Norway’s Fen Carbonatite Mine Declared Largest Rare Earth Resource in Europe

Rare Earths Norway (REN) has announced the first JORC2012 compliant resource estimate for its Fen carbonatite rare earth mine in southeast Norway, following three years of exploration. This development marks a significant milestone for the company, which holds exploration licenses for 90% of the Fen carbonate mafic body area.

The initial inferred resource estimate is 559 million tons, grading 1.57% total rare earth oxides (TREO). This indicates that the Fen Carbonate Rare Earth Mine contains 8.8 million tons of rare earth oxides, positioning it as the largest rare earth mine in Europe. Notably, the estimate includes 1.5 million tons of rare earth elements essential for manufacturing magnets used in electric vehicles and wind turbines.

These metals are considered critical raw materials by the EU due to supply risks. Currently, the resource estimate is limited to a depth of 468 meters, but REN believes there is significant potential for future exploration. Surveys by the Norwegian Geological Survey suggest that mineralization could extend to a depth of 1,000 meters.

REN is optimistic about the potential increase in resources with new mining methods. At a recent press conference, CEO Alf Reistad emphasized the company's commitment to minimizing environmental impact through sustainable mining and metallurgical technologies in collaboration with Austrian partners.

Trond Watne, REN's chief geologist, highlighted the significance of the certified resources not only for the local community but also for Norway and Europe. REN aims to establish an integrated supply chain for rare earths, encompassing mining, metallurgy, and magnet production.

The company plans to conduct further drilling this year to expand its understanding and development of the Fen Carbonate Rare Earth Mine.