Norway's Bumper Rare Earths Deposit

Written by Martin Lynch, European News Editor for IIR News Intelligence (Sugar Land, Texas)

Summary

The largest rare earths project in Europe looks to be almost twice the size it was estimated to be.

The developers of Europe's largest estimated rare earth elements (REE) mining project in Norway have announced an 81% increase in the estimated mineral resources. 

Rare Earths Norway AS (REN) revealed that the resource estimate for the Fen Carbonatite Complex in Telemark showed that total rare earth oxide (TREO) content in the mapped resources (indicated and inferred) has increased from 8.8 million tonnes in 2024 to 15.9 million tonnes in 2026. This makes it "by far Europe's largest deposit of REE," the company stated, and comes at a time when the European Union (EU) has made securing its own critical minerals and rare earths assets a priority. REN announced its initial mine estimates in 2024 and while it holds an extraction permit it still needs the green light to begin operations. For additional information, see June 25, 2024, article - Norway Boasts Largest Discovery of Rare Earth Minerals.

Strategically Important

With a proposed startup date of 2031, REN believes it can produce 800 tons of neodymium and praseodymium (NdPr) by the following year, which would supply about 5% of the EU's demand. These REEs are regarded by the European Commission (EC) as the most critical raw materials in terms of supply risk and are important in the manufacturing of permanent magnets for electric vehicles (EVs), wind turbines, electronics and defence. Europe currently relies almost entirely on China for rare earth magnets. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the REN project report. 

"The results are highly positive and provide strong motivation for the company's continued development," said Alf Reistad, chief executive officer of Rare Earths Norway. "We expect that the substantial increase in the resource estimate will make our project even more strategically important for Norway and the EU and that the authorities will demonstrate decisive action and establish the necessary framework conditions to secure the first European extraction of REE." 

Positive Government Response

"This is very exciting and brings the Fen deposit into an entirely different league," commented Norway's Minister of Trade and Industry, Cecilie Myrseth. "Critical minerals are essential for green energy, technology, and defence, to name a few. The resources found in the Fen deposit can make us less dependent on other countries, which is important for Norway and our allies."

The Fen Complex

Located in southern Norway, the proportion of NdPr at the Fen Complex has been increased from approximately 17% to 19% of TREO. The updated mineral resource estimate is based on 10,000 meters of new drill core from the 2025 campaign. In total, the company has analysed about 30,000 meters of drill core. The deposit also contains significant quantities of niobium and thorium, which could become highly valuable by-products of the project. REN has signed two key letters of intent for the long-term sale of the entire projected production volume of thorium for use in radiopharmaceutical and energy production. 

EU Reaction

The EU's raw materials industry body EIT RawMaterials welcomed the find. Bernd Schäfer, managing director, said: "The significant expansion of the resource estimate at the Fen deposit is a defining moment for European industrial strategy. By nearly doubling its known size, Rare Earths Norway has moved from being a promising discovery to a world-class strategic asset that can single-handedly help de-risk our most vulnerable supply chains. In an era of heightened geopolitical volatility, Europe cannot afford to remain 98% dependent on a single source for the rare earth magnets that power our defence systems, wind turbines, and electric mobility. This project is not just about mining; it is about building a compact, 'mine-to-magnet' value chain that secures our industrial resilience, ensures long-term security, and maintains our competitive edge on the global stage through innovation and the highest sustainability standards."

Key Takeaways

• New estimates show that the largest rare earths project in Europe is 80% bigger than first believed. 
• Developer REN wants the Norwegian government to fast-track the permitting process.
• Europe relies on China for 98% of its rare earth magnets, vital for the EV, green energy, electronics and defence industries.

IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resource's Global Market Intelligence (GMI).

About Industrial Info Resources

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).