Norway takes over Fen rare earth

Norway's government has taken over the planning for the Fen rare earth deposit, Europe's largest, to accelerate its development. This decision follows a significant upgrade in the deposit's estimated size to 15.9 million metric tons of rare earth oxide. The move is strategic for Norway and the European Union, aiming to reduce reliance on China for critical minerals like neodymium and praseodymium, which are essential for electric vehicles, wind turbines, and defense applications. Prime Minister Jonas Gahr Støre highlighted the project's importance for supply security and competitiveness. Rare Earths Norway, the project developer, expects production to begin in late 2031, with an output equivalent to about 5% of European Union demand by 2032.