Swedish government-owned mine operator LKAB on Thursday
announced the discovery of a major rare earth mineral deposit in the northern city of Kiruna, potentially significantly reducing reliance on China for electric vehicle components. The deposit, the largest such discovery in Europe, is equivalent to more than 1 million metric tons of rare earth oxides.
“This is the largest known deposit of rare earth elements in our part of the world, and it could become a significant building block for producing the critical raw materials that are absolutely crucial to enable the green transition. We face a supply problem. Without mines, there can be no electric vehicles,” LKAB President and CEO Jan Moström said in a statement.
The discovery could be a game-changer for Europe, which currently has no rare earth mining operations and is entirely dependent on Chinese imports for the metals, which are used in the manufacture of wind turbines and electric cars. As of 2020, 99 percent of rare earth imports to the European Union came from China.
Demand for the minerals is expected to surge as the proliferation of electric vehicles increases, with the EU projecting a more than fivefold increase by the end of the decade. Europe is particularly wary about dependence on imports after Russia’s 2022 invasion of Ukraine highlighted European reliance on Russian oil imports.
I can imagine China paying extra to his already HUGE 'save the planet' organizations to tell Sweden that mining kills the planet.
ReplyDeleteA job for Greta?
The chicoms will buy the mine and the swedish politicians. then promptly close the mine.
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