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Norway Announces Fast-Track Critical Minerals Strategy

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There has been plenty of news flow coming from Norway in the past few months, following the government’s announcement of supporting seabed mineral extraction, the country has now shifted its attention to focus on land-based minerals by implementing a “fast track system” which aims to accelerate the realization and roadmap of Norwegian mineral projects.

There is an abundance of critical elements in Norway, particularly rare earth elements, which are essential for the green energy transition. Knowing this, the country now intends to maximize its resources by investing in the critical mineral identified by the EU.

The Minister of Trade and Industry, Jan Christian Vestre, presented the Government’s mineral strategy regarding land-based mineral activities on 21 June 2023. The strategy aims to establish Norway’s mineral industry as one of the most sustainable in the world, with critical and strategic metals and minerals at the core. The strategy also emphasizes expediting Norwegian mining and mineral projects.

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Furthermore, the Government has emphasized the need for improved coordination among different government agencies to support projects to faster production, including the Directorate og Mining (DMF) as the primary responsible and coordinating authority for critical mineral projects.

Companies already operating in Norway, such as Kuniko, have welcomed the Norwegian government’s announcement.

“We welcome the Norwegian government’s fast track initiative for critical minerals projects, which aligns with Kuniko’s commitment to sustainability and responsible exploration and mining practices,” Kuniko CEO, Antony Beckmand, CEO, said.

“This strategic move enhances the security of European supply chains and positions Norway as a key player in the green transition. As a leading critical mineral exploration company in Norway, we are excited about the opportunities this initiative brings and the potential for faster development of our portfolio of copper, nickel, and cobalt projects.”

 

Source: The Assay

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