Swedish government mining firm LKAB announced today that they have discovered a mineral deposit containing more than 1 million tons of rare earth elements in the city of Kiruna, close to the Arctic. It was stated that the raw material deposits are critical for the production of electric vehicles, wind turbines and other high-tech products.
Europe’s largest ‘rare earths’ deposit found The elements found are used in the production of high-tech products, electric vehicles and wind turbines.
Europe mostly meets its need for rare earth elements from China. It is estimated that the amount found will reduce Europe’s dependence on China in this regard.
“LKAB has identified significant deposits of rare earth elements in the Kiruna region, which are metals essential for the manufacture of electric vehicles and wind turbines, among other uses,” LKAB officials said in a statement released today.
“This is good news not only for LKAB, the region and the people of Sweden, but also for Europe and the climate,” said Jan Moström, Group CEO and President of LKAB. This is the world’s largest known deposit of rare earths in our region and could become an important building block for the production of critical raw materials that are absolutely crucial to achieving the green transition. We are facing a supply problem. “Without mines, there can be no electric vehicles,” he said.
EUROPEAN COMMISSION: DEMAND TO INCREASE 5X BY 2030
Noting that no rare earth elements have been mined in Europe at the moment, LKAB stated that according to the evaluation of the European Commission, the demand for rare earth elements for electric cars and wind turbines is expected to increase more than five times by 2030. LKAB emphasized that it will take a few years for the mineral deposit to start production.