This ancient volcano in Europe reveals a gigantic rare earth deposit
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580 million years ago, the Fen Carbonatite complex was the conduit of an active volcano.
Credit: Rare Earths Norway
On June 6, the company released a report revealing that this site contains approximately 8.8 megatonnes (9.7 million tons) of rare earth oxides. Among these oxides, around 1.5 megatonnes (1.65 million tons) are expected to be used to produce rare earth magnets, essential for wind turbines and electric vehicles.
Alf Reistad, CEO of Rare Earths Norway, stated that this estimate shows the potential of the deposit to support a secure value chain for rare earths in Europe.
The deposit, known as the Fen Carbonatite complex, is located southwest of Oslo, near Lake Norsjø. About 580 million years ago, this complex was the conduit of an active volcano. Today, the upper part of the volcano is eroded, exposing the conduit filled with solidified magma at the surface.
The solidified magma has transformed into carbonatite, a rock rich in minerals containing carbonate molecules. According to Rare Earths Norway, this now-solidified magma contains economically significant rare earth elements like neodymium and praseodymium.
The mining company's estimate focuses on the upper part of the ancient volcano, extending up to 468 meters (1,535 feet) below sea level. The company plans to continue exploratory drilling and construct a pilot plant near the site to process the ore into pure rare earth elements.
According to a 2023 report by The Oxford Institute for Energy Studies, around 70% of the world's rare earth elements are extracted in China, where 90% of these elements are also processed. However, these 17 elements, crucial to modern technologies, are actually widely distributed across the globe. Various countries, including the United States, are seeking to secure their own domestic supply chains for these critical minerals.