Rare Earths Discovery in Norway

SOURCE www.nbcnews.com
Rare Earths Norway has discovered Europe’s largest proven deposit of rare earth elements, potentially reducing China's dominance in the market and aiding in the clean energy transition. The deposit is in Norway and is expected to contribute to the EU's goal of extracting 10% of its annual demand for rare earths by 2030.

Key Points

  • Europe's largest proven deposit of rare earth elements discovered in Norway
  • Expected to play a significant role in the clean energy transition
  • Contributes to reducing China's rare earths dominance
  • Could help Europe meet its rare earth extraction goals by 2030

Pros

  • Reduces China's dominance in rare earths market
  • Aids in clean energy transition
  • Contributes to EU's goal of extracting rare earths

Cons

  • No extraction of rare earth elements in Europe currently