The Swedish government, writes Il Sole24Ore, has announced the discovery of the most important deposit of rare earths in Europe. These mineral elements constitute the essential source for high-tech products, such as batteries for cars (by 2050, 50% of the automotive sector will be electric).
The deposit is located 150 kilometers north of the Arctic Circle and should guarantee the extraction of Lithium, scandium e lanthanum. According to estimates the resources of the deposit may be able to satisfy in whole the European demand for permanent magnets used in the production of electric motors. To date, 91% of our needs are imported from China.
"The news is important for Sweden and for Europe“, said Jon Moström, the CEO of the Swedish public company LKAB. “Our discovery could prove to be a significant building block in the production of rare earths essential in the green transition".
However, the LKAB company is concerned by the times of the authorization procedures which are around 10-15 years. “The processes were developed when we had the luxury of being able to wait. Today there is an urgent need to exploit the reservoir and we must ensure that authorization times are reduced by 50-60%“, explained Jan Moström to Il Sole 24 Ore. The matter will concern the Swedish and European authorities.
The company is, meanwhile, already building an underground tunnel to connect the new reserves with the Kiruna iron deposit.