Wedoany.com Report on Mar 4th, Rare Earths Norway announced on Tuesday a significant increase in the estimated resources of its Fen rare earth project under development in Norway. According to the latest assessment, the total rare earth oxide (REO) content of the deposit has reached 15.9 million tonnes, representing an 81% increase from the 8.8 million tonnes calculated in 2024. This update is based on additional exploration drilling conducted last year.

The Fen project, located in Norway, is now confirmed as Europe's largest rare earth deposit. Previously, the Per Geijer deposit in Sweden, reported by mining company LKAB in 2023, was considered Europe's largest with 1.3 million tonnes of REO, which was later updated to 2.2 million tonnes in 2024. In comparison, the Fen project is significantly larger.

Bernd Schaefer, CEO of the EU-funded critical minerals agency EIT RawMaterials, stated: "By nearly doubling its known size, Rare Earths Norway has moved from a promising discovery to a world-class strategic asset." Europe currently has no operating rare earth mines, and the development of this project will help reduce dependence on major producing countries.

The latest data shows that 19% of the oxides in the deposit are neodymium and praseodymium (NdPr), which are critical minerals for permanent magnets used in electric vehicles, wind turbines, electronics, and defense applications. Rare Earths Norway had previously told Reuters in 2024 that it aimed to produce 2,000 tonnes of NdPr by 2031, but Tuesday's announcement did not provide specific production quantities or timelines.

Consulting firm WSP provided data support, confirming the REO content in the indicated and inferred resources of the Fen project. This growth highlights the project's potential importance in Europe's rare earth supply chain and lays the foundation for future resource development.