Sweden: Swedish iron ore miner LKAB has announced that it has discovered Europe’s largest deposit of rare earth elements, which are essential for making electric cars and wind turbines. The term “rare earth” refers to a group of 17 elements that are used to make a range of products and infrastructure that are increasingly important to everyday life.

The new discovery could have major implications for the European Union’s clean energy transition, which can help Europe become less dependent on China. In addition, the discovery is widely considered “decisive” for the green transition, given the expected rise in demand for electric vehicles and wind turbines.

According to LKBA, the deposit was discovered right next to its iron ore mine in Kiruna, far north in Arctic Sweden, and that it contained more than 1 million tonnes of rare earth oxides.

“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 CEO Mr. Jan Mostrom shared in a statement.

Swedish Energy Minister Ms. Ebba Busch stated that “the EU was way too dependent on other countries for these materials” and insisted a change was needed.

“Electrification, the EU’s self-sufficiency, and its independence from Russia and China will begin in the mine,”  Ms. Busch asserted.

According to Mr. Mostrom, the newly discovered raw materials may not reach the market for 10–15 years. Permitting processes take time due to environmental risk evaluations.

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