REE Minerals and Nome municipality sign zoning agreement
The Nome municipal council has approved an agreement between the municipality and the two companies REE Minerals AS and Rare Earths Norway AS for the zoning process to develop Europe’s largest deposit of light rare earth elements at the Fen field.
The agreement regulates the process of establishing a large-scale site (Grønn industripark) for processing facilities and tailings to be used by the two companies with extraction licenses at the Fen field. REE Minerals will be provided sufficient space for its planned processing and tailings activities within the site.
The first phase will involve choosing the appropriate location for the mineral park from several potential sites. The municipality will finance this phase. In the second phase, the municipality will develop a more detailed zoning planbased on financing from the license holders. The municipality will engage independent advisors and be in charge of, among other things, interactions with property owners.
The first phase will start immediately. A tentative timeline suggests that the second phase will start in August 2025 and be concluded in 2026 or 2027.
“This confirms the supportive approach taken by Nome municipality in developing a mineral industry based on the Fen field. Several of the potential sites identified look promising to REE Minerals, and the outlined plan is well-structured and should ensure that the zoning process is both efficient and thorough.”