A Swedish mining company has found a large deposit of rare earth oxides used in electric vehicles (EVs) and wind turbines.
Key Details
- LKAB, a Swedish mining company, announced that it had found 1 million metric tons of rare earth oxides.
- Currently, Europe imports 99% of rare earth elements from China. This newly discovered deposit will allow them to source some materials needed for EVs and wind turbines locally.
- As more countries transition to using EVs and clean-energy sources like wind turbines, earth oxides like these become increasingly important. European Commission President Ursula von der Leyen said last year that these elements could “soon be more important than oil and gas.”
Why it’s news
The newly discovered deposit may be Europe’s largest source of these earth elements. In addition to EVs and wind turbines, these materials are also used to construct magnets, speakers, glass screens, and many electronic devices.
Currently, Europe is almost entirely dependent on Chinese imports of these materials. LKAB’s discovery will help the continent increase national security by reducing reliance on foreign supplies.
The company will not be able to begin mining operations immediately, however. LKAB is still in the process of obtaining an exploration license to determine the full scale of the earth oxide deposit.
LKAB said that if the permitting process goes smoothly, the company can expect to start mining in the next 10 to 15 years. The company will likely face some opposition from area residents concerned about the effects mining will have on the surrounding area.