"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," Jan Moström, President and Group CEO of LKAB, said in a statement.
The rare earth metals were discovered in Kiruna. LKAB
No rare earth metals are mined in Europe
Another vital point to be noted is no rare earth elements are currently mined in Europe. At the same time, demand for the same is expected to increase drastically - 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.
For now, Europe is completely reliant on imports of these minerals from China.
"Electrification, the EU's self-sufficiency and independence from Russia and China will begin in the mine. We need to strengthen industrial value chains in Europe and create real opportunities for the electrification of our societies. Politics must give the industry the conditions to switch to green and fossil-free production. Here, the Swedish mining industry has a lot to offer. The need for minerals to carry out the transition is great," said Minister for Energy, Business, and Industry, Ebba Busch.
The Per Geijer deposit. LKAB
It could take 10-15 years before LKAB can begin mining
The deposit, Per Geijer, is close to existing operations in Kiruna. As per the report presented by LKAB, Per Geijer contains rare earth metals in the form of rare earth oxides, which are used to produce rare earth elements. The oxides in Per Geijer occur together with phosphorus in the mineral apatite, an iron ore deposit, and could be produced as by-products. The discovery would be sufficient to meet a large part of the EU's future demand.

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform.