As one of the few deposits not under Chinese ownership or control, uncovering continental Europe's largest rare earths deposit is seen as a significant boost in Europe's efforts to diminish China's stronghold over rare earths.

The demand for rare earths and critical minerals is anticipated to surge dramatically in the forthcoming years as the transition to clean energy accelerates.

In a statement dated 6 June, Rare Earths Norway revealed that its Fen Carbonatite Complex in the country's southeast contains 8.8 million metric tonnes of total rare earth oxides (TREOs) with a promising outlook for economic extraction.

Among these TREOs, deemed essential for the worldwide move away from fossil fuels, the firm estimates there are 1.5 million metric tonnes of magnet-related rare earths utilised in electric vehicles and wind turbines.

This discovery surpasses a significant rare earth found last year in neighbouring Sweden.

Alf Reistad, the CEO of Rare Earths Norway, told CNBC that the Fen discovery signifies a "remarkable milestone" for the company.

"It's crucial to acknowledge that rare earth elements are not currently extracted in Europe," Reistad said.

A key objective of the Critical Raw Materials Act is to mine at least 10 per cent of the European Union's yearly demand for rare earth by 2030, and Rare Earths Norway aspires to contribute to this target.

Rare Earths Norway stated that the rare earth deposit in Telemark, approximately 210 kilometres southwest of Oslo, reinforces Norway's role as a vital component of Europe's rare earth and critical raw material supply chain.