Sweden Discovered The Largest Deposit Of Rare Earth Metals

According to statement ofSwedish state-owned mining company, on January 12, a large deposit of rare earth elements was discovered in Kiruna, Sweden. The store contained more than one million metric tons of rare earth oxides, which is the largest known deposit of rare earth elementsin Europe. And their values become more important than oil and gas, which are used in electric vehicles, aerospace parts, electronics, radium, nuclear energy industry, etc., especially in the chip industry which is indispensable for modern industry.

 The discovery of this deposit in Sweden has important implications not only for Sweden itself, but the entire Europe. It could be a key component in the production of critical raw materials that are essential to achieving the green energytransition. Europe is facing a supply problem. Electric vehicles can’t happen without lithium. At the same time, Europeis facing electrification and increased demand, and there is a global supplyshortage of rare earth due to theongoing Russia-Ukraine war.

 The discovery could pave the way for rare earth elements to start being mined in Europe, with the region currently wholly reliant on imports from a market dominated by Communist China.