In the Kiruna region of northern Sweden, the state-owned company LKAB discovered the largest rare earth deposit known in Europe to date. These metals are needed for the production of electric cars, wind turbines and smartphones, among other things. This is “good news” not only for Sweden, but also for Europe and the climate, explained Jan Moström of LKAB.
green transformation
The “Per Geijer” deposit has a volume of more than one million tonnes, LKAB announced. It can be an important foundation for the production of raw materials that are absolutely crucial for the implementation of the green transformation, explained Moström. According to the company, the deposit will be able to cover a large part of the demand for rare earths in Europe.
However, it could be several years before the deposit can be mined profitably and sustainably, Mostrom told a news conference in the mining town of Kiruna. As it also depends on licenses, experience shows that it can take 10 to 15 years for the market to be supplied. The company has already started preparations to conduct a drift several kilometers long and approximately 700 meters deep at the Kiruna mine to test the deposit. It’s still unclear how big he actually is.
independence from china
According to Swedish Energy Minister Ebba Busch, Europe’s need for rare earths is great as the EU is striving to convert to a fossil fuel free economy and wants to ban new cars with internal combustion engines by 2035 “Electrification, EU self-sufficiency and independence from Russia and China start at the mine,” Busch said Thursday at the fund’s presentation. Sweden has held the EU presidency since the beginning of the year.
Rare earths include a whole range of elements needed for the production of smartphones and electric cars, for example for batteries, catalytic converters and magnets, but also for lighting. Currently, the largest deposit of these metals is found in China.
Demand for the metals will increase fivefold by 2030, LKAB cited EU estimates. Since Europe is currently dependent on imports and China dominates the market, the European industry’s vulnerability is increasing. According to the company LKAB, it produces 80% of the iron ore needed in Europe.