They discovered the largest deposit of rare earth minerals in Europe

More than 1 million tons of rare earth deposits discovered in the Kiruna region of northern Swedenreports “Reuters”.

It is the largest such deposit known so far in Europe.

Swedish state-owned mining company LKAB says this is good news not only for the region and the Swedish people, but also for Europe and the climate.

“The deposit is a good basis for the production of key raw materials, which are of extreme importance for the implementation of the green transition,” the company notes.

Currently, no rare earths are mined in Europe and the continent is dependent on foreign imports. Demand is expected to increase in the coming years due to the introduction of electric cars and renewable energy.

Rare earth materials are essential to most high-tech industries and are used in the production of electric cars, wind turbines, portable electronics and many other products.

Electrification, European self-sufficiency and independence from Russia and China start from this mine, emphasized the Swedish Minister of Energy, Business and Industry Ebba Busch.

However, the road to the start of mining of rare earth materials in Sweden is long. LKAB intends to apply for a concession this year. However, the company specified that it can take 10-15 years before the actual mining process starts and the minerals reach the market.