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Norway discovers Europe's largest deposit of rare earth metals
Alf Reistad, CEO of Rare Earths Norway, told CNBC that the discovery represents a "great milestone" for the company.
Within the TREOs, which are considered vital to the global shift away from fossil fuels, the company says there is an estimated 1.5 million metric tons of magnet-related rare earths which can be used in electric vehicles and wind turbines. Alf Reistad, CEO of Rare Earths Norway, told CNBC that the discovery at Fen represents a "great milestone" for the company. Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010.
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