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Largest rare earth deposit in Europe: new discovery amounts to 1 million tons and promises to change the mining sector, boosting sustainability and technology.
Sweden recently announced the discovery of the largest rare earth deposit known to date in Europe, a small step towards greater EU autonomy from China, which is leading the mining and supply of these metals essential for the green transition. Check out the key details about the discovery of more than one million tons.
Largest rare earth deposit in Europe holds one million tonnes
According to the CEO of public mining group LKAB, Jan Moström, this is the largest rare earth deposit ever known in any part of the world and could become a building block for the production of critical raw materials that are absolutely crucial for the green transition.
In a statement, the executive stated that a supply problem is being faced. Without mines, there can be no electric vehicles.
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The discovery of the largest rare earth deposit in northern Sweden comes at a time when Europe is concerned about its dependence on especially from China, the world's largest producer, to obtain these minerals that are used to manufacture batteries for electric vehicles and turbines for wind turbines.
According to initial estimates, the deposit in Europe, more specifically in Kiruna, a large mining region in the Scandinavian country, contains more than a million tons of rare earth oxides, but the company admitted that it has not yet quantified its exact magnitude.
The executive says there is a long way to go before mining can be exploited, LKAB warned. Moström says the company expects it will take several years to study the deposit and the conditions for profitable and long-term mining.
Understand the importance of discovering the largest rare earth deposit
When asked about the expected date for the start of the works, the official stated that it would depend, above all, on the speed with which the exploration licenses are obtained. Based on previous experience, he added, this license could take “between 10 and 15 years”.
By current estimates, the largest rare earth deposit in Europe would represent less than 1% of world reserves, estimated at 120 million tons by the United States Geological Survey (USGS).
The discovery is also promising news for the European Union, which has been stung by its energy dependence on Russia and is now keen to wean itself off rare earths. Currently, 98% of the rare earths used in the EU are imported from China, which holds a near monopoly on the sector.
According to the President of the European Commission, Ursula Von der Leyen, in September, the need for rare earths will multiply by five by 2030. The president also highlights that it is necessary to avoid a situation of dependence, as is the case with oil and gas, and then announced the preparation, still in progress, of a European regulation on critically important raw materials.
Which metals are present in the largest rare earth deposit??
As part of its efforts to combat global warming, the EU has agreed to end sales of new petrol and diesel cars from 2035. They are to be replaced by electric models.
According to Swedish Deputy Prime Minister and Minister for Economic Affairs and Energy Ebba Busch, whose country has held the rotating EU presidency since the beginning of the year, electrification, EU self-sufficiency and independence from Russia and China will begin with this mine.
The announcement by the LKAB public group was made on the occasion of a visit to the largest rare earth deposit by a delegation from the European Commission. In the short term, Busch stressed the importance for the EU of diversifying the origins of its imports. However, in the long term, it cannot rely solely on trade agreements.
excellent report
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