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Largest Rare Earth Deposit in Europe: New Discovery Contains 1 Million Tons and Promises to Change the Mining Sector, Boosting Sustainability and Technology.
Sweden recently announced the discovery of the largest known rare earth deposit in Europe, a small step towards greater EU autonomy from China, which leads in the mining and supply of these essential metals for the green transition. Here are the main details about the discovery with over one million tons.
Largest Rare Earth Deposit in Europe Contains One Million Ton
According to the CEO of the public mining group LKAB, Jan Moström, this is the largest rare earth deposit ever known in part of the world and could become a staple for the production of critical raw materials that are absolutely essential for the green transition.
In a statement, the executive noted that a supply issue is being faced. Without mines, there cannot be electric vehicles.
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The discovery of the largest rare earth deposit in northern Sweden occurs in a context where Europe is concerned about its dependency, especially on China, the world’s largest producer, for obtaining these minerals that are used to manufacture electric vehicle batteries and turbines for wind towers.
According to initial estimates, the deposit in Europe, more specifically in Kiruna, a major mining region of the Scandinavian country, contains more than one million tons of rare earth oxides, but the company admitted that it has not yet quantified its exact magnitude.
The executive states that there is a long way to go before the mining can be explored, warned LKAB. Moström claims that the company anticipates it will take several years to study the deposit and the conditions for profitable and sustainable exploration.
Understand the Importance of the Discovery of the Largest Rare Earth Deposit
When asked about the expected date to start work, the official states that it will depend largely on the speed of obtaining exploration licenses. From past experience, he added, this license may take “between 10 and 15 years.”
According to current estimates, the largest rare earth deposit in Europe would represent less than 1% of global reserves, estimated at 120 million tons by the United States Geological Survey (USGS).
The discovery is still promising news for the European Union, burned by its energy dependence on Russia and now interested in emancipating itself from rare metals. Currently, 98% of the rare earths used in the EU are imported from China, which holds almost a monopoly in the sector.
According to European Commission President Ursula Von der Leyen, in September, the need for rare earths will multiply fivefold by 2030. The president also emphasizes the need to avoid the dependency situation, as with oil and gas, and announced the drafting, still underway, of a European regulation on critical raw materials.
What Metals Are Present in the Largest Rare Earth Deposit?
As part of its efforts to combat global warming, the EU agreed to end the sale of new gasoline and diesel cars starting in 2035. They are to be replaced by electric models.
According to Swedish Deputy Prime Minister and Minister of Economy and Energy, Ebba Busch, whose country has held the rotating presidency of the EU since the beginning of the year, electrification, self-sufficiency, and EU independence from Russia and China will begin with this mine.
The announcement by the public group LKAB was made during the visit to the largest rare earth deposit by a delegation from the European Commission. In the short term, Busch highlighted the importance for the EU to diversify the sources of its imports. However, in the long term, it cannot rely solely on commercial agreements.
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