Sweden has just announced the discovery of the largest rare earth deposit ever detected on the European continent.
For the moment, the authorities estimate that it would represent 1 million tons of metals. Located in the north of the Scandinavian country, it could give a little air to the Old Continent and allow it to reduce its dependence on China.
A deposit that can still hold surprises
The ad should get people talking. The mining company LKAB has discovered in northern Sweden, in the Kiruna mine in Lapland, a deposit of 1 million tonnes of rare earth oxides, ie the largest European basin ever identified.
” This is the largest known deposit of rare earth elements in our part of the world, and it could become an important element in producing the critical raw materials that are absolutely crucial to enabling the green transition. explained LKAB President Jan Moström.
This deposit could still reveal surprises. Still according to Jan Moström, its complete exploration should take several years. ” We don’t really know how big it is “, he thus revealed to the FinancialTimes.
The European Union must prepare for the future
This mine alone represents 1% of the planet’s rare earth resources. Following the current regulations, it would take 10 to 15 years to begin to exploit its potential. LKAB hopes to obtain from Sweden and the European Union an acceleration of the authorization process in order to halve these delays.
Indeed, time is running out for the Old Continent, currently 98% dependent on China for these precious metals. Brussels estimates that the demand for rare earths, used in particular in the construction of electric motors and wind turbines, should be multiplied by five by 2030.
The EU has thus worked on a Critical Raw Materials Act intended to ensure the supply of its States with critical raw materials. This text will be presented on March 14.
Sources: Politico, FinancialTimes
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