The Norwegian company Rare Earths Norway (REN) has updated its estimates of the Fen deposit in Telemark. It has confirmed that this complex contains the largest documented deposit of rare earth elements in Europe. The latest data indicates an increase of nearly 80% in resources compared to estimates from 2024, which is of strategic importance for Europe.
The updated report, prepared by consulting firm WSP, reveals that the estimated rare earth element oxide (TREO) content in the Fen resources has increased from 8.8 million tons in 2024 to 15.9 million tons in 2026.
Below is an aerial view of the Fen deposit. REN holds the rights to Europe’s largest rare earth deposit in this area.
The significant increase in resource estimates is a decisive moment for European industrial strategy
In times of heightened geopolitical uncertainty, Europe cannot afford to be 98% dependent on a single source of rare earth elements, which power our defense systems, wind turbines, and electromobility solutions. This project is not just about mining; it is about building a compact “mine-to-magnet” value chain that will ensure the resilience of our industry, secure long-term supply security, and maintain our global competitiveness through innovation and the highest standards of sustainability – Bernard Schäfer, CEO of EIT RawMaterials.
There are no rare earth element mines operating in Europe, and the development of the Fen project in southern Norway would support the continent’s efforts to reduce its dependence on China. According to Eurostat, in 2024, 95% of rare earth element imports into the European Union (EU) came from China, Malaysia, and Russia.
Used in the defense, automotive, and energy industries
Rare earth elements are essential for defense components such as sensors and motors used in ships, fighter jets, and military drones. They are also important in the production of permanent magnets in electric vehicles, wind turbines, and electronics.
The latest estimates indicate that 19% of the oxides in the Fen deposit are neodymium and praseodymium (NdPr), important materials for the production of high-performance magnets. The deposit also contains significant amounts of niobium and thorium.
Rare Earths Norway recently signed two letters of intent to sell its entire thorium production for radiopharmaceutical and energy purposes. The agreements were concluded with Thor Medical in Norway and Copenhagen Atomics in Denmark.
