Sweden discovers largest rare earth deposit in Europe | Mining News
The EU is looking for sources other than China for these important minerals, but it will be at least a decade before Sweden is available to industry.
The Swedish state-owned mining company says it has identified more than 1 million tonnes of rare earth minerals in the northern Kiruna region.
LKAB said on Thursday that the deposit, found next to its iron ore deposit, is the largest rare earth oxide in Europe.
Rare earth minerals are important for creating many high-tech goods. They are used in electric vehicles, wind turbines, portable electronics, microphones and speakers.
Jan Mostrom, CEO of LKAB, told Al Jazeera that finding the deposit was “quite important”.
“One thing is that we can identify quite large deposits of these materials here within the European Union and these materials will be very important for electrification,” he said.
Rare earth elements are not currently mined in Europe. Most come from China and demand is expected to grow as industries move to renewable energy.
When asked if the discovery had the potential to replace China as Europe’s top supplier of rare earth metals, Mostrom said it was “in the early stages”.
“Given the volumes we have today, it could have yielded significant volumes of the material needed in Europe – it would be nearly impossible to be self-sufficient but this is an important first step,” he said.
EU strategy
Sweden is seen as an important part of the European Union’s strategy to become self-sufficient in important minerals.
“Electrification, self-sufficiency and EU independence from Russia and China will start at the mine,” said Ebba Busch, Sweden’s minister of energy, business and industry.
LKAB said it plans to apply for a mining franchise this year but added that it will take at least 10 to 15 years before it can begin mining and shipping to market.
The approval of new mines in Sweden is a lengthy process in which risks to water resources and biodiversity are considered.