Ground Troves: Norway's Rare Earth Reserves Much Larger Than Thought - Norway's Rare Earth Discovery Doubles, Boosting Europe's Strategic Supply

A rare earth deposit in Norway has been found to contain far more minerals than first thought. The Fensfeltet site now holds an estimated 15.9 million metric tons of rare earth oxides—almost double previous calculations. These elements are vital for industries like electric vehicles and defence technology.

The updated estimate places the Fensfeltet deposit among Europe's most significant rare earth sources. It contains large amounts of neodymium and praseodymium, both essential for manufacturing high-performance magnets used in electric car motors and military applications. The European Union already classifies rare earths as critical raw materials, highlighting their economic and strategic value.

Alf Reistad, CEO of Rare Earths Norway (REN), stated that the revised figures strengthen the project's importance for both Norway and the EU. Extraction is planned to begin in the early 2030s, provided the company meets strict environmental standards. No further details have been released about potential partnerships with the EU or other nations at this stage.

The expanded deposit could play a key role in Europe's supply of rare earth materials. If extraction proceeds as planned, it may reduce reliance on imports for critical industries. The project's next steps depend on environmental approvals and further assessments.