Swedish mining company discovers Europe’s largest deposit of rare earth metals
Swedish iron ore miner LKAB announced on Thursday that it had discovered Europe’s largest deposit of rare earth metals, which are needed to make electric cars and wind turbines.
The discovery could have major implications for the European Union’s clean energy transition, boosting its hopes of becoming less dependent on China.
State-owned LKAB said the deposit was discovered right next to its iron ore mine in Kiruna, far north in arctic Sweden, and contained more than 1 million tons of rare earth oxides.
“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 conference. statement.
Although believed to be the largest in Europe, the site is still small on a global scale, representing less than one percent of the 120 million tonnes estimated worldwide by the US Geological Survey.
It contains praseodymium or neodymium oxides, materials used to make the special magnets used in electric vehicles.
LKAB says the site can meet a “substantial part of Europe’s needs” in terms of electric cars (electric vehicles).
Ebba Busch, Sweden’s minister responsible for energy and business, said that “electrification, EU self-sufficiency and independence from Russia and China will start in the mine”.
However, exploration of the site will not start for several years, even if the permits are delivered very quickly.
Mostrom said that based on his experience, it would take “10 to 15 years” for the materials to come to market.
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