Europe may break away from China's dominance in the rare earths sector - The discovery in Sweden

Swedish state-owned mining company LKAB announced the discovery of Europe's largest known deposit of rare earths near Kiruna, the country's northernmost town. This discovery could help the continent break away from China's dominance in the sector, as China produces about 98% of the group of 17 minerals used in electric vehicles, portable electronics, wind turbines, and military equipment. The Per Geijer deposit, just north of the company's largest iron ore mine in the Swedish Arctic, is estimated to contain more than 1 million tonnes of rare earths, according to LKAB. The company stated that work is still in an exploratory phase and the full extent of the deposit is not known. CEO Jan Mostrom said it will be at least 10 to 15 years before mining and delivering raw materials to the market can begin. LKAB plans to apply for an exploration concession this year before seeking permits. Mostrom called on the European Commission to speed up and streamline these processes as part of its Critical Raw Materials Act, which is expected to be announced in March 2023.


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