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Sweden uncovers Europe's biggest reserve of precious rare earth elements

Swedish mining company LKAB announces discovery of over a million tonnes of rare planet oxides near its iron ore mine in northern Sweden, potentially strengthening Europe's push to cut dependence on such elements vital for electric vehicle production.

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Sweden harboring Europe's most extensive cache of rare earth elements unearthed
Sweden harboring Europe's most extensive cache of rare earth elements unearthed

Sweden uncovers Europe's biggest reserve of precious rare earth elements

In the heart of northern Sweden, near Kiruna, a significant discovery has been made that could revolutionise Europe's reliance on China for critical raw materials. The Per Geijer deposit, currently in the advanced exploration and permitting phase, holds over one million tonnes of rare earth oxides, making it Europe's largest known deposit of these components[1].

LKAB, the state-owned Swedish mining company, announced the discovery of this deposit in 2021. The rare earth elements found in the Per Geijer deposit are by-products of an iron ore deposit, potentially enabling affordable mining[1]. These elements are crucial for the production of magnets used in wind turbines, electric cars, and consumer goods like smartphones and telescopic lenses[1].

The European Union (EU) has recognised the strategic importance of this find, prioritising the project under the Critical Raw Materials Act. This fast-tracks permit reviews to accelerate development while maintaining environmental standards[1]. The EU cannot rely solely on trade agreements in the future, according to Swedish Energy Minister Ebba Busch[2]. In 2021, the European Commission reported that 98% of the rare earths used in the EU were imported from China[2].

Mining at the Per Geijer site is planned but not yet active. Historically, estimates placed the start of mining 10 to 15 years away due to the necessary permitting and development processes[1]. LKAB is building a new processing plant near Luleå to convert mine waste and future rare earth ore into market-ready rare earth concentrates. This plant is expected to begin commercial operation by late 2029 or early 2030, significantly contributing to supplying Europe, potentially meeting up to 18% of Europe’s rare earth oxide demand[3].

The Per Geijer deposit is poised to be a "gamechanger" by creating a European source of rare earth oxides needed for key green technologies like wind turbines and electric vehicles[2]. It will reduce Europe's heavy reliance on Chinese imports, enhancing supply security and advancing the green transition[2][3].

Sweden is one of the EU's largest mining countries, with over 90% of the EU's iron ore production coming from the country[4]. Without mines, there can be no electric vehicles, according to LKAB's chief executive, Jan Mostrom. The deposit's potential as a significant foundation for generating the necessary raw materials for the eco-friendly shift is evident[4].

The full extent of the deposit's size has yet to be determined. LKAB is conducting further exploration to determine the full size of the Per Geijer deposit[1]. The European Union has agreed to ban new CO2-emitting cars by 2035, which will increase the demand for rare earth elements[5]. The impact of the Per Geijer deposit on reducing Europe's dependence on Chinese imports is difficult to precisely assess, but it is clear that this development has strong potential to significantly reduce Europe’s dependence on China for rare earth metals critical to green technologies.

References:

  1. BBC News
  2. Euractiv
  3. Reuters
  4. The Guardian
  5. Business Insider
  6. The Per Geijer deposit, declared a gamechanger by industry experts, falls under environmental science and is significant for its potential to revolutionize Europe's reliance on China for critical raw materials, particularly in green technologies such as wind turbines and electric vehicles.
  7. The European Union's prioritization of the Per Geijer project under the Critical Raw Materials Act underscores the strategic importance of this discovery, aiming to enhance supply security and finance the green transition through domestic production.
  8. LKAB's forthcoming processing plant, near Luleå, will deploy technology to convert mine waste and future rare earth ore into market-ready rare earth concentrates, adding to the sector of energy production and lifestyle choices that prioritize the environment.
  9. Education and self-development initiatives would benefit from the increased understanding of environmental-science concepts as they pertain to the extraction, usage, and recycling of rare earth elements in the context of the Per Geijer deposit.
  10. General news outlets have reported on the potential of the Per Geijer deposit to lessen Europe's dependence on China for rare earth metals, serving as a reminder for all industries to adapt and innovate in the face of climate-change challenges.

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