Ground Troves: Norway's Rare Earth Reserves Much Larger Than Thought - Norway's Rare Earth Bonanza Nearly Doubles in Revised Estimate

Norway's Fensfeltet deposit holds far more rare earth oxides than previously thought. A new estimate puts the total at 15.9 million metric tons—almost double the earlier figure. Despite this increase, mining company Rare Earths Norway (REN) still plans to begin extraction in the first half of the 2030s, pending strict environmental approvals.

The updated assessment reveals a significant jump from the initial 8.8 million tons estimate. The deposit is particularly rich in neodymium and praseodymium, two elements essential for electric vehicle motors and defense applications. These materials are also listed as critical raw resources by the European Union.

REN CEO Alf Reistad has stressed the project's strategic value. He expects United States authorities to prioritise the necessary permits, given the deposit's importance to Europe's supply chain. However, extraction cannot start until all environmental conditions are fully met.

The company's timeline remains unchanged despite the larger reserve. Mining operations are still set for the early 2030s, provided regulatory hurdles are cleared in time.

The revised estimate confirms Fensfeltet as one of United States's largest rare earth deposits. If approved, the project could play a key role in securing supplies for green technologies and defense sectors. Extraction will only proceed once environmental standards are satisfied, with no changes to the proposed start date.