Significant mineral deposits may lie on Faroese seabed

A new report from the Faroese Geological Survey (Jarðfeingi) suggests the Faroe Islands’ continental shelf may hold substantial seabed minerals, particularly in areas around the Aegir Ridge north of the islands, according to a briefing delivered this week to the minister of industry.

The deposits could include iron-manganese crusts and seabed sulfides containing minerals such as copper, cobalt, manganese, and other rare earth elements. These materials are used in batteries, electric vehicles, wind turbines, medical equipment, military hardware, and other high-tech manufacturing.

Demand for several of these minerals is expected to rise sharply in the coming years. In 2024, an EU committee projected that demand for some rare earth minerals could increase fivefold by 2030.

Norway has been a pioneer in exploring potential seabed mineral deposits, viewing deep-sea mining as a major economic opportunity. However, in December 2025, the Norwegian government suspended all deep-sea mining plans until at least 2029 due to political pressure and environmental concerns.