Europe’s Largest Deposit of Rare Earths Discovered in Sweden

January 14, 2023

Europe’s largest deposit of rare earths, which are used in everything from mobile phones to missiles, has been found in Sweden. The discovery is being hailed as a way to reduce the European Union’s (EU) dependence on China, which currently supplies 98% of the rare earths used in the EU. The discovery is also being seen as crucial for the green transition, given the expected increase in demand for electric vehicles and wind turbines.

Rare Earths Importance

The term rare earth refers to a group of 17 elements that are used to make a range of products and infrastructure which are increasingly important to everyday life. They can be found in mobiles, hard drives, and trains. But they are also important for green technology including wind turbines and electric vehicles. Some are essential for military equipment like missile guidance systems.

Discovery of Rare Earths in Sweden

Over one million tonnes of rare earths have now been found in Sweden’s far north. Although significant, that is a fraction of the world’s 120-million-tonne reserves, according to a US estimate. However, the discovery is being seen as a way to reduce the EU’s dependence on China.

Demand for Rare Earths

Demand for rare earths is expected to increase fivefold by 2030. “Lithum and rare earths will soon be more important than oil and gas,” the EU’s internal market commissioner Thierry Breton said last year.

Importance for Green Transition

The newly discovered raw materials may not reach the market before 10-15 years’ time, the LKAB mining company’s CEO Jan Mostrom said. Permitting processes take time due to environmental risk evaluations. But Mr Mostrom called on authorities to speed up the process, “to ensure increased mining of this type of raw material in Europe”. The discovery of rare earths in Sweden is being seen as crucial for the green transition given the expected increase in demand for electric vehicles and wind turbines.

The discovery of Europe’s largest deposit of rare earths in Sweden is being hailed as a way to reduce the EU’s dependence on China. The rare earths are used in a wide range of products and infrastructure, including green technology like wind turbines and electric vehicles. The discovery is also seen as crucial for the green transition given the expected increase in demand for these products. However, it may take 10-15 years for the raw materials to reach the market, and authorities are being urged to speed up the permitting process to ensure increased mining of this type of raw material in Europe.

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