Why it’s a little early to celebrate Sweden’s rare-earth discovery

The discovery of a large deposit of rare earth metals in arctic Sweden couldn’t have come at a better time. The minerals are essential for sustainable technologies such as electric vehicles and wind turbines, which the European Union is looking to boost to reduce greenhouse gas emissions and prop up economic growth. At the same time, the EU is becoming increasingly anxious about being overly dependent on China for raw materials and technology. The Union sources up to 98 percent of rare earth metals from China, the European Commission said two years ago.

“This is good news for Europe and the climate. This is the largest known deposit of rare earth elements in our part of the world, and it could become a significant building block for producing the critical raw materials that are absolutely crucial to enable the green transition. We face a supply problem. Without mines, there can be no electric vehicles,” says Jan Moström, CEO of the Swedish government-owned mining company LKAB.