The largest rare earth metal deposit in Europe, “Fen,” located in the southern part of Norway, has shown significant growth in reserves following exploratory work. The company Rare Earths Norway has released results indicating that the volumes of this strategic raw material have increased by 81% and now reach nearly 16 million tons.
This is reported by Finway
Strategic Importance of the Discovery for Europe
The “Fen” deposit is particularly valuable due to its high content of neodymium and praseodymium—metals that are key components in the production of powerful magnets. Such magnets are used in electric vehicle engines, wind energy generators, as well as in the advanced systems of modern fighter jets and military drones.
“The special value of the deposit is determined by the presence of neodymium and praseodymium. These metals are critically important for the production of powerful magnets used in electric vehicle engines, wind turbines, and high-tech systems of fighter jets and military drones.”
Until now, the global market for rare earth metals has been largely controlled by China, which accounts for nearly 90% of their processing. The discovery of new large reserves in Norway enhances Europe’s strategic independence and minimizes the risks of vulnerability in supply chains, especially in conditions of geopolitical tension.
Scale and Prospects for Mining Launch
According to updated estimates, the reserves of the “Fen” complex are seven times greater than the capabilities of the Swedish “Per Geier” deposit, which was previously considered the leading one in Europe. The significant scale of the resource base allows the project to be economically viable: infrastructure costs are spread over a larger volume of raw material, reducing the cost of extraction.
Despite promising prospects, the start of industrial mining is not planned before the end of 2031. By that time, the project will already have a basic permit, but environmental checks will still be ongoing. It is expected that by 2032, the deposit will reach target extraction levels, significantly reducing the EU’s dependence on imports of rare earth metals from China and the Russian Federation.