Rare earths are essential for high-tech manufacturing and are used in electric cars, wind turbines, magnets and speakers.
“This is good news not only for the company but also for the locality and the people of Sweden, as well as for Europe,” said Jan Mostrom, CEO of LKAB.
Currently, Europe is dependent on rare earths imported from other regions. Meanwhile, the demand for rare earths is expected to increase in the coming years due to the influence of the trend of using electric vehicles and renewable energy.
“Electrification, self-sufficiency and independence of the European Union (EU) will start from this rare earth mine,” said Swedish Minister of Energy, Business and Industry Ebba Busch.
Sweden holds the rotating EU presidency, and is seen as an important part of the EU’s strategy of self-sufficiency in key minerals.
The European Commission (EC) considers rare earths one of the most important resources for the region. In fact, most of the rare earths are being mined in China.
However, the road to rare earth mining in Sweden will be very long. LKAB says it will probably take at least 10-15 years before it starts mining this rare earth and bringing it to market.
The process of approving new mines in Sweden is also very demanding and lengthy, as it often increases the risk of impact on local water resources and biodiversity.
In addition, Erik Jonsson, a senior geologist at the Mineral Resources Department of the Swedish Geological Survey, said that Europe currently lacks the comprehensive capacity to process rare earths and create intermediate products. time.