Historic find of rare earth minerals in North Sweden

The discovery might speed up Green Transitioning for Europe, and lessen EU's reliance on China.

Sweden made history in 2023 with the largest rare earth metals discovery in Europe. The Per Geijer deposit might contain more than 1 million tonnes of Rare Earth Minerals, REE's.

No rare earth minerals are currently mined in Europe.

This could also reduce the EU's dependency on China and provide a significant opportunity for green technology. Rare earth minerals are used to make products from mobile phones and electric vehicles, to military equipment like missile guidance systems.

Not long after the Swedish find, Norweigian firm REN (Rare Earth Norway) announced another record find of Rare Earth Elements.

Demand REE's is expected to increase fivefold by 2030. The discovery outside of Kiruna, North Sweden, is estimated to contain over 1 million tonnes of rare earth minerals, according to the mining company LKAB.

"Lithium and rare earths will soon be more important than oil and gas," said the EU's internal market commissioner Thierry Breton last year to the BBC.

Extraction poses both difficulties and environmental risks that authorities must consider before bringing this resource into supply chains. However, it is likely that the importance of these resources will speed up the approval process for mining operations.

With this new discovery, Europe will no longer have to rely solely on China for its rare earth mineral needs. It can start developing its own green technologies instead. This is an exciting development that could help reduce Europe's carbon footprint while also providing a valuable resource for businesses and consumers worldwide.

This rare earth metals discovery in Sweden is an exciting development for Europe and the world. It could go a long way towards reducing dependence on China for vital resources, while also providing an opportunity to kick-start green technology initiatives.