CNN
Swedish mining company LKAB says it has found Europe’s largest deposit of rare earth oxides in the country’s north, a discovery that could reduce the continent’s reliance on China for the critical resource.
Rare earth minerals play a key role in generating clean energy and producing electric vehicles and consumer electronics. But the market is dominated by China, which accounts for 60% of global production, according to the US Geological Service.
LKAB has identified more than one million tonnes of rare earth oxides in the Kiruna area, located in the far north of the country, the company said in a statement on Thursday.
“This is good news, not only for LKAB, the region and the Swedish people, but also for Europe and the climate,” said Jan Moström, president and group CEO of LKAB.
No rare earth elements are currently being mined in…
