Europe's largest deposit of rare earth elements discovered in Sweden: mining firm

LKAB said the newly-explored deposit, found right next to an iron ore mine, contained more than one million tonnes of rare earth oxides

Agence France-Presse January 12, 2023 22:20:05 IST
Europe's largest deposit of rare earth elements discovered in Sweden: mining firm

This file photo taken on November 16, 2012 shows the iron mine of Swedish state-owned mining company LKAB (Luossavaara-Kiirunavaara Aktiebolag) at Sweden's northernmost town of Kiruna. AFP

Kiruna: Europe’s largest known deposit of rare earth elements — key for the production of electric cars — has been discovered in Sweden’s far north, Swedish mining company LKAB said Thursday.

LKAB said the newly-explored deposit, found right next to an iron ore mine, contained more than one 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 chief executive Jan Mostrom said in a statement.

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

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

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

Asked when the deposit could actually be mined, Mostrom said at a press conference it would largely depend on how quickly permits could be secured.

But based on experience it would likely be “10 to 15 years”, he said.

The find was presented as a delegation from the European Commission visited Sweden, which took over the rotating EU presidency at the start of the year.

Swedish Energy Minister Ebba Busch noted that the “need for minerals” is great as the EU is striving to transition to fossil-free production.

The European Union has agreed to phase out new CO2-emitting vehicles by 2035, effectively banning combustion engine cars.

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

Politicians must provide industry the conditions needed “to switch to green and fossil-free production,” she added.

Read all the Latest News, Trending NewsCricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

Updated Date:

also read

Nordic nations mull plan joint air defence to counter threat from Russia
World

Nordic nations mull plan joint air defence to counter threat from Russia

Norway has 57 F-16 fighter jets and 37 F-35 fighter jets with 15 more of the latter on order. Finland has 62 F/A-18 Hornet jets and 64 F-35s on order, while Denmark has 58 F-16s and 27 F-35s on order. Sweden has more than 90 Gripens jets

Swedish court allows Greta Thunberg, climate activists to file lawsuit against state
World

Swedish court allows Greta Thunberg, climate activists to file lawsuit against state

Thunberg, and 600 other young activists in a group called Aurora, sued the Swedish state in November, claiming it had to do more to limit global warming to 1.5 degrees Celsius in order to live up to the European Convention on Human Rights

Footballers at increased risk of developing dementia, finds study
Health

Footballers at increased risk of developing dementia, finds study

Researchers from the Karolinska Institutet in Sweden, published in the Lancet Public Health journal today, found that among male footballers playing in the Swedish top division, 9 per cent were diagnosed with neurodegenerative disease, compared with 6 per cent of the control sample