The Swedish Arctic has discovered the largest deposit of rare -earth metals in Europe, which can help the continent free from the dominance of China in the resource market, Bloomberg reports.
The deposit located north of the largest mine mine in the Arctic city of Kiruna was found by the Swedish state mining company LKAB. It contains more than 1 million tons of rare earth elements. As stated in the LKAB statement, the full length of the field is unknown while it is only investigated. “At least 10-15 years will pass before we can start prey and supply raw materials to the market,” said the chief executive director of the company Jan Mostrom.
In Europe, Sweden plays a key role in the program for renewable energy sources. It already supplies approximately 90% of iron ore on the continent, most of which is mined on LKAB mines in the north.
Now Europe is almost 100% dependent on the import of rare metals from Asia. In 2020, The Wall Street Journal referred to the report of the American consulting company Horizon Advisory, which said that China uses its dominant positions in the market of rare -earth metals as a pressure tool to the west. Financial Times, citing a source in the Government of China in 2021 that Beijing pretends how restrictions on the export of rare -earth metals will affect the defense industry.
Rare Earth metals are present in the latest technologies, in particular, they are used in the production of screens for computers, electric vehicles, high -tech weapons and windmills.