New exploration results presented.
One and a half years after what is believed to be Europe’s largest rare earth deposit was discovered in Sweden, neighboring Norway is following suit. The Fen deposit in the south of the country contains around nine million tons of rare earth oxides, as Rare Earths Norway announced on Thursday. Fen has been explored over the past three years, and the initial estimate of the size of the deposit that has now been presented is promising, commented the geological consultant for the region.
Rare Earths Norway has announced further investigations assessing the project’s economic viability. This is a crucial point, as mining a deposit is not always economically viable, as the raw materials are often only found in low concentrations. Large quantities of material have to be moved. In addition, there are long lead times between initial exploration and actual mining. In addition to multiple permits, the massive amount of capital required is one of the challenges facing the industry. It often takes up to 15 years before a new mine can operate.
Photo: LYagovy via Canva
