This diagram provided by LKAB shows the largest known deposit of rare earth metals in Europe (the blue part) found in the vicinity of an existing iron mine near the northern city of Kiruna, Sweden. The largest known deposit of rare earth metals in Europe has been discovered in Sweden, state-owned mining company LKAB said on Thursday. Found in the vicinity of an existing iron mine near the northern city of Kiruna, the deposit exceeds one million tonnes, the company said in a press release. (Xinhua)
STOCKHOLM, Jan. 12 (Xinhua) -- The largest known deposit of rare earth metals in Europe has been discovered in Sweden, state-owned mining company LKAB said on Thursday.
Found in the vicinity of an existing iron mine near the northern city of Kiruna, the deposit exceeds one million tonnes, the company said in a press release.
"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 President and Group Chief Executive Officer (CEO) Jan Mostrom said.
"We are already investing heavily to move forward, and we expect that it will take several years to investigate the deposit and the conditions for profitably and sustainably mining it."
According to the press release, no rare earth elements are currently mined in Europe at a time when demand is expected to increase more than fivefold by 2030 as a result of electrification. LKAB estimates that it will take 10-15 years before mining can begin. ■