Aluminum   $ 2.1505 kg        |         Cobalt   $ 33.420 kg        |         Copper   $ 8.2940 kg        |         Gallium   $ 222.80 kg        |         Gold   $ 61736.51 kg        |         Indium   $ 284.50 kg        |         Iridium   $ 144678.36 kg        |         Iron Ore   $ 0.1083 kg        |         Lead   $ 2.1718 kg        |         Lithium   $ 29.821 kg        |         Molybdenum   $ 58.750 kg        |         Neodymium   $ 82.608 kg        |         Nickel   $ 20.616 kg        |         Palladium   $ 40303.53 kg        |         Platinum   $ 30972.89 kg        |         Rhodium   $ 131818.06 kg        |         Ruthenium   $ 14950.10 kg        |         Silver   $ 778.87 kg        |         Steel Rebar   $ 0.5063 kg        |         Tellurium   $ 73.354 kg        |         Tin   $ 25.497 kg        |         Uranium   $ 128.42 kg        |         Zinc   $ 2.3825 kg        |         
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The heart of an ancient volcano in Norway hosts Europe’s largest deposit of rare earth elements, as announced by the mining company Rare Earths Norway. On June 6, the company released a report estimating that the deposit contains 8.8 megatons of rare earth oxides, with approximately 1.5 megatons expected to be rare earth magnets used in wind turbines and electric vehicles.

“The resource estimate underscores the potential of the deposit to be a truly transformative asset that can underpin a secure rare earths value chain for Europe,” said Rare Earths Norway CEO Alf Reistad in a statement. The deposit, known as the Fen Carbonatite Complex, is located southwest of Oslo near Lake Norsjø. Formed around 580 million years ago, the complex was the pipe of an active volcano that has since eroded, exposing a magma-filled pipe about 2 kilometers in diameter at the surface.

The solidified magma, now carbonatite rock, is rich in minerals containing rare earth elements such as neodymium and praseodymium, which are vital for making magnets and other applications like aircraft engines. The mining company’s estimate focuses on the upper portion of the ancient volcano down to 1,535 feet below sea level, with likely deposits extending to about 3,300 feet.

Rare Earths Norway plans to continue exploratory drilling and will construct a pilot plant near the outcrop to process the ore into pure rare earth elements. A 2023 report from the Oxford Institute for Energy Studies highlighted that while about 70% of the world’s supply of rare earth elements is mined in China and 90% is processed there, these elements are widely distributed globally. Countries are now striving to secure their own domestic supply chains for these critical minerals. In the U.S., for instance, researchers are investigating coal mines as potential sources for rare earth metals.