This is, of course, not always the case, but it is telling to see how often acute demand (or acute potential demand) for a resource can lead to discoveries of what is needed. Incentives work.
An estimate of the mineral resources at a mine being developed by Rare Earths Norway, Europe’s largest rare earth project, has soared by 81% since the last evaluation two years ago, the privately held firm said on Tuesday. . . .
The latest estimate for the Rare Earths Norway project shows 19% of the oxides are neodymium and praseodymium (NdPr), key minerals needed for permanent magnets used in electric vehicles, wind turbines, electronics and defence applications, the company said.
It expects to start production in late 2031, producing 800 tons of NdPr by 2032, which would meet about 5% of the EU’s demand for the minerals, CEO Alf Reistad told Reuters.
The company has an extraction permit but still needs an operating permit.
Bad news for China, but 2031 is still some way off, and doubtless environmentalists will be in on the act (if they are not already) to slow things down.