They found the largest European deposit of the necessary material in the “rare earth paradise”.

After more than three years of exploration, mining company Rare Earths Norway (REN) has discovered what it claims is the largest rare earth deposit in Europe. Vanguard. It is located in the Fen Carbonatite complex 100 kilometers from Oslo, where 8.8 million tons of rare earth oxides are located.

It is estimated that there will be 1.5 million tons of rare earth elements bound to magnets in electric vehicles and wind turbines. And if these data are confirmed, this field will surpass the largest on the European continent (Kiruna, in Sweden).

What are rare earth elements and why are they so important?

Rare earth elements are important minerals for the energy transition, high technology or defense. In fact, according to the EU, these metals are the most important raw materials. And this is mainly due to the shortage of supply and its concentration – China owns 70% of production and 90% of refining.

Although Europe has yet to produce rare earths and remains dependent on China, REN is very optimistic about the Fen carbonatite complex. By investing 870 million euros until 2030, they intend to begin the first phase of development. And if this is achieved, production could cover 10% of the European Union’s demand.

However, it may take more than a decade for this discovery to enter the operational and commercial phase, not to mention its high environmental costs.