Rare Earths Norway Raises Estimate of Europe’s Biggest Deposit by 81%

An estimate of the mineral resources at a mine being developed by Rare Earths Norway, Europe’s largest rare earth project, has soared 81% since the last evaluation two years ago, the privately held firm said.

The project has 15.9 million metric tons (MMT) of total rare earth oxide content in indicated and inferred resources. (Photo: Photo: MCR, NGU) 

The increase was reported by Eric Onstad for Reuters.

Europe currently has no operating rare earth mines, and the development of the company’s Fen project in southern Norway would support the continent’s drive to cut dependence on dominant producer China.

The project has 15.9 million metric tons (MMT) of total rare earth oxide content in indicated and inferred resources, according to consulting firm WSP, a company statement said.

The new estimate reflects additional exploration drilling carried out last year and compares with 8.8 million tons calculated in 2024.

“By nearly doubling its known size, Rare Earths Norway has moved from being a promising discovery to a world-class strategic asset,” said Bernd Schaefer, CEO of EIT RawMaterials, an EU-funded agency for critical minerals.

The size of the deposit is far larger than Per Geijer in Sweden, which mining company LKAB said in 2023 was the largest in Europe with 1.3 million tons of rare earth oxides.

Last year the estimate was updated to 2.2 MMT.