Discovery of Mineral Deposits in Norway

🌱 How large are the Norwegian deposits?

Substantial amounts of metals and minerals were discovered on the seabed of Norway’s extended continental shelf. It is estimated that 45 million tonnes of zinc, 38 million tonnes of copper, 24 million tonnes of magnesium, 3.1 million tonnes of cobalt, and 1.7 million tonnes of cerium were found. The deposits are believed to be “among the largest of their kind in the world” and to be large enough to “cover many years of [the] global consumption” for several metals. Moreover, there is a considerable potential for further discoveries to be made in the area.

🌱 What happens next?

Norway is currently contemplating whether to open its offshore areas to deep-sea mining. This process requires approval by the parliament. In line with this, the Norwegian government and the Norwegian Petroleum Directorate are working to establish a framework for the exploration and utilization of the discovered minerals. While the government and the directorate have said that their framework’s focus is on mitigating environmental impacts and ensuring adequate protection of marine life and environments, the idea of opening Norway’s offshore areas to deep-sea mining has led to environmental concerns.

🌱 What does the discovery mean for Norway?

The rare earths found in Norway – particularly the rare and costly minerals, neodymium and dysprosium – are needed to produce wind turbines and electric vehicles. Therefore, the discovery “is seen as a major step forward in [Norway’s] efforts to reduce its dependency on mineral imports and to become a leading player in the production of sustainable technologies”. The discovery is thought to “have the potential to transform the country’s economy and secure its place as a major player in the global market for high-tech and green technology”.

🌱 Could the discovery make Europe less dependent on China?

China currently provides 80% of the metal supply needed for high-end tech, including green energy solutions. China is also the largest manufacturer of rare earths, which means that it has close to complete control over the rare earths market. Yet, as the deposits in Norway include cobalt, magnesium, niobium, and several rare earth minerals found on the European Commission’s list of critical minerals, the discovery is believed to have the potential to make Europe less dependent on China for metals critical to the energy transition.

🌱 How has Russia reacted to the discovery?

Shortly after the discovery was announced, the Kremlin stated that President Vladimir Putin held a meeting with his security council. The discussion revolved around the borders and boundaries of the continental shelf in the Arctic Ocean.