yolowire.com - Europe’s largest deposit of RareEarthMetals has been discovered in Norway.
Mining firm Rare Earths Norway says it has uncovered a large deposit of rare earth metals that are used in the manufacturing of electric vehicles and other clean energy technologies.
The company says that it has discovered 8.8 million metric tons of total rare earth oxides with a reasonable prospect for economic extraction in southern Norway.
The discovery includes 1.5 million metric tons of magnet-related rare earth metals that can be used in electric vehicles and wind turbines.
The Norway find surpasses a large rare earths deposit that was discovered in neighboring Sweden in 2023.
The rare earths deposit is situated 130 miles southwest of Oslo and could lead to Norway becoming a major player in the rare earth metals industry.
Most rare earth metals are located in China, which currently accounts for 70% of rare earth extraction and 90% of rare earth processing worldwide.
China is Europe’s largest partner for imports of rare earths, accounting for 40% of overall imports based on weight.
However, the International Energy Agency (IEA) has said that the current available supply of rare earth metals falls short of what is needed to transform the world’s energy sector.
The new deposit in Norway is expected to help with the global clean energy transition.
Rare Earths Norway says that its exploration work will continue. The privately held company is working to develop the first stage of rare earths mining in Norway by 2030.