Europe’s largest deposit of rare earth metals was discovered in Sweden, says the mining company
Europe’s largest known deposit of rare earth metals – the key to the production of electric cars – has been discovered in the far north, Swedish mining company LKAB said on Thursday.
LKAB said the newly explored deposit, which was found right next to an iron ore mine, contained more than one million tonnes of rare earth oxides.
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“This is the largest known deposit of rare earth metals in our part of the world, and it can become an important building block for producing the critical raw materials that are absolutely crucial to enable the green transition,” says LKAB CEO Jan Mostrom in a press release. a statement.
“We are facing a supply problem. Without mines, there can be no electric vehicles,” Mostrom added.
The full extent of the deposit has not yet been determined.
Mostrom said it would likely “take several years to investigate the deposit and the conditions to mine it in a profitable and sustainable manner.”
When asked when the deposit could actually be mined, Mostrom said at a press conference that it would largely depend on how quickly the permits could be secured.
But based on experience, it would likely be “10 to 15 years,” he said.
The finding was presented when a delegation from the European Commission visited Sweden, which took over the rotating EU presidency at the beginning of the year.
Sweden’s energy minister Ebba Busch stated that “the need for minerals” is great as the EU strives to switch to fossil-free production.
The European Union has agreed to phase out new CO2-emitting vehicles by 2035, effectively banning cars with internal combustion engines.
“Electrification, EU self-sufficiency and independence from Russia and China will start in the mine,” Busch said.
Politicians must give the industry the necessary conditions “to move to green and fossil-free production”, she added.
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