Red Herring

THE BUSINESS OF TECHNOLOGY

  • Startups
  • Mobile
  • Enterprise
  • Consumer
  • Social
  • Events

Swedish Mining Company Finds Europe’s Largest Rare Earth Deposit 

January 13, 2023

Rare earth elements are used for many green infrastructures, including wind turbines. © Pixabay.

A Swedish mining company has discovered Europe’s largest deposit of rare earths — minerals used to make products like smartphones and electric vehicles. 

In 2021, 98% of rare earths used in the European Union were imported from China, and Sweden’s Energy Minister Ebba Busch has said the find will reduce dependence on Chinese resources. 

Rare earths are a group of 17 elements that are used to make products and infrastructure which are becoming increasingly in demand. They are found in a wide array of products, from mobile phones to hard drives, to wind turbines and trains. Some are also used for missile guidance systems. It is expected demand for these elements will increase fivefold by 2030. 

As the elements are used for green infrastructure like electric vehicles and wind turbines, the find in Sweden has been hailed as a decisive step in the green transition. In 2022, the European Commission President Ursula von der Leyen said rare earth elements would soon be more important than oil and gas. 

Over one million tonnes are reported to have been found in the far north of Sweden. 

Swedish Energy Minister Busch said at a press conference this week that the EU was “way too dependent on other countries for these materials.”

“Electrification, the EU’s self-sufficiency and independence from Russia and China will begin in the mine,” she added.

LKAB, the mining company which made the discovery, has warned that the road to extracting the resources would be “long” as it needs to submit for an exploration license and then conduct several more years of exploration before it can establish the full extent of the deposit. 

  • 
  • 
  • 
  • 

Filed Under: Clean Tech, Europe, Top Story

Related Articles

  • PC Shipments Dropped Sharply in First Quarter of 2023
  • Netflix Pushes Back Password-Sharing Crackdown 
  • U.S. Accuses Google of Abusing Ad Tech Monopoly 

Widget Spacer

Top 100

The Red Herring Top 100 awards highlights the most exciting startups from Asia, Europe and the Americas.

Learn More

Upcoming Events

  • Top 100 Asia

  • Top 100 North America

  • Top 100 Europe

Widget Spacer

Guest Column

What is a Learning Management System?

Rouben David, of CourseForMe.com, outlines the features and benefits of

Widget Spacer

Subscribe

Subscribe now to get event news and updates delivered right to your inbox:

Widget Spacer

#DigitalHerring Tweet

My Tweets
  • About
  • Press & Media
  • Contact Us
Red Herring LinkedInRed Herring Facebook

Copyright © · Red Herring, Inc.

Copyright © 2025 · Red Herring Theme on Genesis Framework · WordPress · Log in