August 20th 2018

NHO: Highlights mineral extraction

The figure above illustrates the demand for mineral resources for key technologies over the last centuries. Illustration: NGU/NHO
The Confederation of Norwegian Enterprise (NHO) backs the mineral industry in its latest outlook report that was launched during Norway’s largest political forum, Arendalsuka in August.

“Numerous minerals are critical to technologies required to bring about the ‘green shift.’ There is a potential for being the driver for the extraction of these minerals,” proposes NHO in its report.

In its outlook report, the confederation predicts how Norway will develop in the next decades, up to 2050. The report identifies worrying trends in Norway, including lower growth and risk for trading wars.

“Enterprise advancement and growth are essential to maintain a solid welfare society and maximum employment," maintains Arvid Moss, NHO president.

Valuable subsurface assets

The NHO Outlook Report of 2018 refers to the Geological Survey of Norway’s estimate of the worth of known metal resources: ca. NOK 1400 billion.

“In addition, industry minerals, aggregates, coal and natural stone, are together estimated to value of NOK 1100 billion. The total value of raw mineral resources is NOK 2500 billion. Once processed, the value of material resources is estimated to be over 8000 billion,” writes NHO.

Øystein Nordgulen, Director of NGU’s Mapping Division, is pleased that the NHO report has highlighted the value of Norway’s subsurface. "It is good to hear that the leading voice for Norwegian business and enterprise call attention to the opportunities we have for extracting Norwegian mineral resources," says Nordgulen.

Advanced technology

Today, nearly element identified in periodic system is available and contributes to increasingly advanced technologies.  Many mineral resource types that were not required 20 years ago are today crucial in the production of technology used in Society every day.

“The green shift will increase the market for minerals and rare earth elements. Solar cells, windmills, electric cars, smartphones, batteries and power cables - all require minerals,” states the Outlook Report, which also points out that Europe currently uses about 20 percent of the world's minerals, while producing only two or three percent.

Norway has significant mineral resources: Titanium, Ilmenitt, lime, graphite, olivine, iron ore and high purity quartz, all which can serve supply Europe's resource needs.