Reported 7 months ago
Norwegian rare earth company (REN) has discovered what is now confirmed to be the largest rare earth element deposit in Europe, and one of the few globally not owned or controlled by China, aiding in breaking China's dominance in rare earth supply. The deposit in Norway's Fen Carbonatite Complex holds an estimated 8.8 million tonnes of total rare earth oxide, with potential for extracting 1.5 million tonnes of rare earths related to magnets, to be used in electric vehicles and wind turbines. REN aims to assist the EU in meeting its 2030 goals under the Critical Raw Materials Regulation by continuing exploration in the area and starting mining operations by 2030, as rare earth supply worldwide currently falls short in meeting demands for energy transition.
Source: YAHOO