Swedish Company LKAB Discovers Europe’s Largest Rare Earth Deposit
On Thursday (12.01.2023), Jan Moström, CEO of Swedish company LKAB, made an announcement of the discovery of the largest rare earth deposit in Europe during a press conference inside the Kiruna iron mine in northern Sweden.
Initial explorations of the deposit, called Per Geijer, have indicated that it contains 585 million tons of ore, which includes apatite, phosphorus and other rare elements. The concentration of rare earths found is 0.18% of the ore’s volume.
LKAB believes the deposit contains one million tons of oxides like praseodymium or neodymium, which are used to produce permanent magnets later incorporated into electric vehicles. It is estimated that the exploitation will take ten to fifteen years but the company is confident it can be accelerated.
David Hognelid, head of special products strategy from LKBA, said that it “+will help the EU bloc reduce its dependence on China for these essential minerals for electrification+”.
Ebba Busch, Swedish Minister of Energy and Industry, stated it is shows the “+important findings for the green transition+”.