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Sweden Discovers Largest Rare Earth Mineral Deposit in Europe
Sweden Discovers Largest Rare Earth Mineral Deposit in Europe
Sweden has discovered the largest rare earth deposit in Europe, which is used in everything from mobile phones to missiles. With China presently providing 98% of the rare earth used in the EU, the discovery is being praised as a method to lessen the EU’s reliance on it. Given the anticipated rise in demand for electric cars and wind turbines, the discovery is also being hailed as essential for the green transition.
Rare Earth Minerals Importance
The word rare earth refers to a set of 17 elements that are used to manufacture a variety of products and infrastructure that are becoming increasingly significant in everyday life. Hard discs, trains, and mobile devices all contain them. However, they are also crucial for environmentally friendly technology, such as windmills and electric cars. For example, some are necessary for missile guiding systems in military equipment.
Rare Earths discoverey in Sweden
In Sweden’s far north, over a million tonnes of rare earths have now been discovered. Despite being considerable, that only makes up a small portion of the 120 million tonnes of reserves that are thought to exist worldwide. The discovery is viewed as a method to lessen the EU’s reliance on China, though.
Rare Earths Demand
By 2030, the demand for rare earths is anticipated to grow fivefold. The EU’s internal market commissioner, Thierry Breton, predicted last year that lithum and rare earths will eventually be more significant than oil and gas.
Relevance to the Green Transition
The newly discovered raw minerals may not reach the market for another 10-15 years, according to Jan Mostrom, CEO of the LKAB mining business. Evaluations of the environmental risks throughout the permitting procedure take time. To ensure more mining of this kind of raw material in Europe, Mr. Mostrom urged authorities to expedite the procedure. Given the anticipated growth in demand for wind turbines and electric vehicles, the finding of rare earths in Sweden is regarded as being essential for the green transition.
The discovery in Sweden of Europe’s largest source of rare earths is being hailed as a chance to reduce the EU’s reliance on China. A vast variety of goods and infrastructure, including environmentally friendly technology like wind turbines and electric cars, employ rare earths. Given the anticipated rise in demand for these items, the finding is also viewed as essential for the green transition. In order to assure increasing mining of this kind of raw material in Europe, authorities are advised to speed up the permitting procedure. However, it can take 10-15 years for the raw materials to reach the market.
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Frequently Asked Questions:
What are rare earths?
A set of 17 chemical elements in the periodic table — the 15 lanthanides, plus scandium and yttrium
What are the uses of Rare Earths?
These elements are important in technologies of consumer electronics, computers and networks, communications, clean energy, advanced transportation, healthcare, environmental mitigation, and national defence, among others.
In recent years, rare earths have become even more important because there has been an increase in demand for green energy. Elements like neodymium and dysprosium, which are used in wind turbine motors, are sought-after more than ever as wind mills across the world continue to grow
Does India have rare earth metals?
India has 6% of the world’s rare earth reserves, but it only contributes 1% to global production, and it imports the majority of the rare earth minerals it needs from China, the industry association noted in a memorandum of suggestions for the Union Budget that it recently sent to the Finance Ministry.
