A Swedish miner has found Europe’s largest deposit of rare earth metals in the Kiruna area
Rare earth minerals are essential to many high-tech manufacturing processes and are used in electric vehicles, wind turbines, portable electronics, microphones and speakers.
Rare earth elements are currently not mined in Europe, leaving the region depending on imports from elsewhere, while demand is expected to rise in coming years due to a ramp-up in electric vehicles and renewable energy. The European Commission considers rare earths to be among the most critical resources for the region. The vast majority of rare earths are currently mined in China.LKAB said it planned to submit an application for an exploitation concession in 2023 but added that it would be at least 10-15 years before it could potentially begin mining the deposit and shipping to market.
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