Mining market in Norway

Norway launched a mineral strategy in June 2023, aiming to create the world's most sustainable mineral industry, including a mandate for zero-emission mining equipment by 2030. Norway plans to release an R&D Strategy and make updates to its mining law in 2025.

Norway is a key producer of industrial minerals like olivine, nepheline syenite, graphite, and quartzite and is Europe's largest supplier of aluminum, silicon, ferro-alloys and certain refined minerals such as zinc.

Norway is one of the largest producers of nickel and cobalt. Norwegian extraction of titanium makes up 4.7% of the world's production. The Geological Survey of Norway has mapped extensive rare earth element deposits, including an estimated 30-50 million tonnes at the Fen Complex, possibly the largest deposit in Europe. Mining activity is relatively small but expanding, with the opening of the first new metals mine in decades in 2024, three more planned by 2027, and over 1,700 exploration permits issued in 2024.

Norway's well-established processing industry supports decarbonization efforts through battery manufacturing, metal refining, and critical raw material production, including battery-grade synthetic graphite.

Key opportunities for Canadian mining companies in Norway

• Mining suppliers: Canadian companies with expertise in mining sectors that intersect with oil and gas are well-positioned to tap into Norway's market, where local Original Equipment Manufacturer (OEM) suppliers are limited.
• Innovation and collaboration: Norwegians are early adopters of technology and open to international research and development collaboration.
• Electric vehicles: Norway launched a battery strategy in June 2022, which presents measures Norway plans to develop in the battery value chain. It has the highest proportion of electric vehicles (EV) per capita in the world complimentary plans for EV battery and waste recycling. There are also longstanding initiatives in the marine EV battery space.
• Sustainability and industry strength: Norway boasts a robust processing and refining industry, powered by clean and relatively affordable energy. As a leader in electrification, Norwegian companies are keen on mining EVs, autonomous EVs, and other sustainable solutions.
• Market appeal: Norway offers an attractive, stable political and business environment (European economic area, Schengen area, and the Canada-European Free Trade Association), high purchasing power, and less price sensitivity, making it a favourable market for advanced industrial solutions.

Notable challenges for Canadian mining companies in Norway

• Limited experience: Norway has limited experience in metal mining, which may lead to lengthy approval processes, such as permitting, for new extractive projects.
• Non-EU membership: While closely aligned with the European Union (EU), Norway is not an EU member, which may impact regulatory and market dynamics for Canadian businesses.
• Strong competition: Canada faces significant competition from key players such as the United States, European countries, and China.

Norway's business landscape

Canada and Norway enjoy close commercial relations. Both countries are committed to a green transition and net zero, prioritizing supply chain due diligence and human rights priorities.

Norway is a member of the European Economic Area (EEA), which enables trade from the European Free Trade Association (EFTA) into EU markets governed by the same basic rules. Norway is part of the Schengen area, which is an area of 26 European countries that have adopted a single jurisdiction for border controls.

Bilateral trade benefits from the Canada-EFTA Free Trade Agreement (C-EFTA), a goods-only trade agreement that entered into force in 2009. In 2023, Canada and Norway had approximately $4 billion in bilateral trade and $8 billion in bilateral investment.

Norway is known for being a leader in the oil and gas, cleantech, maritime and logistics industries.

Summary

With the increasing attention on critical minerals and secure energy, Norway is a natural partner for Canada. There are opportunities in trade, research and development, and investment.

Interested Canadian companies can contact: Laura Dalby, Senior Trade Commissioner, laura.dalby@international.gc.ca