MINEX Forum

Region: Europe

  • Fen Deposit in Norway Expands 81%, Strengthening Europe’s Rare Earth Ambitions

    Fen Deposit in Norway Expands 81%, Strengthening Europe’s Rare Earth Ambitions

    Rare Earths Norway has announced a substantial upgrade to mineral resources at its Fen project, describing the deposit as Europe’s largest rare earth accumulation and a potential cornerstone of the continent’s strategic supply chain.

    According to a revised estimate prepared by consulting firm WSP, indicated and inferred resources at Fen now total 15.9 million tonnes of rare earth oxides, an 81 percent increase from the 8.8 million tonnes reported in 2024. The updated figures place Fen well ahead of Sweden’s Per Geijer deposit, previously cited by LKAB as Europe’s largest rare earth discovery.

    Bernd Schaefer, CEO of EIT RawMaterials, said the resource expansion elevates Fen from a promising discovery to what he described as a world-class strategic asset. He noted the project could serve as the foundation for a compact “mine-to-magnet” value chain within Europe, supporting industrial resilience and long-term raw material security.

    Europe currently has no operating rare earth mines, leaving the region heavily dependent on imports. Eurostat data show that in 2024, 95 percent of the European Union’s rare earth imports originated from China, Malaysia and Russia. The development of Fen would support EU efforts to diversify supply and reduce strategic vulnerability.

    Rare earth elements are essential for advanced defence systems, including precision motors and sensors used in naval vessels, fighter aircraft and drones, as well as permanent magnets required for electric vehicles, wind turbines and consumer electronics. The latest resource estimate indicates that approximately 19 percent of Fen’s oxides consist of neodymium and praseodymium, key materials for high-performance magnets. The deposit also contains notable quantities of niobium and thorium.

    Rare Earths Norway has previously outlined plans to commence production in late 2031, targeting annual output of 800 tonnes of NdPr by 2032, equivalent to roughly 5 percent of projected EU demand. While the company holds an extraction permit, it still requires an operating permit before mining can begin. The latest announcement did not revise projected timelines or production targets.

    The project aligns with the EU’s ResourceEU action plan adopted in December 2025, which seeks to accelerate domestic extraction, processing and recycling of critical minerals. However, current EU policy does not restrict the export destinations of rare earths mined within the bloc, meaning production could still be sold to non-European markets.

  • Allied Critical Metals Posts Strong PEA Economics for Borralha Tungsten Project as 20,000 m Drill Program Gets Underway

    Allied Critical Metals Posts Strong PEA Economics for Borralha Tungsten Project as 20,000 m Drill Program Gets Underway

    Allied Critical Metals Inc. has released the results of an initial Preliminary Economic Assessment (PEA) for its 100%-owned Borralha Tungsten Project in northern Portugal, outlining an underground development concept with strong returns across multiple tungsten price scenarios and a fully funded drilling campaign aimed at expanding resources beyond the initial mine plan.

    In the study’s medium case using a tungsten price of USD 1,000/mtu WO₃, the project delivers an after-tax NPV(8%) of C$473.4 million (USD 346.6 million) and an after-tax IRR of 48.8%, with an estimated payback period of 4.2 years. Under the base case aligned with an Argus long-term average price assumption of roughly USD 704/mtu WO₃, the after-tax NPV(8%) is C$182.7 million (USD 134.0 million) and the after-tax IRR is 27.2%, with a payback of 5.8 years. A high-price sensitivity case at USD 1,500/mtu WO₃ increases the after-tax NPV(8%) to C$963.8 million (USD 706.4 million) and the IRR to 78.4%, shortening payback to 3.2 years.

    The PEA estimates initial capital at approximately USD 91 million (C$124.2 million) and sustaining capital at about USD 87 million (C$118.8 million), for total life-of-mine capital of roughly USD 178 million (C$243.1 million). The mine plan covers an 11-year operating life, based on the Santa Helena Breccia deposit, with a nominal processing rate of 1.4 million tonnes per annum and average mill feed grade of about 0.20% WO₃. Average annual recovered production is estimated at approximately 1,708 tonnes WO₃, with peak annual output of 2,388 tonnes WO₃. The company reported an all-in sustaining cost estimate of around USD 303/mtu WO₃.

    Allied said the economic model was built on conservative design assumptions, including mine design and cut-off grade selection developed using USD 659/mtu WO₃. The company highlighted that reported spot market pricing for tungsten has recently been materially higher than the study’s sensitivity cases.

    The company also reported several de-risking milestones and strategic positioning factors. Borralha has received a favourable Environmental Impact Declaration (DIA) from Portugal’s environment agency, subject to standard regulatory conditions, and the project has been endorsed by idD Portugal Defence as a strategic initiative of national importance.

    To support growth beyond the initial 11-year plan, Allied has begun a fully funded 20,000-metre drill program targeting resource expansion, conversion of inferred material into higher-confidence categories, potential mine life extension, and possible throughput and scale optimisation. The PEA does not include Allied’s other tungsten project at Vila Verde.

  • EU Lawmaker Says Serbia’s Jadar Lithium Project Remains Frozen Amid Legal Uncertainty

    EU Lawmaker Says Serbia’s Jadar Lithium Project Remains Frozen Amid Legal Uncertainty

    The proposed Jadar lithium project in Serbia remains suspended due to legal and regulatory uncertainty, despite its strategic importance for Europe’s critical raw materials supply, according to European Parliament representative Hildegard Bentele.

    Speaking to Deutsche Welle, Bentele, a member of Germany’s Christian Democratic Union and rapporteur on critical raw materials policy in the European Parliament, said the project remains “frozen,” although mining major Rio Tinto continues to retain exploitation rights over the deposit.

    She noted that the project could play a significant role in strengthening Europe’s lithium supply chain while delivering economic benefits to Serbia, provided a stable and reliable legal framework is established. According to Bentele, Rio Tinto has indicated its intention to comply with environmental and social standards should regulatory conditions improve.

    The Jadar project, considered one of Europe’s largest lithium deposits, had previously been included on the European Union’s list of strategic raw material projects. Plans linked the development to potential downstream battery manufacturing investments, including earlier discussions involving German industry and automotive supply chains.

    However, Bentele stressed that lithium mining projects require predictable licensing systems and institutional stability, conditions she believes are currently lacking. She pointed to concerns over governance, judicial independence and public trust in state authorities as key factors contributing to the project’s suspension.

    The EU, she added, will not pressure Rio Tinto to resume development under present circumstances, describing continued investment as too risky without regulatory certainty. The company’s earlier decision to halt implementation in Serbia’s Jadar Valley was therefore understandable given public opposition and doubts surrounding permitting procedures.

    While acknowledging broader challenges in sourcing critical minerals globally, often located in politically complex jurisdictions, Bentele emphasised that Serbia’s status as an EU candidate country places importance on alignment with European governance and environmental standards.

    According to her assessment, the future of the Jadar project depends primarily on improvements to Serbia’s legal and institutional framework. Until then, the project remains suspended rather than permanently cancelled, leaving open the possibility of future development if regulatory stability is restored.

  • India Set to Strengthen Critical Minerals Cooperation with Germany and Canad

    India Set to Strengthen Critical Minerals Cooperation with Germany and Canad

    India’s Cabinet is expected to approve new international cooperation agreements with Germany and Canada aimed at strengthening partnerships in the critical minerals sector, as New Delhi accelerates efforts to secure resources essential for clean energy technologies and advanced manufacturing.

    According to government sources, the Cabinet meeting chaired by Prime Minister Narendra Modi is likely to clear a Joint Declaration of Intent with Germany focused on joint mineral exploration, sustainable mining practices, supply chain resilience and technology transfer. A similar agreement with Canada is also expected to receive approval.

    The proposed partnerships come amid intensifying global competition for critical minerals such as lithium, cobalt, nickel and rare earth elements, which are key inputs for electric vehicles, renewable energy systems and high-tech industries.

    India has been expanding its international engagement to diversify supply sources and reduce import dependence as part of its broader Atmanirbhar Bharat strategy aimed at strengthening domestic industrial and energy security.

    The agreements are aligned with India’s Critical Minerals Mission launched in 2025, alongside ongoing reforms under the Mines and Minerals (Development and Regulation) Amendment Act, which has enabled new auctions of mineral blocks to attract investment and accelerate resource development.

    Officials view cooperation with resource-rich and technologically advanced partners as a strategic step toward building resilient supply chains and supporting India’s long-term energy transition objectives.

  • Bankruptcy Proceedings Opened Against Poltava Mining Plant as Ferrexpo Shares Slide

    Bankruptcy Proceedings Opened Against Poltava Mining Plant as Ferrexpo Shares Slide

    Ukraine’s Economic Court of Poltava Oblast has opened bankruptcy proceedings against the Poltava Mining and Processing Plant (PGZK), triggering a sharp market reaction and renewed investor concerns surrounding iron ore producer Ferrexpo.

    The company confirmed the development in a statement to the London Stock Exchange on February 24, noting that the court initiated proceedings before a final ruling had been issued by Ukraine’s Supreme Court. Following the announcement, Ferrexpo’s share price fell by 28 percent.

    The bankruptcy case was initiated by Maxi Capital Group, which secured a court judgment in January 2025 ordering PGZK to repay UAH 4.7 billion. The dispute stems from a financial claim originally linked to the failed Finance and Credit bank, where PGZK acted as a guarantor. Maxi Capital acquired the claim in 2020.

    PGZK maintains that the debt had already been settled, citing the write-off of funds in August 2015 and their subsequent return to company accounts in July 2019, arguments reflected in earlier court rulings. The matter remains under consideration by the Supreme Court, despite bankruptcy proceedings now formally underway.

    Operations at the mining and processing plant continue uninterrupted, but the legal escalation has increased uncertainty for investors and lenders. PGZK is one of Ukraine’s largest exporters of iron ore pellets to European markets, meaning prolonged litigation could affect financing conditions, payment stability and regional export flows.

    Ferrexpo stated that PGZK intends to appeal the court’s decision within the statutory ten-day period. However, under Ukrainian law, filing an appeal does not suspend bankruptcy procedures, leaving the timeline and potential consequences difficult to predict.

    The case also adds to broader scrutiny surrounding Ferrexpo and its controlling shareholder, businessman Kostyantyn Zhevago. Earlier in 2025, bankruptcy proceedings were opened against pharmaceutical group Arterium, also associated with Zhevago, while PGZK’s board leadership has faced investigations by law enforcement authorities since 2023.

    Market analysts note that even without operational disruption, reputational risks and declining market capitalisation could complicate access to investment capital. The outcome of ongoing appeals and Supreme Court decisions will likely determine whether the dispute remains a legal challenge or evolves into a broader economic risk affecting employment, exports and investor confidence.

  • Sweden’s Per Geijer Deposit Emerges as One of Europe’s Largest Rare Earth Discoveries

    Sweden’s Per Geijer Deposit Emerges as One of Europe’s Largest Rare Earth Discoveries

    A major rare earth discovery linked to Sweden’s long-established Kiruna iron mining district is positioning northern Europe as a potential future supplier of critical minerals essential for electric vehicles, renewable energy and advanced technologies.

    State-owned miner LKAB has confirmed that the Per Geijer deposit, located near Kiruna above the Arctic Circle, contains an estimated 2.2 million tonnes of rare earth oxides alongside substantial volumes of iron ore and phosphorus. The updated resource estimate places the site among the largest known rare earth deposits in Europe.

    Rare earth elements are vital components in permanent magnets used in electric vehicle motors, wind turbines and consumer electronics. Europe currently relies heavily on imports, with China responsible for processing nearly 90 percent of global rare earth supply, creating strategic vulnerabilities across industrial and energy transition supply chains.

    LKAB estimates that once fully developed, Per Geijer could eventually meet up to 18 percent of Europe’s rare earth demand. The deposit also contains approximately 1.2 billion tonnes of iron ore and phosphorus, with rare earth minerals primarily hosted in apatite, allowing recovery alongside existing iron mining operations.

    The project forms part of a broader European effort to strengthen domestic raw material production under the EU Critical Raw Materials Act, which aims to reduce reliance on single external suppliers and expand regional mining and processing capacity by 2030. Per Geijer, together with LKAB’s related developments in Malmberget and Luleå, has received strategic project status, enabling accelerated permitting procedures and improved access to financing.

    Rather than developing a standalone rare earth mine, LKAB plans an integrated industrial chain linking iron ore extraction in Kiruna with downstream processing facilities. Concentrates produced at Malmberget would be transported to a new industrial hub in Luleå, where hydrometallurgical processing will separate rare earth oxides, phosphoric acid for fertiliser production and gypsum by-products.

    To support final separation of individual rare earth elements, LKAB has also invested in Norwegian technology company REEtec, which is developing alternative refining methods aimed at reducing dependence on Chinese processing technologies.

    Despite its strategic importance, the project faces social and environmental challenges. Mining activity has already forced the gradual relocation of Kiruna due to ground subsidence, while Indigenous Sámi communities have raised concerns that expanded mining could disrupt traditional reindeer herding routes and fragile Arctic ecosystems.

    LKAB emphasises that Per Geijer remains a mineral resource rather than an approved mining reserve, with further exploration, technical studies and permitting required. Industry analysts expect large-scale rare earth production to take between 10 and 15 years before material from the project reaches European manufacturing supply chains.

    Even at full capacity, experts note that the deposit will complement rather than replace global supply networks. However, the presence of a major domestic rare earth source marks a significant shift in Europe’s long-term strategy to secure materials underpinning the green and digital transition.

  • Greenland Resources Secures Expanded Exploration Rights Near Malmbjerg Molybdenum Project

    Greenland Resources Secures Expanded Exploration Rights Near Malmbjerg Molybdenum Project

    Greenland Resources has been granted exclusive exploration rights covering 1,147.76 square kilometres in Greenland’s Semersooq region, significantly expanding its mineral licence footprint surrounding the company’s flagship Malmbjerg molybdenum project.

    The Canadian-listed company said the newly awarded special exploration licence strengthens its position along Greenland’s east coast, giving it what it described as a dominant regional mineral holding adjacent to its existing exploitation licence for molybdenum and magnesium.

    The expansion comes amid growing global demand for molybdenum, a key material used in high-performance steel alloys essential for infrastructure, industrial manufacturing and energy transition technologies. Market forecasts cited by the company indicate global molybdenum demand could increase from approximately 398,000 tonnes in 2024 to around 500,000 tonnes annually by 2034.

    Greenland Resources has already secured downstream market access through a long-term offtake agreement signed last year with Finnish stainless steel producer Outokumpu, under which molybdenum oxide from the Malmbjerg project will be supplied to the European manufacturer.

    According to historical geological data published by the Geological Survey of Denmark and Greenland, rock sampling within the newly licensed area has identified multiple zones with highly anomalous molybdenum concentrations. The company believes these targets could potentially expand the resource base linked to the Malmbjerg development.

    An exploration programme is now being prepared for the concession area, including hyperspectral surveys aimed at refining mineral targeting and assessing resource potential.

    Investor sentiment reacted positively to the announcement, with Greenland Resources shares rising 2.94 percent by the close of trading in Toronto. The company currently holds a market capitalisation of approximately C$235 million.

  • UK Launches First Commercial-Scale Lithium Plant in Cornwall to Strengthen Domestic Supply Chain

    UK Launches First Commercial-Scale Lithium Plant in Cornwall to Strengthen Domestic Supply Chain

    The United Kingdom has begun operations at its first commercial-scale lithium production facility, marking a significant step toward securing domestic supplies of critical minerals essential for electric vehicle batteries and energy storage.

    The plant, developed by Geothermal Engineering Ltd (GEL) in Redruth, Cornwall, will initially produce 100 tonnes of lithium annually, sufficient to supply approximately 2,000 electric vehicles. The company plans to expand production to 1,500 tonnes per year within the next few years and ultimately exceed 18,000 tonnes annually over the coming decade through an investment programme estimated at £640 million.

    Lithium extraction at the site relies on geothermal technology, with mineral-rich underground fluids used to recover the metal. GEL has also commissioned the UK’s first geothermal power plant to supply energy to the lithium operation, with surplus electricity to be sold to Octopus Energy.

    The project forms part of a broader push among Western countries to establish domestic critical mineral supply chains amid growing geopolitical concerns. China currently dominates lithium processing, accounting for around 60 percent of global production in 2025 and maintaining strong control over downstream battery supply chains.

    The UK government has set a target of producing 50,000 tonnes of lithium domestically by 2035, although market volatility following a sharp decline in lithium prices has delayed or reshaped several Western projects.

    GEL founder Ryan Law said geothermal integration enables the company to produce lithium competitively, adding that the operation could rival imports from China on cost.

    Other UK-based developers are progressing parallel initiatives. Cornish Lithium continues testing battery-grade lithium hydroxide samples from its demonstration plant and aims to commission a commercial facility by 2029, while Green Lithium has postponed its Teesside refinery start date to around 2029 under a phased development strategy.

    Industry analysts caution that European lithium projects must still prove cost competitiveness against established Asian supply chains. While lithium represents a relatively small share of total EV production costs, experts warn that building a fully Western-based battery supply chain could introduce higher costs at multiple stages.

    Additional challenges remain, including limited European cathode active material manufacturing capacity, which continues to link regional producers to Asian processing networks.

  • European Mining and Utilities Stocks Hit Record Highs, Surpassing 2008 Peaks

    European Mining and Utilities Stocks Hit Record Highs, Surpassing 2008 Peaks

    European mining and utilities stocks reached fresh all-time highs on Wednesday, surpassing their previous peaks set in 2008, in the latest indication that last year’s rally in regional equities is broadening across sectors.

    The  basic resources sector has climbed 25 percent since the start of the year, driven by steadily rising prices for precious and industrial metals. The strong performance nearly matches the sector’s total gain recorded in 2025, reflecting renewed investor appetite for commodity-linked equities.

    At the same time, the  has advanced around 15 percent year to date. Utilities stocks have attracted increased interest as beneficiaries of artificial intelligence-driven demand growth, particularly due to the rising power requirements of data centres. The sector is also seen as part of a broader investor rotation into hard assets.

    Mining and utilities are the second and third European industry groups to break longstanding records this week. Earlier, the regional oil and gas index exceeded its previous high from 2007, underscoring the strength of the current sectoral momentum.

  • Bindi Metals Secures Approval for Maiden Drill Programme at Ravni Gold Project in Serbia

    Bindi Metals Secures Approval for Maiden Drill Programme at Ravni Gold Project in Serbia

    Australian explorer  has received approval from Serbia’s Ministry of Mining and Energy to commence its maiden drill programme at the Ravni high-grade gold project, located in the Raška mining district in southern . The approval remains subject to the completion of land access agreements.

    According to a filing with the Australian Securities Exchange, drilling activities will require agreements covering both privately owned land and government-managed forestry areas. Discussions with landholders and relevant authorities are ongoing and progressing in accordance with local regulatory requirements.

    Earlier this year, Bindi Metals reported high-grade gold and silver rock chip assay results from its mapping programme across multiple prospects at Ravni. Reported values included results of up to 48.7 grams per tonne gold, 22.8 grams per tonne gold, 181 grams per tonne silver, and 12.1 grams per tonne gold, highlighting the project’s exploration potential.

    Exploration at Ravni commenced in November following a binding agreement with Belgrade-based Red Creek, under which Bindi Metals can acquire up to an 80 percent interest in the project.

    The 30 square kilometre Ravni licence area lies within the Western Tethyan Magmatic Belt, a mineral-rich geological zone hosting several significant gold and copper deposits, including the Rogozna project in Serbia and the Vareš deposit in .

    Bindi Metals has already established a footprint in Serbia through the Lisa antimony-gold project and the Mutnica antimony-copper project, both acquired from  in 2024.