Swedish state-owned mining company LKAB on Thursday said it had identified more than 1 million tonnes of rare earth oxides in the Kiruna area in the far north of the country, the largest known such deposit in Europe.
Rare earth minerals are essential to many high-tech manufacturing processes and are used in electric vehicles, wind turbines, portable electronics, microphones and speakers.
Rare earth elements are currently not mined in Europe, leaving the region depending on imports from elsewhere, while demand is expected to rise in coming years due to a ramp-up in electric vehicles and renewable energy. Sweden currently holds the rotating presidency of the European Union and is a country seen as a key part of the EU's strategy for self-sufficiency in key minerals.
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