delays due to strict environmental standards and procedures. The extent to which this giant mineral resource in Fen will contribute to the economy and the technology sector will become clear in the coming years.

News Source: 12punto