Europe's largest rare earth deposits discovered in Swedish Arctic
Photo: bloomberg.com< /p>
The world's largest known deposit of rare earth metals has been discovered in the Swedish Arctic, Bloomberg reports.
New deposits could help Europe get rid of China's monopoly on the market for these metals.
The deposit was found by the Swedish state mining company LKAB. It contains 1 million tons of rare earth parts. However, according to the chief executive officer of the company, Jan Mostrom, it will take 10-15 years before mining can begin and supply to the market.
The scarcity of rare earth metals hinders the transition to renewable energy sources. Most of them are mined in China and parts of Southeast Asia.
BAGNET notes rare earth metals &nda sh; the name of a group of elements consisting of scandium, yttrium and lanthanides (cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, yterbium and lutetium).
They are used in radio electronics, nuclear engineering, instrument making, mechanical engineering, metallurgy and chemical industry.
Prepared by: Sergey Daga