NORWAY Trends and Developments Contributed by: Mona Søyland and Øystein Nore Nyhus, Simonsen Vogt Wiig
Simonsen Vogt Wiig Filipstad Brygge 1 Postboks 2043 Vika 0125 Oslo Norway Tel: +47 2195 5500 Email: post.oslo@svw.no Web: www.svw.no/en
Introduction Mining has played a critical role in Norway’s eco - nomic development and industrialisation. From the exploitation of silver at Kongsberg and cop - per at Røros in the 17th century to the extraction of iron ore, nickel, and pyrite in the 19th and early 20th centuries, mining provided the raw mate - rials necessary for industrial growth. In recent decades, however, the mining sector’s relative importance has declined due to competition from global markets and the dominance of oil and gas from the Norwegian continental shelf. Despite this, mining remains a significant indus - try with renewed interest due to the growing global demand for minerals and metals required for the green transition. For industrial minerals and metallic ores there are only a few sites in operation, ie, 33 extractions of industrial min - erals and two extractions of metallic ores in all of Norway (however a third is due to open in 2025 and another is expected to open in 2026). Metallic ores have the highest in situ value of all minerals and therefore attract a lot of interest. The in situ value of metallic ores in Norway is estimated to be NOK3,700 billion.
Historical Context and Current Landscape Norway’s mining history is intertwined with its geological riches. The country’s unique geologi - cal features, shaped by tectonic activity and gla - cial erosion, have resulted in deposits of a wide range of minerals. Historical key mining regions included Trøndelag, Telemark, Finnmark, and parts of western Norway, where minerals like cobber, nickel, zinc, iron, quartz, feldspar, graph - ite, titanium, limestone and olivine were extract - ed. However, only two metal ore mines (titanium and iron) are operating in Norway today. In recent years, the focus has shifted to the so-called critical minerals, which are critical for technologies like electric vehicles, wind turbines, and batteries. Norway’s untapped reserves of green transition minerals attract significant attention from both national and international stakeholders. Norway has seen a significant increase in explo - ration activities in the last couple of years. Both junior and major international mining companies have showed interest in the country’s mineral deposits. According to the Directorate of Min - ing with the Commissioner of Mines at Sval - bard, usually named the Directorate of Mining (the “DMF”), the number of allocated explora -
361 CHAMBERS.COM
Powered by FlippingBook