The push to develop Europe’s critical mineral discoveries

Two Nordic mining companies at the heart of Europe’s push to achieve resource security are taking novel — albeit very different — approaches. One is pursuing the concept of an “invisible mine,” while the other is taking on one of the world’s most radical relocation projects.

It forms part of a strategic shift for the European Union. Under its forthcoming “RESourceEU” initiative, the 27-nation bloc intends to step up its efforts to secure access to domestic sources of critical raw materials in both the short- and long-term.

The plan, which intends to boost investment in strategic projects, is designed to help break China’s long-held mineral dominance.

Alf Reistad, CEO of mining firm Rare Earths Norway, told CNBC that there’s been a clear shift in terms of how both domestic and EU policymakers are thinking about mineral supply chains.

“What we see now is really a sense of urgency. Everybody is speaking about the need for actions,” Reistad told CNBC by video call. “It is really the time to act now. We have always said that we are too early until we are too late.”

In June last year, Rare Earths Norway announced the discovery of Europe’s largest known rare earths deposit, reflecting what was seen as a watershed moment in the region’s pursuit of strategic autonomy.

It’s estimated that the firm’s Fen Carbonatite Complex, situated in the small industrial town of Ulefoss in southern Norway, contains 8.8 million metric tons of total rare earth oxides (TREOs).

Notably, roughly 1.5 million tons of these TREOs are thought to contain highly prized magnet-related rare earths, such as neodymium and praseodymium. These are critical components for a range of modern technologies, from electric vehicles and wind turbines to robotics and defense applications.

Rare Earths Norway said it is currently in close cooperation with the local municipality and national authorities over a zoning plan and hopes to present a prefeasibility study by the end of the year.

Ultimately, however, it faces a long road ahead to deliver on its rare earths potential. The company is targeting the delivery of rare earths to market by the first half of the 2030s.