Sweden finds Europe’s largest deposit of rare earth metals, which could become ‘more important than

[Elderberry]

CNBC by Jenni Reid 1/12/2023

Sweden finds Europe’s largest deposit of rare earth metals, which could become ‘more important than oil and gas’

Key Points

•   Swedish mining company LKAB discovered one million metric tons of rare earth oxides, which are used in electric vehicles and wind turbines.

•   CEO Jan Moström said it was good news for Europe, which imports 99% of its rare earth elements from China.

•   In 2022, European Commission President Ursula von der Leyen said rare earth elements would “soon be more important than oil and gas.”

State-owned Swedish mining company LKAB said it has found what it believes to be Europe’s largest known deposit of rare earth elements.

Located in Kiruna, in the far north of Sweden, the company said Thursday that the store contained more than one million metric tons of rare earth oxides.

These metals are used in the manufacture of electric cars and wind turbines, as well as magnets, glass screens, speakers and various other electronics.

More: https://www.cnbc.com/2023/01/13/sweden-mining-company-lkap-finds-big-deposit-of-rare-earth-metals.html

[Smokin Joe]

Last year, Politico reported that Swedish locals living near potential sites and some campaigners were concerned about the potential impact of mining in the EU.

If you don't import the child miners from the Congo, it might be an economic shot-in-the-arm to the area, but it will make a bit of a mess, too.

[Sighlass]

I have taken a shine to rare earth magnets... not just to "hold your firearms", but I now have them all over my shop to hold tools galore... I use the dog out of 100lb magnets, they are just so handy... I have them on screen doors to hold them in position (open and shut)... That crappy kitchen timer with the weak magnets, well slap on a good magnet.