A mining company in Sweden announced that they have detected "significant" rare earth reserves in the Lapland region in the north of the country.
Swedish public mining company LKAB said on Thursday that deposits of raw materials critical to the production of electric vehicles, wind turbines and other high-tech products could reduce Europe's dependence on China.
The company, which extracts iron ore in Kiruna, 960 kilometers north of the capital Stockholm, announced that they have found more than 1 million tons of rare earth oxides.
Jan Moström, The CEO of LKAB, said: "This is the largest known deposit of rare earths in Europe. It could become an important building block in the production of critical raw materials that are absolutely crucial to ensuring the green transition. Without these mines, electric vehicles cannot exist."
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