An important discovery in the field of mineral resources: in south–East from the Norway The largest rare earth deposit in Europe has been identified. This natural treasure contains 8.8 million tonnes of rare earth oxides, far exceeding the Kiruna deposit in Sweden. The estimates come from three years of drilling and analysis conducted by Norwegian mining group Rare Earths Norway (Ren), in collaboration with Canadian consultancy WSP.
The deposit of Fensfeltet it is fundamental for the production of the technologies necessary for green and digital transition. It will reduce Europe’s dependence on China, currently the main supplier of rare earths with 98% of European imports coming from there. The field is expected to be operational in 2030, with an initial investment of 10 billion Norwegian crowns (around 870 million euros).
The deposit of Fensfeltet could satisfy 10% of European demand for rare earths, contributing to the objectives of Critical Raw Materials Act of European Union. Ursula von der Layen, President of the European Commission, predicted that these materials would soon become more crucial than oil and gas.
Rare earths for advanced technologies
The deposit is rich in neodymium and praseodymium, key elements for the production of magnets used in electric vehicles and wind turbines. Rare Earths Norway highlights the importance of these metals for a secure rare earth value chain in Norway . Mineral resources are estimated at up to 468 meters below sea level, with further drilling suggesting the presence of mineralization down to 1,000 metres.
In the coming months, further drilling will better evaluate the economic feasibility of the projectwith results expected by 2024. Rare Earths Norway is working with various partners to minimize the environmental impact of mining activities.
What do you think this discovery could mean for the future of the green transition in Europe?
#Europes #largest #rare #earth #deposit #discovered #Norway