Sweden discovers largest rare earth metal deposit in Europe | Mining news
The EU is looking for sources other than China for these crucial minerals, but it will take at least a decade before Sweden’s are available to industry.
Sweden’s state mining company claims to have identified more than 1 million tons of rare earth metals in northern Kiruna.
LKAB said on Thursday that the deposit, found next to its iron ore mine, was the largest of rare earth oxides in Europe.
Rare earths are essential for making many high-tech goods. They are used in electric vehicles, wind turbines, portable electronics, microphones and speakers.
Jan Mostrom, LKAB’s CEO, told Al Jazeera that it is “quite significant”.
“One thing is that we can identify quite large deposits of these materials here within the European Union, and these materials will be critical for electrification,” he said.
Rare earths are not currently mined in Europe. Most come from China, and demand is expected to increase as industries transition to renewable energy.
Asked if the discovery has the potential to replace China as the leading supplier of rare earths to Europe, Mostrom said these were “early stages”.
“Given the volumes we have today, it could bring in the significant volume of material needed in Europe – not at all to be self-sufficient but it’s an important first step,” he said.
EU strategy
Sweden is seen as a crucial part of the EU’s strategy for self-sufficiency in critical minerals.
– Electrification, the EU’s self-sufficiency and independence from Russia and China starts in the mine, says Ebba Busch, Sweden’s Minister of Energy, Business and Industry.
LKAB says it plans to apply for an exploitation concession this year but added that it would be at least 10 to 15 years before it can start mining the deposit and sending it to markets.
The approval of new mines in Sweden is a protracted process where the risk to water resources and biological diversity is taken into account.