A study by the Norwegian Petroleum Directorate has discovered some seabed minerals and metals, ranging from copper to precious rare earth.
While rare piles of earth minerals are in high demand, none is currently mined in Europe.
This has left the continent dependent on imports in a market dominated by China.
The high demand is due to the role the resources play in the transition to a greener economy.
“Of the metals found on the seabed in the study area, magnesium, niobium, cobalt and rare earth minerals are found on the European Commission’s list of critical minerals,” the directorate said in a statement.
“These resources are in high demand due to the role they play in the aspired transition to a greener economy.
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“Minerals such as neodymium and dysprosium are important for magnets in wind turbines and electric vehicles,” it added.
The resources estimate of remote areas in the Norwegian Sea and Greenland Sea specified some 38 million tons of copper, nearly twice the volume mined worldwide each year.
There are also 45 million tons of zinc accumulated in polymetallic compounds.
It also featured about 24 million tons of magnesium, 3.1 million tons of cobalt and 1.7 million tons of cerium.
Cerium is a rare earth element used in alloys.
The findings also feature other rare earth, such as neodymium, yttrium and dysprosium, yet in smaller quantities.
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