Swedish LKAB, a state-owned mining company, announced it had discovered Europe's largest deposit of rare earth metals in northern Sweden. LKAB’s CEO Jan Mostrom is sure that this discovery could have major implications for the EU’s clean energy transition. “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,” he said in a statement. According to Jan Mostrom, the company is ready to invest heavily in the exploration of the site. Yet, this process may take several years. Rare earth minerals, a group of 17 elements, are essential to many high-tech industries, including electric vehicle production. As of today, China dominates the market of rare earth mining. These minerals are currently not mined in Europe, while demand is expected to rise in the coming years. By 2030, EU demand for rare earth materials will increase fivefold, according to the European Commission. Ebba Busch, Sweden’s Minister for Energy, Business and Industry, believes that the discovery and exploration of new mines will become a landmark in Europe's electrification, self-sufficiency, and independence from Russia and China.
