Europe’s largest known deposit of rare earth elements – vital for making electric vehicle batteries and wind turbines – has been discovered in northern Sweden, mining company LKAB announced today.
The Swedish company found reserves of rare earth metals exceeding 1 million tonnes of rare earth oxides.
“This is the largest known deposit of rare earth elements in our part of the world, and could become a critical building block for the production of critical raw materials that are absolutely critical to enabling the green transition,” said company president Jane Mostrom said and CEO.
No rare earth elements are currently mined in Europe with China to make it available About 98 percent of the EU’s supply.
according to The European CommissionDemand for these elements is expected to grow more than fivefold by 2030, as they are needed to build digital and green technologies.
Mostrom said that given the current permitting procedures, it could take 10 to 15 years to start operations at the Kiruna mine, where the deposits were found.
They called on Brussels to speed up and streamline those processes as part of its Critical Raw Materials Act, which is to be announced on March 14,
Sweden’s Energy and Industry Minister Ebba Busch said in response to the news, “Politics must provide the conditions for industry to switch to green and fossil-free production.”