17-Jan-2023: Rare Earth Elements Discovered in Sweden

Sweden’s state-owned mining company LKAB discovered Europe’s largest deposit of rare earth metals.

Location: Kiruna, northern region of Sweden

Deposit: Over 1 million metric tons of rare earth oxides.

Significance:

• Reduces Europe's reliance on imported raw materials needed for the green transition.
• 98% of rare earths used by the European Union (EU) were imported from China.
• Rare earths are essential in technologies of consumer electronics, computers and networks, communications, clean energy, advanced transportation, healthcare, environmental mitigation, and national defence, among others.

China has over time acquired global domination of rare earths.

Rare earth elements are also used in space shuttle components, jet engine turbines, and drones. Cerium is essential to NASA’s Space Shuttle Programme.

India has 6% of the world’s rare earth reserves, it only produces 1% of global output. India meets most of its requirements of such minerals from China.

Indian Rare Earths Limited (IREL) is responsible for mining and extraction of primary mineral that contains Rare Earth Elements: monazite beach sand, found in many coastal states. IREL’s prime focus is to provide thorium — extracted from monazite — to the Department of Atomic Energy.