Calls for a Norwegian Mineral Fund

Norway has Europe's largest occurrence of rare earth elements. Now the authorities must step in to secure the values in Western hands, demands the Norwegian Mineral Industry.

Rare earth minerals are essential for making wind turbines, mobile phones and defence equipment. Europe currently has no production of such minerals. Instead, China has a near-monopoly on the extraction of rare earth elements. Therefore, it is imperative for the European Union and NATO to become self-sufficient in these critical raw materials as quickly as possible.

A mineral resource estimate prepared by the consulting company WSP now shows that the Fens field (Fensfeltet) in Telemark can cover ten per cent of the EU's need for these strategically crucial minerals.

"The Fens field can be the most important contribution from Norway to the green shift in Europe. But the values do not come out of the ground by themselves," says Lars Joakim Hanssen.

He is Head of public affairs at the trade association Norwegian Mineral Industry.

The company Rare Earths Norway, which is one of the players on the Fens field, estimates that the capital need is NOK one billion before a final investment decision can be made, and NOK ten billion before the field is operational – hopefully in 2030.

"It is a paradox that the extraction of critical minerals is not part of the Green Industry Initiative (Grønt industriløft). We demand that the mineral industry gets access to risk loans on a par with those who invest in green technology, and we call for a state mineral fund," says Lars Joakim Hanssen and adds:

"Without state involvement, there is a risk that autocratic countries can buy key companies in Europe, and then you are just as far."

Another challenge for reaching the goal of the Fens field within a reasonable time is public processing.

"The export of rare earth metals from Telemark can be important for the future of European industry, and for the security situation in our continent. But in order to succeed, decision-making processes in the public sector must be coordinated, simplified and streamlined. Today, it can take up to 20 years from the first surveys until a mine is operational. In the current situation, we, the EU and the world do not have time to wait that long, Hanssen maintains.

(caption:)
ENTHUSIASTIC: The owners of Rare Earths Norway, Carl Diderik Cappelen (left) and Sturla Steinsvik, hand over the mineral resource estimate for the Fens field to Minister of Trade and Industry Cecilie Myrseth at a press conference on Thursday 6 June.

You can also find this article in Norwegian on the Norwegian Mineral Industry home page:

Etterlyser norsk mineralfond Norsk Bergindustri