Rare-earth reserves at big Norway site revised upwards

Located 150 kilometres (93 miles) southwest of Oslo, Fensfeltet is believed to contain 15.9 million tonnes of rare earth oxides, Rare Earths Norway (REN) said in a statement, an upward revision of about 80 percent compared to the estimate made in 2024.

The estimate comes as development plans for extraction are facing environmental concerns.

“We expect that the substantial increase in the resource estimate will make Rare Earths Norway’s project even more strategically important for Norway and the EU, and that the authorities will demonstrate decisive action,” REN’s chief executive Alf Reistad said in a statement.

Rare earth metals are crucial in the production of everything from smartphones to fighter jets and electric cars and are classified as critical by the European Union.

At present, no rare earth deposits are being mined in Europe, which depends on China for its supplies.

REN said analysis of new samples at Fensfeltet confirmed the presence of large quantities of neodymium and praseodymium, elements used to make permanent magnets for electric vehicles, green energy and defence applications.

The deposit also contains “significant” quantities of niobium and thorium, “which could become highly valuable by-products of the project”, the company added.

However, before operations can begin, the project must pass environmental hurdles.

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Although they are promising to operate an “invisible mine”, with underground extraction and crushing, the developers want to set up the complex in an area covered by old-growth forests rich in biodiversity.

Studies of the area have identified types of 78 animal and plant on a watch-list of threatened species.

They include beetles, elms and ash trees as well as around 40 types of fungi and moss.

Due to delays, Rare Earths Norway is now aiming to commence extraction in the first half of the 2030s.