Europe's largest deposit of rare earth metals is discovered in Norway.

• Europe's largest proven deposit of highly prized rare earth elements has been discovered by mining firm Rare Earths Norway.
• The discovery of Europe's largest rare earths deposit is seen as a positive step towards reducing China's control over these valuable resources.
• Rare Earths Norway CEO Alf Reistad stated that the discovery is a "significant achievement" for the company, according to CNBC.

Rare Earths Norway has discovered Europe's largest proven deposit of highly prized rare earth elements, potentially marking a watershed moment for both the Nordic country and the broader region.

The discovery of Europe's largest rare earths deposit is seen as a positive step towards reducing China's control over these valuable resources.

The demand for rare earths and critical minerals is predicted to increase dramatically in the near future due to the acceleration of the transition to clean energy.

Norway's Rare Earths announced in a June 6 statement that its Fen Carbonatite Complex in the southeast of the country contains an estimated 8.8 million metric tons of total rare earth oxides (TREOs) with a promising potential for economic extraction.

The company estimates that there are 1.5 million metric tons of magnet-related rare earths within the TREOs, which are crucial for the global transition to renewable energy sources.

A rare earths deposit of massive size was discovered in neighboring Sweden last year, but this new discovery has overshadowed it.

Rare Earths Norway CEO Alf Reistad stated that the discovery at Fen is a "significant achievement" for the company, according to CNBC.

According to Reistad, who spoke via videoconference on Monday, there is no extraction of rare earth elements in Europe today.

The Critical Raw Materials Act aims to extract at least 10% of the EU's annual demand for rare earths by 2030, and Rare Earths Norway hopes to contribute to that goal.

The rare earths deposit in Telemark, located 210 kilometers (130 miles) southwest of Oslo, is expected to strengthen Norway's role as a key player in Europe's rare earth and critical raw material supply chain.

Rare earths 'more important' than oil and gas

The International Energy Agency has stated that the current energy supply is insufficient for the transformation of the energy sector due to the high geographical concentration of the production of many energy transition elements.

The majority of rare earth elements are found in China, with the world's second-largest economy estimated to account for 70% of global rare earth ore extraction and 90% of rare earth ore processing.

In 2022, China was the EU's largest supplier of rare earth elements, accounting for 40% of the total weight of imports.

Rare Earths Norway announced that it will continue exploration work at the complex and schedule further drilling for next month. The company aims to develop the first stage of mining by 2030.

Rare Earths Norway's Reistad stated that lithium and rare earth elements will soon be more important than oil and gas, as European Commission President Ursula von der Leyen has declared.

He added, "Although it will be more important, it won't have the same value, of course."