REE Minerals announced that the Norwegian Directorate of Mining has granted a ten-year extension of the company’s extraction license for rare earth elements at the Fen field.

In granting the extension, the Directorate notes the work REE Minerals has performed on the Fen field and assumes that this will be followed by further development.

“This is particularly important since it concerns an occurrence of rare earth elements, which are considered a critical raw material,” the Directorate points out in its decision.

The extended license runs until 13 February 2034.

“The granting of the extension, while expected, is important as it provides a firm foundation for our continued work to develop Europe’s largest proven deposit of light rare earth elements, which are crucial to a number of industries”, says Thor Bendik Weider, chairman of REE Minerals AS.

A recent mineral resource report conducted for REE Minerals confirms the company’s belief that it holds Europe’s largest proven deposit of light rare earth elements at the Fen field in Ulefoss, Norway. REE Minerals is developing the project in close cooperation with the Danish mining consultancy firm 21st NORTH.

Currently, the majority of rare earth element supplies come from China. The EU has recently adopted an ambitious strategy to significantly increase Europe’s supply and processing of rare earth elements.

“We fully agree with the point made by the Directorate about the importance of rare earth elements, and we’re pleased that this topic is increasingly highlighted in political discussions in Europe and Norway. We will do our very best to help Europe develop its own supply of these elements,” says Thor Bendik Weider.

Source: REE Minerals