A Norwegian mining group has announced the discovery of Europe's largest deposit of rare earth elements, estimated at 8.8 million tonnes, in Fensfeltet, southern Norway. This significant finding could potentially shift the global landscape of rare earth supply, currently dominated by China.
Rare earths are essential for various green technologies, including electric vehicles and wind turbines. This discovery follows a similar finding in Sweden last year, where an estimated one million tonnes of rare earths were found. However, the extraction and utilisation of these resources are expected to take several years due to the need for extensive studies and regulatory approvals.
China's recent decision to restrict exports of rare earth technologies has raised concerns about supply security in Western countries. Europe, in particular, has been working to reduce its dependency on China for these critical materials. The European Union approved a regulation last November aiming to secure its supply of strategic raw materials, including rare earths, by setting extraction, processing, and recycling targets.
This Norwegian discovery could significantly contribute to achieving these targets and reducing Europe's reliance on China. The EU is also actively seeking partnerships with other countries, particularly in Africa, Latin America, and North America, to further diversify its sources of supply.
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