The deposit, found by Swedish state-owned mining company LKAB, contains more than 1 million tons of rare earths, according to aon Thursday. Work is still in an exploratory phase and the full extent of the deposit, just north of the company’s biggest mine in the Arctic town of Kiruna, is not known, LKAB said.
The relative scarcity of rare earth minerals has been identified as a major hurdle in the world’s transition away from fossil fuels. China and parts of Southeast Asia dominate both the mining and processing of rare earths. A 2022said China has around 44 million tons of rare-earth oxides and in 2021, the country produced 168,000 tons, up from 140,000 tons the year before.
Erik Jonsson, senior geologist at the Geological Survey of Sweden, said the LKAB finding could prove to be a “very good addition” to fill the acute need for European rare earth elements.of the rare metals, which he and some colleagues have previously assessed to lie at around 36 million tons of metal content, most of it locked into deposits in southern Greenland.
Source: News Formal (newsformal.com)
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