Written byRishav KothariSunday, June 16, 2024
Norwegian mining company Rare Earths Norway (REN) announced on June 6, 2024, that their Fen Carbonatite Complex, located in an ancient volcano near the capital Oslo, contains an estimated 8.8 megatons of rare earth oxides, making it Europe’s largest rare earth element deposit.
The Fen Carbonatite Complex is located next to the village of Ulefoss in Telemark County, about 100 km (62 miles) southwest of Oslo, near Lake Norsjø. It is the exposed magma-filled pipe of a volcano that has been dormant for 580 million years, with a diameter of about 1.2 miles (2 kilometers).
The current resource estimate extends to a depth of 468 m (1 535 feet) below mean sea level. However, REN anticipates the significant potential for future expansion, with previous exploration indicating mineralization could extend to approximately 1 000 m (3 280 feet) below m.s.l. New mining methods are expected to further increase the resource estimate.
“This is a very important moment for Rare Earths Norway,” said Alf Reistad, CEO of Rare Earths Norway.
“The resource estimate underscores the potential of the deposit to be a transformative asset that can underpin a secure rare earths value chain for Europe. We are working with leading partners, such as Montanuniversität Leoben in Austria, to develop this deposit with the world’s most sustainable mining and mineral processing technology, minimizing the environmental footprint from mine to magnet.”
According to Bernd Schäfer, CEO of EIT RawMaterials, the project offers Europe the potential to invest in world-class mining and processing initiatives. These efforts aim to secure industrial value chains and establish new standards in environmental and social performance through technology, innovation, and collaboration.
The Maiden Inferred Mineral Resource is estimated at 559 million tonnes (Mt) at 1.57% Total Rare Earth Oxides (TREO), indicating the Fen Carbonatite Complex contains 8.8 Mt TREO with a reasonable prospect for economic extraction. Within the TREOs, 1.5 Mt are magnet-related rare earths used in electric vehicles and wind turbines, which the EU considers the most critical raw materials due to supply risk.
The discovery could be extremely important for the local community in Nome, but also for Norway and Europe for generations.
The rare earth oxides (TREO) found in the Fen Carbonatite Complex are critical components used in various advanced technologies. These elements are essential for the production of strong permanent magnets, which are crucial for the motors in electric vehicles and the generators in wind turbines. They are also vital in the manufacturing of consumer electronics such as smartphones, tablets, and computers, playing key roles in components like batteries, displays, and speakers. Additionally, rare earth elements are used in numerous defense and aerospace applications, including advanced radar systems, missile guidance systems, and jet engines.
Rare Earths Norway is actively pursuing the Norwegian government’s ambitions through a new Mineral Strategy to develop the world’s most sustainable mineral industry. REN aims to establish a complete value chain, from mine to magnet, with significantly lower climate and environmental impact.
Exploration work at Fen will continue, with a new drilling campaign scheduled for 2024. REN will assess the economic viability of the project through continued study work, with results expected later in 2024. Plans include establishing a pilot factory in Nome municipality to test new technologies and optimize mineral processing. This pilot will also serve as an educational platform in collaboration with local schools.
Telemark Utviklingsfond (TUF) has already supported the pilot with NOK 20 million. REN is now working on localization and full financing of the pilot. Exploration, development of new technologies, and test mining are expected to lead to an investment decision of NOK 10 billion for the first stage of mining by 2030. REN aims to cover 10% of the demand for rare earths, in line with European Union goals under the Critical Raw Materials Act (CRMA).
References:
1 Europe’s largest deposit of rare earth elements discovered at Fen, Norway- Rare Earths Norway – June 6, 2024
Featured image credit: REN
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