Norways Nordic Mining ASA has been granted exploration rights to search for rare earth elements in the Nordkinn Peninsula, Finnmark, in northern Norway.
The exploration right covers 6km² of the peninsula. Samples for the area analysed by the Geological Survey of Norway have indicated elevated levels of lanthanum, cerium and neodymium, among other rare earth elements.
Nordics CEO Ivar Fossum said that the Nordkinn resource may hold prospective reserves of rare earths, fitting well with Nordic Minings focus on high-end metals and minerals.
Canadian mineral developer Avalon Rare Metals Inc. has bought out the 3% Calabras/Lutoda net smelter return royalty on its Thor Lake property, which encompasses Avalons flagship Nechalacho rare earths deposit, for $2m.
The acquisition leaves Avalon with one remaining 2.5% royalty interest on...