Europe, in its need to obtain much-needed minerals for its long-awaited energy transition, is ready to open the gates of hell to extract this energy that should never see the light of day. It’s near America and now we’ll tell you what we mean.
The largest energy deposit in continental Europe: Experts have found it, but there’s no good news
This announcement has been made by a company dedicated to the exploration and exploitation of underground mines called Rare Earths Norway (REN), whose headquarters are in Norway. The deposit, located in the Fen Carbonattia complex, is about 100 kilometres from Oslo.
It is a vein of rare earths and a great diversity of metals which are indispensable in supplying the renewable energy industry, making zero emission targets for 2050 feasible. This discovery is the end of more than three years of drilling.
What this deposit contains: Rare earths and metals, and perhaps the end of China
Although this energy should never be brought to light, because it is highly polluting, paradoxically its individual components are indispensable to combat the energy crisis and climate change, leaving fossil fuels behind for good.
According to preliminary estimates, the mineral seam includes some 1.5 million metric tons of rare earths, plus 8.8 million oxides derived from these rare earths. It therefore includes all 17 resources that are very scarce and even more difficult to extract.
And which are raw materials for the manufacture of sustainable elements for the energy transition, such as engines for hybrid and electric cars, wind turbines, batteries, solar panels and others. REN expects to be able to cover 10% of Europe’s energy needs by 2030.
If all goes according to plan, it will cover 100 % of this energy demand by 2040. It should be noted that this mineral abundance lies at a depth of almost 470 metres below sea level. That is why it is said that the gates of hell must be opened because of the high temperatures.
REN, which is a privately owned company, is very optimistic and is willing to make a shared investment of around 870 million euros by 2030. However, it would immediately start the first phase of the mine’s exploitation.
We should clarify that Norway is not part of the European Union, but it is a member of the European Economic Area, so it can easily be a supplier of these minerals. Just as it already sells natural gas to Russia since the economic sanctions were imposed.
With these figures given by REN, this seam is larger in energy than the deposit found in Kiruna, Sweden, in early 2023, which has an estimated reserve of 2 million tonnes of these minerals. This mine is operated by the state mining company LKAB.
Why is Europe so eager to exploit this energy vein?
The situation had become too complex to continue Europe’s long-term process towards decarbonisation because China refused to continue selling these materials through a veto on exports, which had been a severe blow.
This was due to the tense relations between European countries and the Asian country, which meant that the continent was left without supplies. It is well known that China controls 70 % of the extraction and processes approximately 90 % of the minerals needed for energy worldwide.
In conclusion, Europe will open the “Gates of Hell” to be able to exploit this hard-to-get raw material in order to continue with the energy transition which, by the way, favours all countries. As Americans, it is up to us to ensure that extraction is carried out according to the rules.
