Sweden Finds Largest-Ever Rare Earth Metal Deposit In Europe

(Credit; LKAB)

(Credit: LKAB) Rare earth elements are vital to a green energy future because you can’t build batteries and other EV components without them. That’s a problem for Europe, which has no rare earth mining operations. That could be changing, though. Government-run mining firm LKAB has reported the largest rare earth mineral deposit ever discovered in Europe.

In 2022, European Commission President Ursula von der Leyen noted that European mining of rare earth metals, as well as lithium, would soon be more important than oil and gas. According to LKAB, the north of Sweden is home to 1 million metric tons of rare earth oxides. These elements, the names of which you probably don’t hear often, have a huge number of applications. For example, Yttrium is used in battery cathodes, lasers, and camera lenses. Neodymium is used for magnets, more lasers, and capacitors.

The problem with shifting from oil to green energy is that Europe is almost completely reliant on China for these materials. Right now, Europe imports 98% of the rare earth metals it uses in manufacturing. That’s not great when demand for these materials is expected to grow by five times before the end of the decade. These materials are necessary for electric vehicles, but they can also be vital to green infrastructure projects like wind and solar power.

This could make the EU a major player in rare earth production. China has the market locked down with more than 60% of the total supply. The United States also purchases a large volume of rare earth minerals from China, and the Biden administration has targeted rare earth mineral production as a key component of a stronger domestic supply chain. It’s not domestic, but the US would probably prefer to buy minerals from the EU instead of China.

LKAB cautions that it’s too early to tell China to take its mountains of rare earth minerals someplace else. The Per Geijer deposit, which sits in and around the town of Kiruna, has only just been identified. It will take several more years of exploration to determine the full extent of the deposit, and then there’s the long process of getting mining permits. Some residents of Kiruna have also expressed concern about how mining will affect the region, and that could further slow the process of getting the minerals out of the ground and into the supply chain. LKAB currently expects it will be 10-15 years before any mining operation could be up and running.

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