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Copenhagen Atomics A/S has signed a Letter of Intent (LoI) with Rare Earths Norway to secure future access to thorium extracted from the Fensfeltet deposit in Norway.
The agreement represents a strategic step in establishing a long-term, European supply chain for thorium, the key fertile material in Copenhagen Atomics’ molten salt reactor technology.
The LoI outlines the intention of the parties to collaborate on the responsible utilization of thorium resources associated with Rare Earths Norway’s planned rare earth element (REE) production. Thorium occurs naturally in the Fensfeltet deposit and has historically been treated as a byproduct. Through this partnership, the material may instead become a valuable energy resource.
Strengthening the Critical Materials Supply Chain
Copenhagen Atomics is developing a modular, containerized thorium molten salt reactor designed for mass manufacturing and large-scale deployment. As outlined in the company’s roadmap, industrial-scale deployment and assembly-line production of reactors require parallel scaling of fuel and material supply chains.
Thomas Jam Pedersen, CEO and Co-Founder of Copenhagen Atomics, says:
Securing access to thorium is a natural next step in preparing for commercial deployment. Our long-term goal is to mass manufacture reactors on assembly lines. That requires a predictable and scalable supply chain for critical materials, including thorium. Norway represents a stable and strategically important source.
Thorium is significantly more abundant than uranium and is widely distributed globally. However, developing reliable commercial supply chains remains essential as future reactor technologies move toward commercialization.
From byproduct to energy resource
Rare Earths Norway is advancing the development of the Fensfeltet deposit, one of Europe’s largest known rare earth deposits. As Europe seeks to strengthen domestic production of critical raw materials, integrating thorium management and utilization into the value chain presents both an environmental and strategic opportunity.
Rare Earths Norway emphasizes that the agreement also represents a milestone in responsible management of naturally occurring radioactive materials (NORM) associated with mining operations.
Alf Reistad, Managing Director of Rare Earths Norway, says:
Through extensive R&D work, we have developed processes for the safe handling of radioactivity in mining operations. With our new agreements, we also resolve the issue of commercialization and final management of thorium. This is a decisive breakthrough for the responsible development of Fensfeltet and for realizing the full value potential of the deposit.
By defining a potential end-use pathway for thorium, the collaboration addresses both regulatory handling and long-term material stewardship, aligning mining practices with future energy applications.
The collaboration aims to explore how thorium separated during rare earth production can be safely processed and potentially qualified for future use in molten salt reactors.
For the European energy and industrial sectors, this represents a potential alignment between critical minerals policy, energy security, and decarbonization objectives.
Enabling industrial-scale clean energy
Copenhagen Atomics’ reactors are designed to deliver 100 MW of thermal energy per unit from a factory-built, containerized platform. The company’s long-term roadmap includes assembly-line production with the ambition to manufacture at least one reactor per day per production line.
By securing upstream thorium supply early, Copenhagen Atomics is reducing future project risk and strengthening its ability to deliver competitive, low-cost clean energy for industrial applications such as ammonia, hydrogen, desalination and process heat.
The LoI does not constitute a binding offtake agreement but establishes the framework for technical, commercial and regulatory collaboration as both companies advance their respective projects.
A European energy value chain
The partnership underscores a broader trend: the integration of mining, materials processing and advanced nuclear technology within Europe’s industrial ecosystem.
As regulatory frameworks evolve and nuclear innovation accelerates, establishing transparent, responsible and regionally anchored supply chains will be essential for scaling new reactor technologies.
Copenhagen Atomics expects its first nuclear test reactor to operate at the Paul Scherrer Institute (PSI) in Switzerland, with commercial deployment targeted in the early 2030s.