Recently, we have documented changes in the rare earth industry to decrease the global dependency on China. Earlier in the year, we shared that Nissan was even working on its own magnet to do everything in-house and plans for new facilities in North America. This week, we are going across the pond to take a closer look at a landmark rare earth discovery in Europe. Join us as we evaluate what this welcome discovery could mean for consumers and the global supply.

Historic Findings

Rare Earths Norway uncovered the rare earth elements in June. They say it is the largest proven deposit in European history, topping a similar discovery in Sweden last year. In total, the company reports that its Fen Carbonatite Complex has approximately 8.8 million metric tons of total rare earth oxides. 

 

This comes at a crucial time, as industries race to meet increasing consumer demand for rare earth-backed products and the push for clean energy. Specifically, Rare Earths Norway believes 1.5 million metric tons of the rare earths will be suitable for use in applications such as electric vehicles and wind turbines. 

 

Europe previously established the Critical Raw Materials Act, intending to get 10% of the European Union’s rare earth demand locally by 2030. This recent finding is expected to help contribute to that goal and establish Norway as a significant contributor to all future efforts. 

 

China is responsible for around 70% of global rare earth extraction, with the EU being the nation’s largest client in 2022. Now, this discovery and future efforts may change the landscape of the industry for consumers and businesses alike. On the heels of the latest findings, Rare Earths Norway plans on drilling again soon. Mining at the deposit is expected to begin in 2030. 

Enjoy Your Own Discoveries with Apex

Here at Apex Magnets, we are proud to provide you with the latest magnet news for both consumers and businesses. Once you are caught up, head to our blog page to explore our vast collection of DIY crafts, hacks, and experiments using our impressive catalog of magnets. You never know what you may discover! If you ever have a question, just give our friendly staff a call at 1-304-257-1193. We look forward to speaking with you.