LKAB, an international mining and minerals group, identified significant deposits of rare-earth elements in the area of Kiruna, Sweden. Following successful exploration, LKAB is reporting mineral resources exceeding 1 million metric tons of oxides, which it says is the largest known deposit of its kind in Europe.

“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,” said Jan Moström, LKAB president and group CEO.

No rare-earth elements are currently mined in Europe, but demand is expected to increase dramatically as a result of electrification. According to the European Commission’s assessment, the demand for rare-earth elements for electric cars and wind turbines, among others, is expected to increase more than fivefold by 2030.