Europe’s largest rare earth deposit discovered in Sweden – Inc

Swedish mining company LKAB announced today, Thursday, the discovery of Europe’s largest known deposit of rare earth elements, key to the production of electric vehicles, in far north Sweden.

LKAB said the newly discovered deposit, which was found next to an iron ore mine, contains more than 1 million tons of rare earth oxides.

“This is the largest known stock of rare earth elements in our part of the world, and it could become an important building block for the production of raw materials so critical to enabling the green transition,” said Jan Mostrom, CEO of LKAB. Permit.

“We have a supply problem. Without mines, there can be no electric cars,” Mostrom added.

The full extent of the deposit has not yet been determined.

It will likely take “several years to investigate the deposit and the conditions for mining it profitably and sustainably,” Mostrom said.

Also read: Self-driving trucks hit the road in Sweden

Asked when the deposit will be mined, Mostrom said at a press conference that it will largely depend on how quickly permits are obtained.

But he said that based on the experience, it’s probably “10 to 15 years.”

The discovery was presented during a visit by a delegation from the European Commission to Sweden, which held the rotating presidency of the European Union at the beginning of the year.

Sweden’s Energy Minister Ebba Bosch noted that “the need for minerals” is great as the EU strives to transition to fossil-free production.

Also read: Greta Thunberg, 600 young people are suing Sweden for their climate inaction

The European Union has agreed to phase out new vehicles that emit carbon dioxide by 2035, effectively banning combustion engine cars.

Bush said: “The electricity and self-sufficiency of the European Union and its independence from Russia and China will begin in the mine.”

She added that politicians should provide the industry with the necessary conditions to “transform to green and fossil-free production”.

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