Norwegian Mining Company Discovers Massive Rare Earth Deposit in Europe

A Norwegian mining company has dramatically increased its estimate of rare earth minerals at its European project site by 81% compared to two years ago. The deposit now contains 15.9 million metric tons of rare earth oxides, making it the largest known deposit in Europe.

A Norwegian mining company announced Tuesday that mineral estimates at its European rare earth project have dramatically increased by 81% since its previous assessment two years ago.

Rare Earths Norway revealed that its Fen project now contains 15.9 million metric tons of rare earth oxide materials, according to findings from consulting firm WSP. This massive increase comes after additional exploration drilling conducted last year, which expanded the estimate from the previous 8.8 million tons calculated in 2024.

The discovery holds significant importance for Europe, which currently operates no rare earth mining facilities. Development of this Norwegian project could help reduce European reliance on China, which dominates global rare earth production.

Bernd Schaefer, who leads EIT RawMaterials, an EU-funded critical minerals agency, emphasized the project’s importance. “By nearly doubling its known size, Rare Earths Norway has moved from being a promising discovery to a world-class strategic asset,” Schaefer stated.

The Norwegian deposit significantly surpasses Sweden’s Per Geijer site, which mining company LKAB previously identified as Europe’s largest rare earth deposit. The Swedish site was initially estimated at 1.3 million tons of rare earth oxides in 2023, later revised to 2.2 million tons.

According to the company, 19% of the oxides consist of neodymium and praseodymium, critical materials for manufacturing permanent magnets. These magnets are essential components in electric vehicles, wind turbines, electronic devices, and defense equipment.

The Norwegian company previously indicated to Reuters in 2024 that it planned to produce 2,000 tons of neodymium and praseodymium by 2031, though Tuesday’s announcement did not include updated production targets or timelines.