NORWAY Law and Practice Contributed by: Mona Søyland, Øystein Nore Nyhus, Halvor Klingenberg and Fredrik Haberer Anfinsen, Simonsen Vogt Wiig
international equity capital markets. Traditional bank financing (including leasing and equipment financing), and bond financing may also be avail - able, especially for more developed projects. Royalty facilities and similar structures may be available, subject to, among other things, com - pliance with the Norwegian licence requirement for lending activities. Classic project financing within the mining sec - tor is still not common in the Norwegian market. Governmental grants and support, including direct funding/financing and tax incentives may also be available. In addition to EU funding, this also includes funding/financing through Norwe - gian governmental agencies such as Eksport- kreditt Norge (a member of the International Minerals Security Partnership (MSP) Finance Network) and Innovasjon Norge . 5.5 Role of Domestic and International Securities Markets in the Financing of Exploration, Development and Mining Domestic and international securities markets both play an important role in the financing of exploration, development and mining in Nor - way. Mining companies listed on the Oslo Stock Exchange (Euronext Oslo Børs) and Euronext Growth primarily raise capital in the equity capi - tal markets. As Norway has a large and active high-yield bond market attracting capital from international investors, several international min- ing companies raise debt capital through the issuance of Norwegian high-yield bonds. 5.6 Security over Mining Tenements and Related Assets A Norwegian company may grant security over all its operating assets from time to time (includ - ing machines, tools and other equipment) by
registering a floating charge with the Norwegian Register of Mortgaged Movable Property ( Løsør- eregisteret ). The floating charge will also include exploration rights granted under the Minerals Act. With consent from the DMF with the Commis - sioner of Mines at Svalbard ( Direktoratet for min- eralforvaltning med Bergmesteren for Svalbard ), it is also feasible to grant security over extrac - tion rights under the Minerals Act by registering a mortgage with the Norwegian Land Register ( Grunnboken ). Currently, granting security over an operating licence is not possible. However, the proposed new Minerals Act, has suggested permitting this. 6. Mining: Outlook and Trends 6.1 Two-Year Forecast for the Mining Sector Norway’s mineral industry is expected to under - go major development in the coming years. There is a growing global demand for critical minerals due to the transition to renewable ener- gy and electrification. Norway’s mineral depos - its are among the richest in Europe and include Europe’s largest deposit of rare earth elements. For the first time in more than 40 years, in 2024/2025, Norway’s first metal mine (Engebø Rutil and Garnet) started operating. For the first time in many decades, there is now considerable political attention on Norwegian mineral extraction and a goal for Norway to con - tribute to securing Europe’s mineral needs. In 2023, the government adopted a new mineral strategy with the aim of developing a profitable and sustainable mineral industry. The strategy
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