"Europe's major discovery" involving rare earths
According to a report on the German Handelsblatt website on June 7, Norwegian Rare Earth Company announced that the company had discovered the largest rare earth mine in continental Europe. The company's chief geologist Thron Wattene said it was a "milestone that could be extremely important for Europe for generations to come."
Preliminary investigations show that about 8.8 million tons of rare earths were found about 108 kilometers southwest of Oslo. Consulting firm WSP estimates that 17% of this is neodymium and praseodymium. They are rare earths used in the production of high-performance magnets.
To date, the rare earth mine in Kiruna, Sweden, is considered the largest rare earth mine in continental Europe, with reserves of more than 1 million tons. Greenland's rare earth reserves are said to reach 19 million tons.
Norwegian Rare Earths now aims to meet about 10% of the EU's rare earths needs. The first mining phase will begin in 2030. The company also plans to build a pilot plant near the mine to process the minerals.
Alf Rystad, CEO of Norsk Rare Earths, explains his ambitious plans: “Norsk Rare Earths’ ambition is to achieve a complete, compact value chain from mine to magnet – and to significantly reduce the impact on the climate and environment. "
The rare earths praseodymium, neodymium, terbium and dysprosium are used to make high-performance magnets. Without them, a wind turbine or electric motor would not function. As a result, the International Energy Agency says demand for these rare earths will double by 2040 if countries take zero-emission targets seriously.
As of now, there are no operating rare earth mining sites in Europe. Furthermore, there is only one rare earths refinery in Europe. The plant is located in Estonia and is operated by Canada-based New Performance Materials.
