Business

Norway Discovers Largest Rare Earth Metals Deposit In Europe

Published

11 months ago

June 11, 2024

Mining firm Rare Earths Norway says it has discovered Europe’s largest proven deposit of highly prized rare earth elements, potentially reflecting a watershed moment for both the Nordic country and the broader region.

One of the few deposits not owned or controlled by China, the discovery of continental Europe’s largest rare earths deposit is considered a welcome boost in Europe’s bid to break China’s rare earths dominance.

Demand for rare earths and critical minerals is expected to grow exponentially in the coming years as the clean energy transition picks up pace.

Rare Earths Norway said in a June 6 statement that its Fen Carbonatite Complex in the southeast of the country boasts 8.8 million metric tons of total rare earth oxides (TREOs) with a reasonable prospect for economic extraction.

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.

The discovery eclipses a massive rare earths deposit found last year in neighbouring Sweden.

Alf Reistad, CEO of Rare Earths Norway, told CNBC that the discovery at Fen represents a “great milestone” for the company.

“It is important to state that there is absolutely no extraction of rare earth elements in Europe today,” Reistad said via videoconference Monday.

One of the aims of the Critical Raw Materials Act is to extract at least 10% of the European Union’s annual demand for rare earths by 2030 and Rare Earths Norway says it hopes to contribute to that goal.

Rare Earths Norway said the rare earths deposit in Telemark, roughly 210 kilometers (130 miles) southwest of Oslo, is likely to underscore Norway’s position as an integral part of Europe’s rare earth and critical raw material value chain

The International Energy Agency has said that today’s supply falls short of what is needed to transform the energy sector. That’s because there is a relatively high geographical concentration of the production of many energy transition elements.

Most rare earth elements are located in China, with the world’s second-largest economy estimated to account for 70% of global rare earth ore extraction and 90% of rare earth ore processing.

China was the EU’s largest partner for imports of rare earth elements in 2022, accounting for 40% of overall imports based on weight.

Abuja Reports

Abuja: Tinubu, Akpabio Lead Talks on Real Estate Reform

Published

2 weeks ago

May 5, 2025

Samson Adeyanju

By Ekaete Bassey

President Bola Ahmed Tinubu and Senate President Godswill Akpabio are billed to headline the 55th Annual National Conference and Annual General Meeting of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), in Abuja.

The week-long event, themed “Transform, Invest, Thrive: Optimising Real Estate Finance and Taxation,” will run from May 5 to 10 at the Abuja Continental Hotel.

A statement by NIESV’s National Publicity Secretary, ESV Richard Olodu, confirmed Tinubu will serve as the special guest of honour, while Akpabio will attend as guest of honour.

The conference aims to chart a transformative path for real estate development through deeper fiscal reforms and investment strategies.

Also expected at the high-powered gathering are Minister of the Federal Capital Territory, Nyesom Wike; Minister of Housing, Ahmed Dangiwa; and Minister of Finance, Wale Edun.

Chairman of the Federal Inland Revenue Service and Presidential Adviser on Revenue, Dr. Zacch Adedeji, will deliver the keynote address, expected to dissect current tax policies and their impact on property financing.

NIESV President, ESV Victor Adekunle Alonge, has extended an open invitation to estate professionals, public sector leaders, investors and diaspora stakeholders to partake in what he described as a defining moment for Nigeria’s real estate sector.

The conference is projected to offer insights capable of unlocking economic growth, with real estate positioned as a strategic anchor.

Business

Jubilation as MTN, Kogi End Tax Row

Published

2 weeks ago

May 1, 2025

Samson Adeyanju

By Adenike Lawal

Full telecom services have returned across Kogi State following the resolution of a prolonged dispute between MTN Nigeria and the Kogi State Government.

The disagreement, which had forced a shutdown of several network masts, disrupted connectivity for weeks, leaving businesses and residents frustrated.

Traders and digital service users, particularly in Lokoja, were hit hard by the blackout.

Gbenga Adebayo, Chairman of the Association of Licensed Telecoms Operators of Nigeria, confirmed that the matter has been amicably settled and that service providers can now operate without hindrance.

The shutdown stemmed from claims by the Kogi State Utility Infrastructure Management and Compliance Agency that MTN failed to meet regulatory requirements and had outstanding taxes related to its fibre optic network.

With the standoff now resolved, both parties have agreed to a compliance framework to avert future service interruptions.

The resolution has brought much-needed relief to thousands who rely daily on digital access for communication and business.

Business

Nigeria’s Cotton Industry Set to Reap $90bn by 2035

Published

3 weeks ago

April 28, 2025

Samson Adeyanju

By Ifeoluwa Odunayo

Nigeria’s cotton industry is poised for a major resurgence following the approval of the Cotton, Textile, and Garment Development Board (CTGDB) by the National Economic Council (NEC).

The initiative, a key part of the government’s economic strategy, is expected to generate up to $90 billion by 2035.

Funded through the Textile Import Levy from the Nigeria Customs Service, the CTGDB will be based in the Presidency.

While Nigeria has the potential to grow cotton in 34 states, current production remains low at just 13,000 metric tons annually.

The new plan aims to revive the industry, reduce textile imports, and create jobs, marking a significant step towards economic diversification.