Rare Earths Norway says estimate of deposit, biggest in Europe, jumps 81%

LONDON, March 3 (Reuters) – An estimate of the mineral resources at a mine being developed by Rare Earths Norway, Europe’s largest rare earth project, has soared by 81% since the last evaluation two years ago, the privately held firm said on Tuesday.

Europe has no operating rare earth mines, and the development of the company’s Fen project would support the continent’s drive to cut dependence on dominant producer China.

The project has 15.9 million metric tons of total rare earth oxide content in indicated and inferred resources, according to consulting firm WSP, a statement said.

The new estimate reflects additional exploration drilling that took place last year and compares to 8.8 million tons calculated in 2024, it added.

SEEN AS STRATEGIC ASSET

“By nearly doubling its known size, Rare Earths Norway has moved from being a promising discovery to a world-class strategic asset,” said Bernd Schaefer, CEO of EIT RawMaterials, an EU-funded agency for critical minerals.

The size of the deposit is much larger than Per Geijer in Sweden, which mining company LKAB said in 2023 was the largest in Europe with 1.3 million tons of rare earth oxides. Last year it updated the estimate to 2.2 million tons.

The latest estimate for the Rare Earths Norway project shows 19% of the oxides are neodymium and praseodymium (NdPr), key minerals needed for permanent magnets used in electric vehicles, wind turbines, electronics and defence applications, the company said.

In 2024, it told Reuters it aimed to produce 2,000 tons of NdPr by 2031. It gave no production quantity or timeline in Tuesday’s statement.

(Reporting by Eric Onstad; Editing by Jan Harvey)