16.10.2023

Normet enters into a new market by launching Normet Xrock - hydraulic breakers, pedestal breaker booms, boom automation system Xrock Automation

Following the acquisition of Rambooms and Marakon in the beginning of 2023, Normet’s long-standing technology experience and customer support network is now reinforced with the world-leading products and solutions for rock breaking.  

12.10.2023

Anglo American appoints Matt Walker as CEO of Marketing business

Anglo American plc announces the appointment of Matt Walker as CEO of its Marketing business, following Peter Whitcutt’s decision to step down after 33 years with Anglo American.  

12.10.2023

ExxonMobil mergers with Pioneer Natural Resources in an all-stock transaction

Exxon Mobil Corporation (NYSE: XOM) and Pioneer Natural Resources (NYSE: PXD) jointly announced a definitive agreement for ExxonMobil to acquire Pioneer. The merger is an all-stock transaction valued at $59.5 billion, or $253 per share, based on ExxonMobil’s closing price on October 5, 2023.  

Market-Place-4.0 REE Minerals AS

11.10.2023

REE Minerals announces Mineral Resource Estimate confirming Europe’s largest deposit of light rare earth elements

REE Minerals announces Mineral Resource Estimate confirming Europe’s largest deposit of light rare earth elements (Credits: REE Minerals)

A recent Mineral Resource report confirms REE Minerals AS’s belief that it holds Europe’s largest known deposit of light rare earth elements. These elements are indispensable in various technological products, and the EU has recently presented a strategy to increase production in Europe.

The report from the Fen field in Ulefoss, Norway, is prepared by SRK Consulting in collaboration with the Danish mining consultancy firm 21st NORTH.

“This is a fantastic breakthrough. It has long been known that the Fens field contains large quantities of rare earth elements, but this report quantifies the resources in a way we have not seen before. SRK Consulting is represented in 30 countries worldwide and is internationally recognized for its independent analyses of mining projects,” says Thor Bendik Weider, chairman of REE Minerals AS.

REE Minerals has been granted an extraction license for rare earth elements by the Norwegian Directorate of Mining. The company has conducted several drilling programs at the Fen field. REE Minerals is now working to advance the project towards completing a feasibility study with the aim of starting the mine construction within a five-year period.

About the report

In the “inferred” Mineral Resources Estimate (MRE) report, SRK Consulting states that within just one-third of REE Minerals’ exploitation license area, there are 95 million tonnes of carbonatite at an average grade of 1.3% total rare earth oxide (TREO) containing 1.22 million tonnes of rare earth oxides. The Mineral Resource statement envisages an underground mining target reported with a cut-off value of 0.75% TREO. The report follows the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Reserves.

The database used for the report includes diamond drilling data generated by REE Minerals from drilling programs conducted between 2012 and 2022. The drilling hole database supporting the resource update comprises 38 boreholes with a total of 10,447 meters drilled, completed through four exploration programs at the Fen field.

Furthermore, SRK Consulting states that the resource is still open within the licence area, particularly at depth and to the south. This means the Mineral Resource could be significantly larger if drilling in future extends beyond the current drilled area.
In the report, SRK Consulting describes a homogeneous resource that may be suitable for largescale underground mining methods which can be more cost-effective than underground selective mining methods.

The Increasing Importance of rare earth elements

Rare earth elements (REE) consist of 17 different chemical elements with unique properties: lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, and yttrium.

Several of these elements, especially praseodymium and neodymium, are crucial in products such as electric motors for electric vehicles and wind turbines, as well as various types of defence equipment and IT devices, among many other applications.

Dependency on China

Currently, the majority of rare earth element supplies come from China. This vulnerability has recently become a high-priority issue on the geopolitical agenda. The EU has recently adopted an ambitious strategy to significantly increase Europe’s own supply and processing of rare earth elements.
The resources at the Fen field are extensive enough to cover significant portions of Europe’s industrial needs for decades.

Source: REE Minerals / Corpcom

#rare earths #Rare Metals #Europe #raw material supply #supply security #study #feasibility study #Norway (NO) #Denmark (DK) #renewables #REE Minerals AS #Mining

                     

11.10.2023

DNV Energy Transition Outlook: Renewables still not replacing fossil fuels in the global energy mix

Over the last five years fossil fuels have met only half of the new demand for energy globally, despite a rapid buildout of renewable capacity, according to DNV’s Energy Transition Outlook. The report finds that between 2017-2022 renewables met 51% of new energy demand, whilst the remaining demand was supplied by fossil fuels.