Finance
Rare earths norway says estimate of deposit, biggest in Europe, jumps 81%
Published by Global Banking & Finance Review®
Posted on March 3, 2026
2 min readLast updated: March 3, 2026
Quick Summary
Rare Earths Norway’s Fen project in Norway has seen its estimated rare earth oxide resources rise sharply—now 15.9 Mt, up 81% from 8.8 Mt two years ago—cementing its status as Europe’s largest known deposit.
Rare Earths Norway Rare Earth Deposit Estimate Soars 81%, Tops Europe
Rare Earths Norway Project: Resource Estimate and Strategic Importance
LONDON, March 3 (Reuters) - An estimate of the mineral resources at a mine being developed by Rare Earths Norway, Europe's largest rare earth project, has soared by 81% since the last evaluation two years ago, the privately held firm said on Tuesday.
Europe has no operating rare earth mines, and the development of the company's Fen project would support the continent's drive to cut dependence on dominant producer China.
Updated Resource Estimates
The project has 15.9 million metric tons of total rare earth oxide content in indicated and inferred resources, according to consulting firm WSP, a statement said.
The new estimate reflects additional exploration drilling that took place last year and compares to 8.8 million tons calculated in 2024, it added.
Comparison with Previous Estimates
SEEN AS STRATEGIC ASSET
Industry and Expert Reactions
"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.
Comparison with Other European Deposits
The size of the deposit is much 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 it updated the estimate to 2.2 million tons.
Key Minerals and Production Outlook
The latest estimate for the Rare Earths Norway project shows 19% of the oxides are neodymium and praseodymium (NdPr), key minerals needed for permanent magnets used in electric vehicles, wind turbines, electronics and defence applications, the company said.
In 2024, it told Reuters it aimed to produce 2,000 tons of NdPr by 2031. It gave no production quantity or timeline in Tuesday's statement.
(Reporting by Eric Onstad; Editing by Jan Harvey)
Key Takeaways
- •The Fen deposit now holds 15.9 million metric tons of rare earth oxides, a substantial increase from the 8.8 million tons estimated in 2024, per WSP‑verified data.
- •This makes Fen by far the largest rare earth resource in Europe, overshadowing Sweden’s Per Geijer project, which holds only 2.2 Mt.
- •With 19% NdPr content, the deposit is rich in neodymium and praseodymium—critical for EVs, wind turbines and defense—and could produce 2,000 t NdPr annually by 2031.
Frequently Asked Questions about Rare Earths Norway says estimate of deposit, biggest in Europe, jumps 81%
1What is Rare Earths Norway's new deposit estimate?
The new estimate is 15.9 million metric tons of total rare earth oxide content in indicated and inferred resources.
2By how much has the estimate of Norway's rare earth deposit increased?
The estimate has jumped by 81% compared to the last evaluation two years ago.
3How does Rare Earths Norway's deposit compare to other European deposits?
It is much larger than Per Geijer in Sweden, which has 2.2 million tons of rare earth oxides.
4Why is the Rare Earths Norway project considered strategic?
It supports Europe's goal to reduce reliance on China for critical rare earth minerals.
5Which key minerals are present in the deposit?
19% of the oxides are neodymium and praseodymium, vital for permanent magnets in EVs, wind turbines, and electronics.
