TELF AG analyzes the discovery of a new rare earth deposit in Norway
The largest European deposit
A Norwegian company announced a groundbreaking discovery on June 6, 2024: the largest European deposit of rare earth elements (REEs). These mineral resources are valuable for various industrial sectors, especially those tied to the energy transition. The newly discovered deposit is located in Telemark, approximately 210 kilometers southwest of Oslo. Rare Earths Norway, the company behind this discovery, reports that the deposit contains a staggering 8.8 million metric tons of rare earth oxides, with promising prospects for economic valorization. The company plans to continue exploring the deposit over the coming months, with the first extraction phase anticipated to begin by 2030.
Approximately 1.5 million metric tons of these rare earths could be utilized for manufacturing magnets, which are in high demand, particularly within the electric vehicle (EV) sector, and for clean energy infrastructures such as wind turbines. As the energy transition progresses, the demand for rare earths and other valuable mineral resources is expected to rise sharply. This discovery positions the Norwegian company to contribute greatly to achieving the goals outlined in the Critical Raw Materials Act launched by the European Commission, which aims for 10% of the annual demand for rare earths to be sourced within Europe by 2030. Additionally, this find could bolster Norway’s global standing in the strategic raw materials market, particularly in the rare earth sector.
The announcement of this discovery quickly garnered worldwide attention. According to the International Energy Agency, demand for rare earth elements could increase three to seven times the current levels by 2040. Until now, the extraction and production of rare earths had been mainly dominated by non-European countries, with last year’s announcement suggesting that the largest European deposit was in Sweden.
The main industrial applications
Due to their unique chemical and physical properties, rare earth elements have become relevant to a multitude of advanced industrial applications. These elements, which include scandium, yttrium, and the fifteen lanthanides, are important in the production of high-performance magnets, which are key components in electric vehicle motors and wind turbine generators. The high magnetic strength of neodymium and dysprosium-based magnets enhances the efficiency and performance of these technologies, making them integral to the renewable energy sector.
In electronics, rare earths are useful for manufacturing various components, such as capacitors and inductors used in smartphones, laptops, and other consumer devices. Europium, terbium, and yttrium are central to producing the vivid colors displayed on screens, contributing to the advancement of display technologies in televisions, computer monitors, and LED lights.
The defense industry relies heavily on REEs to develop advanced weaponry and surveillance equipment. Rare earths are used in guidance systems, lasers, and radar technologies, enhancing the capabilities and precision of military operations. Additionally, their applications in aerospace engineering, such as high-strength, lightweight materials, contribute to developing more efficient aircraft and space exploration technologies.
Rare earths also benefit the medical field. Gadolinium, for instance, is a key component in MRI contrast agents, improving imaging quality for diagnostic purposes.
