A deposit of rare earth material has been discovered by the government-owned Swedish mining company Luossavaara-Kiirunavaara Aktiebolag.
Though the discovery is found to be good news for Sweden and Europe, it was regarded by Swedish people and others residing in the potential areas as a disfavor.
This finding primarily favored those who are mainly relying on China for the metals that are being used in electronics like speakers and electric automobiles besides turbines, magnets, etc., as the discovery may uphold the rare earth element mining in Europe too.
However, it is not only good news for Europe, which is dependent upon China for almost 99% of the rare earth element but also good news for the atmospheric condition.
As believed by LKAB, the deposit consists of approximately one million metric tons of rare earth elements and is considered the largest rare earth oxide deposit in Europe.
Residents of Europe are not unaware of the potency of the finding as the commission president of Europe, Ursula von der Leyen, has already mentioned in 2022 that rare earth materials will be essential in the near future, even more than oil and gas.
However, Mostrom anticipates that it may take 10-12 years to start officiating mining, keeping the regulations and permission procedures in mind.
- Published By Team Timeswire