Europe’s largest rare earths deposit discovered in Sweden

KIRUNA (Sweden): Europe’s largest known deposit of rare earth elements, essential for the manufacturing of electric vehicles, has been discovered in Sweden’s far north, boosting Europe’s hopes of cutting its dependence on China.

Swedish mining group LKAB said Thursday the newly-explored deposit, found right next to its iron ore mine, contained more than one million tonnes of rare earth oxides.

“This is the largest known deposit of rare earth elements in our part of the world, and it could become a significant building block for producing the critical raw materials that are absolutely crucial to enable the green transition,” LKAB’s chief executive Jan Mostrom said in a statement.

“We face a supply problem. Without mines, there can be no electric vehicles,” Mostrom added.