Rare Earths Norway says Fen resource 81% larger

Rare Earths Norway said Tuesday that mineral resources at its Fen project, Europe’s largest rare earth deposit, have surged 81% since the last estimate two years ago.

The revised estimate, consulting firm WSP, pegs Fen’s indicated and inferred resources at 15.9 millions tonnes, up from the 8.8 million tonnes calculated in 2024. 

The new figures significantly eclipses Sweden’s Per Geijer deposit, which LKAB in 2023 called Europe’s largest with 1.3 million tonnes of rare earth oxides before increasing that figure to 2.2 million tonnes last year.

“By nearly doubling its known size, Rare Earths Norway has moved from being a promising discovery to a world-class strategic asset,” Bernd Schaefer, CEO of EIT RawMaterials, said in the statement. He added the project could anchor a compact “mine-to-magnet” value chain to strengthen Europe’s industrial resilience and long-term security.

Europe currently has no operating rare earth mines, and developing Fen would strengthen the continent’s efforts to reduce dependence on dominant producer China. In 2024, 95% of the European Union (EU) rare earth imports came from China, Malaysia and Russia, according to Eurostat.

Rare earth elements are critical for defence components such as advanced sensors and precision motors used in frigates, fighter jets and military drones. They are also essential for permanent magnets in electric vehicles, wind turbines and electronics. The latest estimate shows 19% of Fen’s oxides are neodymium and praseodymium (NdPr), key inputs for high-performance magnets. The deposit also contains significant amounts of niobium and thorium.

Production in 2031

Rare Earths Norway has previously said it aims to begin production in late 2031 and produce 800 tonnes of NdPr by 2032, meeting about 5% of EU demand, though Tuesday’s statement did not update timelines or output targets. The company holds an extraction permit but still requires an operating permit.

The EU in December 2025 adopted the ResourceEU action plan to accelerate domestic extraction, refining and recycling of critical minerals and reduce reliance on dominant suppliers. However, the bloc imposes no restrictions on where rare earths mined in Europe can be sold, potentially allowing shipments to other regions.