Swedish mining company discovers Europe’s largest rare earth element deposits
Swedish mining company LKAB discovered the largest European deposit of rare earth minerals. The discovery could prove a significant boost to the European Union’s goal of decreasing its dependence on China for crucial mineral resources, CNN reports.
LKAB has identified more than one million tonnes worth of rare earth oxides within the Kiruna region in northern Sweden. a statement The company has released the information. Rare earth minerals are crucial for producing electronics and clean-energy technologies. Jan Moström, president and group CEO of LKAB, called the discovery “good news, not only for LKAB, the region, and the Swedish people but also for Europe and the climate.”
CNN reports that Europe is currently entirely dependent upon imports of mineral resources, since no rare earth elements can be mined in Europe. China dominates the market, accounting for 60% of global production. U.S. Geological Service. According to a study, ninety-eight per cent of minerals imported into Europe come from China. the European Commission.
In her 2022 State of the Union addressUrsula von der Leyen (President of the European Commission) stated that lithium and rare earth elements would soon be “more important than oil and gasoline.” The European Union aims to be climate neutral by 2050 The Washington Post.
This discovery could open the door for Europe to begin mining rare earth elements closer home. It is a welcome development. energy challenges Linked to the Russian invasion in Ukraine. According to CNN, “Electrification, European Union’s self sufficiency and independence from Russia or China will start in the mine.”
LKAB will apply for a mining license later in the year. But, the company stated that it would take at most 10-15 years to actually start mining and deliver raw materials on the market.
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