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The largest deposit of rare minerals is discovered. Where is she located?

2024-06-07 13:52:46Lifestyle SHKRUAR NGA REDAKSIA VOX

The largest deposit of rare minerals is discovered. Where is she located?

A Norwegian company has announced that in the Southeast of the country it has found the "largest deposit" of rare minerals in Europe. According to 'Rare Earths Norway', the Fensfelt deposit contains 8.8 million tonnes of total rare earth oxides, essential for the transition to green technology. The new deposit is much larger than the one in Kiruna, Sweden, where an estimated 1 to 2 million tons of rare earth minerals are present.

This is considered a veritable treasure trove of fundamental elements to produce the technologies needed for the green and digital transition. This is shown by estimates drawn up after three years of drilling and analysis by the Norwegian mining group Rare Earths Norway – Ren. Therefore, this new natural treasure promises to reduce Europe's dependence on China, from which today 98% of imported rare minerals come. The Fensfelt deposit could start to be exploited in 2030 with an initial investment of NOK 10 billion – equivalent to approximately EUR 870 million, to develop the first phase of extraction, so that Norway's rare minerals can cover 10 % of the demand in accordance with the European objectives defined by the regulation for critical raw materials.

Expectations are high, given that currently no rare earths are mined in Europe and that these materials may soon become more important than oil and gas, as stated a few years ago by the president of the European Commission, Ursula von der Layen.

The Norwegian deposit is of particular interest due to the presence of 1.5 million tons of rare minerals – neodymium and praseodymium – for the production of magnets used in electric vehicles and wind turbines. The European Union considers these metals to be the most critical raw materials when considering supply risks. Also for this reason the assessment underlines the potential of the deposit as a truly transformative resource capable of supporting a secure rare minerals value chain for Europe.

The current assessment of the Fensfelt deposit gives a mineral resource estimate of up to 468 meters below sea level, but further drilling appears to suggest their presence at even greater depths of up to 1,000 meters below sea level. New surprises are therefore expected from this site known as the 'Fen Carbonatite Complex' which flows from an ancient volcanic vent formed 580 million years ago by a carbonate-rich magma flow.

Over the coming months, further drilling will be carried out and the economic feasibility of the project will be better assessed, with results to be communicated by 2024. The Norwegian mining group is already working with various partners to operate the field with technology that allow to minimize the environmental impact of mining activities.


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