Rare Earths Norway (REN) has announced the discovery of Europe’s largest deposit of rare earth elements at the Fen Carbonatite Complex in Norway, with an inferred mineral resource of 559 Mt at 1.57% Total Rare Earth Oxides (TREO). This includes 8.8 Mt of TREO with a high potential for economic extraction.
Within this resource, there is an estimated 1.5 Mt of magnet-related rare earth elements crucial for electric vehicles and wind turbines, which are considered the most critical raw materials by the EU in terms of supply risk.
The company stated that the mineral resource estimate extends to a depth of -468m below mean sea level, with potential for further mineralization down to approximately -1000m msl based on previous exploration drilling.
REN is collaborating with Montanuniversität Leoben in Austria to develop the deposit using sustainable mining and mineral processing technology to minimize environmental impact. CEO Alf Reistad emphasized the importance of this discovery for the local community and Europe as a whole.
Chief geologist Trond Watne highlighted the significance of the milestone, stating that it could have a lasting impact on Norway and Europe for generations to come.
REN’s goal is to create a sustainable value chain from mine to magnet with reduced climate and environmental impact. Further exploration drilling is planned for the coming year to uncover more potential in this exciting discovery.
