Fri 13 January 2023:
The northern region of Kiruna, contains more than 1 million tonnes of rare earth minerals. according to Sweden’s state-owned mining firm,
The greatest deposit of rare earth oxides in Europe, according to LKAB on Thursday, was discovered close to its iron ore mine.
Rare earth minerals are vital to making many high-tech goods. They are used in electric vehicles, wind turbines, portable electronics, microphones and speakers.
Jan Mostrom, LKAB’s CEO, told Al Jazeera that finding the deposit is “quite significant”.
“One thing is that we can identify quite large deposits of this material here inside the European Union, and these materials will be vital for electrification,” he said.
demand is expected to increase as industries shift towards renewable energy.
When asked if the discovery has the potential to replace China as the lead supplier of rare earth metals to Europe, Mostrom said these were “early stages”.
“Given the volumes we have today, it could bring in the significant volume of material needed in Europe – not nearly to be self-sufficient but it is an important first step,” he said.
Sweden is regarded as an important part of the European Union’s strategy for mineral self-sufficiency.
“Electrification, the EU’s self-sufficiency and independence from Russia and China will begin in the mine,” said Ebba Busch, Sweden’s energy, business and industry minister.
Although LKAB stated that it would be at least 10 to 15 years before it could start mining the deposit and transporting to markets, it noted that it planned to seek for an exploitation permit this year.
The approval of new mines in Sweden is a lengthy process that takes into account the risk to water resources and biodiversity.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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