Name: Europe Finds Its Biggest Rare Earth Metals Deposit
Uploaded: 2023-01-18T07:07:44.000Z
Description: Sweden has found the largest rare earth deposit in Europe. The resource trove could help reduce Europe’s reliance on China for the critical minerals.

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Sweden has found the largest rare earth deposit in Europe. The resource trove could help reduce Europe’s reliance on China for the critical minerals.

Swedish state-owned mining company LKAB announced the news Jan. 13.

The discovery was made in the country's far northern city of Kiruna. Rare earth minerals are vital to many high-tech manufacturing processes. They're used in cell phones, electrical cars, other consumer electronics, and weapons. Without rare earth minerals, modern life would be impossible.

China dominates the market, which accounts for 60 percent of global production.

The European Union gets almost all of its rare earth minerals from China, with none of them mined in Europe.

Sweden’s minister for energy, business, and industry said in a statement that: "Electrification, the European Union’s self-sufficiency and independence from Russia and China will begin in the mine."

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Europe Finds Its Biggest Rare Earth Metals Deposit

Hannah Ng is a reporter covering U.S. and China news. She holds a master's degree in international and development economics from the University of Applied Science Berlin.