A rare earth deposit in southeastern Norway is Europe’s largest and could contribute to the autonomy of the continent, which worries about its dependence on China, a Norwegian mining company said today, presenting new studies.

According to Rare Earths Norway, the Fensfeldet deposit hides 8.8 million tons of these ores necessary for the green transition. That is, it is much larger than that of Kiruna, in Sweden, which is believed to be able to yield 1-2 million tons.

“After three years of intensive mining and analysis (…) a first mineral resource estimate (…) shows that Fensfeldet is the largest rare earth deposit (ETR) in Europe“, the company said.

This estimate, made in collaboration with the Canadian company WSP, he talks mainly about the existence of 1.5 million tons of permanent magnets, metals used among others in electric cars and wind power generation. Mining could start in 2030 with an investment of 10 billion kroner (867 million euros) for the first phase alone, according to Rare Earths Norway.

The European Union is trying to become independent in the field of rare earths. Norway is not a member, but Brussels and Oslo maintain very close relations. Today, 98% of the rare earths used in the EU are imported from China, which has a near monopoly in the sector.

In January 2023 a Swedish company announced that it had discovered in Kiruna, northern Sweden, “the largest known deposit» of rare earths in Europe. None of the European deposits are currently in production.