Europe’s largest known deposit of rare earth elements, essential for the manufacturing of electric vehicles, has been discovered in Sweden’s northern area of Kiruna.
More than 1 million tonnes of rare earth minerals were discovered thus boosting Europe’s hopes of cutting its dependence on China.
Rare earth elements which are earth minerals with names like neodymium, praseodymium and dysprosium are not currently mined in Europe. Most come from China, and demand is expected to increase as industries shift towards renewable energy.
They are crucial to the manufacture of magnets used in industries of the future, like wind turbines and electric cars. They are also present in consumer goods such as smartphones, computer screens and telescopic lenses. Others have more traditional uses, like cerium for glass polishing and lanthanum for car catalysts or optical lenses.
Sweden’s state-owned mining company, LKAB, says that the deposit, found next to its iron ore mine, was the largest of rare earth oxides in Europe.
“This is the largest known deposit of rare earth elements in our part of the world, and it could become a significant building block for producing the critical raw materials that are absolutely crucial to enable the green transition,” LKAB’s chief executive Jan Mostrom said in a statement.
“We face a supply problem. Without mines, there can be no electric vehicles,” Mostrom added.
While the find is believed to be the biggest in Europe, it remains small on a global scale, representing less than one percent of the 120 million tonnes estimated worldwide by the US Geological Survey.
In 2021, the European Commission said that 98 percent of the rare earths used in the European Union were imported from China, prompting Brussels to urge member states to develop their own extraction capacities.
Sweden is seen as a crucial part of the European Union’s strategy for self-sufficiency in critical minerals. It is one of the EU’s biggest mining countries. More than 90 percent of the EU’s iron ore production comes from the Scandinavian country, which also has the bloc’s largest lead and zinc production, the second largest silver production, and among the highest gold and copper production, according to the Geological Survey of Sweden.
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 could begin mining the deposit and shipping to markets.
The approval for new mines in Sweden is a lengthy process in which the risk to water resources and biodiversity is considered.
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