REE = Rare Earth Elements are also referred to as «green minerals» due to their wide spread and necessary applications in new green technologies.
REE are essential and integral parts in production of modern products like wind turbines, electric and hybrid cars, smartphones, flat screens, etc. REE are in addition a critical component in modern defense technology products.
REE is a common name for 17 different chemical elements with unique properties in the periodic system.
The Fens field is located in Norway approximately 120 km southwest of Oslo. There has been mining activities at Fen since the15th century.
The Fens field comprises several interesting minerals, but the far most interesting are Rare Earth Elements (REE) «green minerals» of which many are facing strongly increased demand due to their integral part and use in modern green technology.
REE Minerals Holding AS owns a subsidiary named REE Minerals AS that holds exploitation rights to a world-class REE mineral deposit within the Fen carbonatite. For further details see link «exploitation rights".
Our geologists concluded after the second drill program that the deposit contains an inferred resource of 84 million tonnes grading 1.08% REO. Drill intersections returning up to 4.56% REO over 11.6 m furthermore indicate the presence of high-grade domains with better profit margins. The deposit is open-ended in all directions and has the potential to host more than2 million tons of REE. T«The remarkable homogeneous and consistent nature of the carbonatite and the associated REE mineralisation presents strong evidence for the Fen carbonatite complex to host a very large and significant source of REE´s comparable in size to some of the largest carbonatite complexes and REE deposits in the world».
The results of initial metallurgical studies and preliminary capex/opex calculations are very promising; hence we are accelerating our development work to demonstrate the projects feasibility. SRK Consulting is currently performing an independent technical review and more extensive metallurgical test work is ongoing. We believe that our project at Fen is the only rare earth deposit in Europe that is likely to be proven exploitable.