Swedish mining group LKAB discovers Europe's largest deposit of rare earth metals Swedishmining rareearthmetals LKAB
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"This is good news, not only for LKAB, the region and the Swedish people, but also for Europe and the climate. 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," stated Jan Moström, President and Group CEO, LKAB.
"According to the European Commission's assessment, the demand for rare earth elements for electric cars and wind turbines, among others, is expected to increase more than fivefold by 2030. Today, Europe is also dependent on imports of these minerals, where China completely dominates the market, a factor which increases the vulnerability of European industry," LKAB added.
However, LKAB also warned that the road to possible mining of the deposit is long, where the first step is an application for an exploitation concession for the Per Geijer deposit in order to be able to investigate it further at depth and investigate the conditions for mining.
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