Anglo faces headwinds in keeping restructuring on track
Anglo has been forced to accelerate its restructuring after successfully holding off a bid from BHP, the world’s biggest miner.
Rare Earths Norway (REN) has announced a mineral resource estimate that it said shows its Fen carbonatite complex in the country’s southeast hosts continental Europe’s largest deposit of rare earth elements.
After three years of targeted exploration, REN calculated this week a JORC-compliant inferred resource of 559 million tonnes at 1.57% total rare earth oxides (TREO). This means that the Fen carbonatite complex contains 8.8 million tonnes TREO with a reasonable prospect for eventual economic extraction, the company said.
Within the TREOs, there is estimated to be 1.5 million tonnes of magnet-related rare earths used in electric vehicles and wind turbines.
The EU considers these metals to be the most critical raw materials when considering supply risk.
REN holds an exploration permit covering approximately 90% of the Fen carbonatite complex. The current work provides a mineral resource depth to 468 metres below mean sea level.
REN said it expects significant potential future upside to the project, with previous exploration drilling completed by the Geological Survey of Norway and the geological advisor the Telemark County council, indicating mineralization is open to a depth of approximately 1,000 metres below sea level.
The company also said it expects the development of new mining methods will increase the resource estimate.
“The company is working partners Montanuniversität Leoben in Austria to develop the deposit with the world’s most sustainable mine and mineral processing technology minimising the environmental footprint from mine to magnet,“ Rare Earths Norway CEO Alf Reistad said in a news release on Thursday.
“We have now, through an independent third party, confirmed that we have a significant mineral resource at Fen. This is a milestone for us that could be extremely important for the local community in Nome, but also Norway and Europe for generations,” added chief geologist of Trond Watne.
The company said its goal is to contribute to a total, compact value chain, from mine to magnet with considerably lower climate and environmental impact.
Further exploration drilling is scheduled for this year.
