Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
Norway found rich deposits of metals on the seabed of its continental shelf
According to Norwegian authorities, researchers have discovered rich deposits of minerals and metals, including zinc, copper and rare earths on the continental shelf.
These resources are vital to the green economy program.
Norway is planning to mine on its offshore areas after the parliament's approval as the process has sparked environmental concerns.
About 45 million tons of zinc and 38 million tons of copper are estimated to be in the Norwegian Sea and Greenland Sea. It’s almost twice the amount of metal mined globally each year.
In addition to copper and zinc, there are magnesium, cobalt, cerium and other rare earths such as neodymium, yttrium and dysprosium found on the continental shelf.
Further exploration and extraction of minerals and metals will be carried out only after the additional research determining the impact on the environment is conducted.
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