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Sweden Discovers Largest Rare Earth Deposit In Europe

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Swedish iron ore miner LKAB announced Thursday that it had discovered Europe’s largest deposit of rare earth elements, which are essential for making electric cars and wind turbines.

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The findings could have significant implications for Europe's green energy transition and boosts the possibility of being less dependent on China.

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State-owned LKAB stated that the deposit was close to their iron ore mining facility in Kiruna.

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The far north of Arctic Sweden contained more than one million tons of rare earth oxides.

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“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,” LKAB’s CEO Jan Mostrom said in a statement.

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Although it's thought to be the largest in Europe, the area is small in comparison to the rest of the world, with less than 1% of the estimated 120 million tonnes globally, according to the US Geological Survey.

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It is composed of neodymium and praseodymium oxides, substances that can be used to create the magnetic components utilized in electric vehicles.

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LKAB states that it can offer a "substantial portion of Europe's requirements" in the field of electric vehicles.

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