In Norway, confirmed and estimated reserves of rare earth metals at the Fensfeltet deposit have significantly exceeded previous estimates. According to an updated study by the consulting firm WSP, the volume of minerals at this deposit reaches 15.9 million tons, which is 81% more than was estimated in 2024, when only 8.8 million tons were considered.
This is reported by Finway
Fensfeltet Becomes a Strategic Asset for Europe
It is expected that due to such large reserves, Fensfeltet will become a key resource for meeting Europe’s needs for critical minerals. According to Bernd Schaefer, CEO of the European industry consortium EIT RawMaterials,
“By nearly doubling the known scale, Rare Earths Norway has transitioned from a promising discovery to a world-class strategic asset.”
The company Rare Earths Norway, which holds the license for the development of the deposit, plans to begin mining by the end of 2031. By 2032, the company intends to produce 800 tons of neodymium-praseodymium (NdPr), which will help meet up to 5% of the European Union’s demand for these rare earth elements. Currently, the company has already received a mining permit, but additional approval is still needed to start full-scale operations.
Comparison with Other European Deposits and Market Significance
New data indicate that the reserves of Fensfeltet are nearly eight times greater than those of the Swedish Per-Geijer deposit, which was previously considered the largest in Europe with reserves of 1.3 million tons (the estimate was later raised to 2.2 million tons).
Currently, no country in Europe is engaged in the industrial extraction of rare earth elements. According to Eurostat, in 2024, 95% of the EU’s imports of rare earth elements (Norway is not a member of the Union but collaborates closely with it) come from China, Malaysia, and Russia.
Rare earth elements are crucial for the production of defense technologies — particularly modern sensors and high-precision engines used in frigates, fighter jets, and military drones. Additionally, these metals are indispensable for manufacturing permanent magnets used in electric vehicles, wind turbines, and electronics.