Norge Mining’s world class Øygrei deposit in southwest Norway is the largest and one of the most valuable in-situ deposits in Norway according to the Geological Survey of Norway (NGU), the Norwegian government agency responsible for geological mapping and research.
The NGU has just published “In-situ value of metal deposits in Norway”, a report that evaluates metal deposits in Norway for 2021. The report gives an in-situ value to the 1.55 billion tonne deposit at Øygrei of £47 billion (560 billion NOK).
The Øygrei resource, which contains vanadium-bearing magnetite, titanium-containing ilmenite and phosphate-rich apatite, is just one of Norge Mining’s world class discoveries in the southwest of Norway. The company has also identified almost 1 billion tonnes at Storeknuten and is currently producing a mineral resource estimate for another substantial deposit at Skeipstad.
Vanadium, titanium and phosphate are all EU Critical Raw Materials with multiple uses and a strategic importance to Europe, including the potentially key role of vanadium and phosphate in electrical storage as part of the transition to a carbon zero future.
The report, which is in Norwegian with an English summary, can be viewed here: