Reported 7 months ago
Norway has recently discovered a valuable rare earth element deposit, making it not only the largest known deposit in Europe but also a rare earth source independent of China's control, challenging China's dominance in the rare earth market. Situated in Norway's southeast Fen carbonatite area, the deposit contains 8.8 million tonnes of rare earth oxide with promising economic prospects. These rare earth elements, especially ones related to magnets, are crucial for electric vehicles and wind turbines. With China currently dominating the rare earth market, this discovery provides a beneficial contribution to diversifying the global rare earth supply chain.
Source: YAHOO