Rare earth elements (REEs) are essential for technologies driving the green transition: electric cars, wind turbines and high-tech electronics. Despite their name, they are not uncommon in the Earth's crust, but the challenges lie in extracting and separating them in an efficient and environmentally friendly way.
Global competition for REEs is intensifying as climate targets create record demand for metals. At the same time, China dominates production, leaving the West looking for new suppliers. Nordic Iron Ore (NIO) sees an opportunity to contribute to the solution by exploring the potential of REEs as by-products in our iron ore projects.
We do not believe that REEs in our projects stand alone as a separate business. At best, these critical raw materials can become a valuable by-product in the production of our highly enriched iron ore concentrate. This is part of our strategy to contribute to Europe's green transition by seizing the full potential of our deposits.
