Sweden’s LKAB finds Europe’s largest deposit of rare earth metals
STOCKHOLM, Jan 12 (Reuters) – Swedish state mining company LKAB said on Thursday it had identified mineral resources of more than one million tonnes of rare earths in the Kiruna area, the largest known such deposit in Europe.
Rare earth metals are essential to many high-tech manufacturing processes and are used in electric vehicles, wind turbines, portable electronics, and microphones and speakers.
“This is good news, not only for LKAB, the region and the Swedish people, but also for Europe and the climate,” says LKAB CEO Jan Mostrom in a statement. “It can become a significant building block for producing the critical raw materials that are absolutely essential to enable the green transition.”
Rare earth metals are not currently mined in Europe, leaving the region dependent on imports from elsewhere, while demand is expected to increase in the coming years due to an increase in electric vehicles and renewable energy.
“Electrification, the EU’s self-sufficiency and independence from Russia and China will start in the mine,” Energy, Industry and Industry Minister Ebba Busch said in the statement.
Sweden currently holds the rotating presidency of the European Union.
The European Commission considers rare earths to be among the most critical resources for the region. The vast majority of rare earths are currently mined in China.
The road to mining the deposit in Sweden is still long.
LKAB said it plans to submit an application for an exploitation license in 2023, but added that it would take at least 10-15 years before it could potentially start mining the deposit and send it to market.
Reporting by Johan Ahlander and Niklas Pollard, editing by Anna Ringström
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