Swedish mining company finds massive deposit of rare earth metals
CEO Jan Moström said it was good news for Europe, which imports 99% of its rare earth elements from China.
In 2022, European Commission President Ursula von der Leyen said rare earth elements would "soon be more important than oil and gas." The LKAB facility in Kiruna, Sweden. The company said on Jan. 12 that it found Europe's biggest known deposit of rare earth elements there.State-owned Swedish mining company LKAB said it has found what it believes to be Europe's largest known deposit of rare earth elements.Thursday that the store contained more than one million metric tons of rare earth oxides.
These metals are used in the manufacture of electric cars and wind turbines, as well as magnets, glass screens, speakers and various other electronics. The discovery could pave the way for rare earth elements to start being mined in Europe, with the region currently wholly reliant on imports from a market dominated by China.
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