Copenhagen Atomics, Rare Earths Norway sign LoI to secure thorium for MSRs

Copenhagen Atomics A/S and Rare Earths Norway have signed a Letter of Intent to secure future access to thorium extracted from the Fensfeltet deposit, the Fen field near Ulefoss in Telemark, southern Norway. The agreement sets an intention to turn thorium, historically a by-product of rare-earth ore at Fensfeltet, into a potential fuel feedstock for Copenhagen Atomics’ molten salt reactor programme.

The LoI is explicitly non-binding. As Ukatomics put it, "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." The document is meant to create a framework for collaboration on technical, commercial and regulatory issues rather than to commit to specific volumes, prices or delivery schedules.

Rare Earths Norway frames the deal as a practical solution to managing naturally occurring radioactive material from planned rare-earth production at Fensfeltet. Alf Reistad, Managing Director of Rare Earths Norway, said: "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 commercialisation and final management of thorium. This is a decisive breakthrough for the responsible development of Fensfeltet and for realising the full value potential of the deposit." The company therefore positions the LoI as part of long-term material stewardship and regulatory compliance for NORM.

Copenhagen Atomics’ reactor programme remains centred on a modular, containerised molten-salt design intended for mass manufacture. ElectricityInfo describes the concept as "moderated with unpressurised heavy water, the reactor consumes nuclear waste while breeding new fuel from thorium," and adds that the design is "small enough to allow for mass manufacturing and assembly line production" with an output of 100 MWt. ElectricityInfo also reports a company-level LCOE target of EUR20 (USD23.5) per MWh. Those technical and economic specifics appear in a single source and will need confirmation from Copenhagen Atomics as the companies move from LoI to contractual detail.

Copenhagen Atomics has been advancing supporting technology in Copenhagen, where the firm completed two years of continuous operation of a molten salt pump and test loop at its facilities. The company expects its first nuclear test reactor to operate at the Paul Scherrer Institute in Switzerland and is targeting commercial deployment in the early 2030s, milestones the firm has cited as underpinning its supply-chain needs.

The LoI links a Nordic mine project with an advanced-reactor developer as part of a broader push to localise supply chains for critical materials in Europe. What remains open are the concrete quantities of thorium available from Fensfeltet, the timetable for first deliveries, and the regulatory pathway for handling and exporting thorium from Norway and for testing fuel use at PSI. Converting the LoI into binding offtake, export permits, and reactor fuel approvals will be the next, decisive steps before thorium moves from Fen into a reactor feedstock.