Norway Discovers Huge Deposit of Rare Earth Metals

A significant deposit of rare earth metals has been discovered in Norway, marking a notable development for Europe. Mining company Rare Earths Norway announced that it has uncovered an estimated 8.8 million metric tons of rare earth oxides in the southern region of the country, with a promising outlook for economic extraction.

Among this deposit, there are approximately 1.5 million metric tons of magnet-related rare earth metals, which are essential for manufacturing electric vehicles and wind turbines. This find surpasses a previously discovered large deposit in neighboring Sweden in 2023.

Located about 130 miles southwest of Oslo, this rare earths deposit has the potential to elevate Norway’s role in the global rare earth metals industry. Currently, China dominates the market, accounting for 70% of rare earth extraction and 90% of processing worldwide. In fact, China supplies 40% of Europe’s total rare earth imports.

Despite the existing supply, the International Energy Agency (IEA) has indicated that demand for rare earth metals exceeds current availability, particularly for advancing the global energy transition. The discovery in Norway is expected to contribute positively to the clean energy movement.

Rare Earths Norway plans to continue its exploration efforts, with ambitions to initiate the first stage of rare earths mining in Norway by 2030.