Arctic Sweden: Huge discovery of rare earth metals
Sweden is home to Europe’s largest rare earths deposit. These rare earths are used in everything from mobile phones and missiles.
The European Union doesn’t have any rare earths at present, and the Swedish minister acknowledged the finding as a way to lessen its dependence on China.
This discovery is also considered “decisive”, given the expected increase in demand for green vehicles and wind turbines.
China was responsible for 98%, or 98%, of the EU’s rare earths in 2021.
More than one million tonnes of metal are believed to be found in Sweden’s extreme north.
This is significant, but it’s only a fraction of the 120-million-tonne world reserves, according to an estimate by the US.
The term rare earth refers to a group of 17 elements They are used to create a variety of products and infrastructure that are becoming increasingly important for everyday life.
They are found in mobiles and hard drives, as well as trains. They are essential for green technology, such as electric vehicles and wind turbines. Some are critical for military equipment such as missile guidance system.
The extraction of the soil is not only difficult but also potentially harmful to the environment.
Expected demand for these products is high increase fivefold by 2030.
“Lithum (and rare earths) will soon be more valuable than oil and gasoline,” EU’s internal market commissioner Thierry Brotteon stated last year.
Ebba Busch, the Swedish Energy Minister, said Thursday that the EU is “way too dependent” on other countries for these materials and called for a change.
“Electrification, EU’s self-sufficiency, and independence from Russia/China will begin in mine,” she stated.
Jan Mostrom, CEO of the mining company, stated that the newly discovered raw materials might not be available on the market for 10-15 years. Due to environmental risk evaluations, permitting takes time.
Mr Mostrom however called for authorities to speed up the process in order “to ensure increased mining this type of raw materials in Europe”.