A Swedish excavation company has announced the discovery of the largest uncommon worldly concern oxides bank deposit in Europe , with 1 million metric ton of metal found beneath the ground in north Sweden . The state - have company , LKAB , is in luck as the bank deposit is very close-fitting to its Kiruna iron mine , which is the enceinte of its form .
Spokespeople for LKAB say it is not just good news for their profits , but good news for the mankind ’s goal of becoming final zero .
“ This is good news , not only for LKAB , the region and the Swedish people , but also for Europe and theclimate , ” said Jan Moström , President and Group CEO of LKAB , in astatement .
“ This is the prominent known depository of rare globe factor in our part of the world , and it could become a significant building block for producing the critical unsanded materials that are dead all important to start the green modulation . We face up a supplying problem . Without mines , there can be no electric vehicles . ”
uncommon globe oxides is a corporate terminus for 17 different voiced clayey metal that have integral part in electronics , magnetic cloth , and ( more recently)renewable energygeneration . As such , requirement for these metallic element has skyrocket in recent year , as electronic chipmakers scramble to meet it and the generation of electrical energy from wind and solar attempts to overhear up to fossil fuels .
Despite the demand , Europe has norare earth mineralmines and China preserve to be the predominant supplier globally . In retain with the European Union ’s desire to be independent from China , LKAB trust the mine will assure Europe becomes more self - sustainable .
While the prospect is exciting , creating a Brobdingnagian mine is not a quick task , even when place next to an existing one . LKAB has already created a declamatory drift over the deposit and will continue probing to understand the extent of it , in the promise of present an app program to mine in 2023 .
“ We are already investing intemperately to move onward , and we expect that it will take several long time to look into the repository and the conditions for productively and sustainably mining it . We are mortify by the challenges surrounding country function and impact that exist to develop this into a mine and that will want to be analysed to see how to avoid , derogate and compensate for it . Only then can we proceed with an environmental review app and apply for a permit , ” continued Moström .
“ If we look at how other permit processes have work within our industry , it will be at least 10 - 15 years before we can actually begin mining and deliver raw fabric to the market . ”
