In the Arctic region of Sweden, the largest known deposit of rare earth minerals in Europe has been found. This discovery is a significant find that could have major effects on the energy independence of the European Union.
According to a Straits Times report, the deposit, discovered by state-owned mining company LKAB, is thought to contain more than one million tonnes of rare earth minerals.
What are Rare Earth Minerals?
The American Geosciences Institute (AGI) states that rare earth elements are seventeen metallic elements. These include the periodic table's fifteen lanthanides and scandium and yttrium.
Also, according to AGI, rare-earth elements are used as components in over 200 products across various applications, particularly high-tech consumer products like cellular phones, computer hard drives, and electric and hybrid vehicles.
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Because of its properties, it is also regarded as a valuable commodity for the military. Military defense systems, like electronic displays, guidance systems, lasers, radar, and sonar systems, use the said minerals.
These minerals' scarcity has been identified as a major constraint to the world's transition from fossil fuels. The relative scarcity of rare earth minerals has been a major concern for the European Union, which is attempting to establish itself as a leader in renewable energy.
Rare Mineral Deposit Means Big for Europe
According to the National Minerals Information Center, China has the largest reserve of rare earth minerals, with 44 million tons.
China and parts of Southeast Asia currently dominate rare earth mining and processing. Meanwhile, Sweden is a key player in Europe's renewable energy ambitions, supplying roughly 90% of the continent's iron ore, most of which comes from LKAB's mines in the north.
Experts say that the discovery of this large deposit of rare earth minerals in Sweden could help Europe break free from China's market dominance in these resources.
According to LKAB CEO Jan Mostrom, it will be at least 10-15 years before mining can begin and raw materials can be delivered to the market. Before applying for permits, the company intends to apply for an exploration concession this year.
It is also worth noting that, while rare Earth is abundant in the Earth's crust, mineable concentrations are less common than for most other mineral commodities.
A Closer Look
The discovery of this deposit could be critical to the EU's goal of achieving climate neutrality by 2050. As the demand for clean energy grows, so will the need for rare earth minerals, making this discovery potentially game-changing for the EU's renewable energy ambitions.
Based on the same Straits Times report, Sweden, which recently assumed the rotating six-month presidency of the EU, has invited the European Commission to a two-day summit in Kiruna. The deposit was discovered In the said Arctic town.
Kiruna is known for being relocated to accommodate the expansion of LKAB's mine.
Stay posted here at Tech Times for more updates.
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