The beginning of the end of Europe’s dependency on China for precious rare earth materials may lie buried deep under the rugged reaches of northern Sweden, well above the Arctic Circle. Know more:
Sweden’s iron-ore miner LKAB said Thursday it has identified “significant deposits” in Lapland of rare earth elements that are essential for the manufacture of smartphones, electric vehicles and wind turbines.
Swedish Industry Minister Ebba Busch called Sweden “a gold mine” following the discovery. Her announcement came as the European Union’s executive, the European Commission, puts the finishing touches to a proposal for its Critical Raw Materials Act that should help developing reliable and solid supply chains.
And according to the European Commission, the demand will increase fivefold by 2030 because of the digital and green transition of the bloc’s economy.
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