The European Union imports about 98 percent of the rare earth metals it uses from China. Rare earth metals, such as europium, cerium, neodymium, praseodymium, dysprosium, have a variety of uses. Some of these are important for making magnets for industrial use, while others are used for optical lenses and glass polishing. Most of the reserves found in Sweden are iron ore, the mineral from which iron metal is extracted.
It will take 10 years to start mining
Sweden accounts for about 90 percent of iron ore production in the European Union. The find is huge but it will take at least 10 years before mining begins at the site. Rare earth metals are not only extremely difficult to extract, but also potentially harmful to the environment. So getting its approval is a long process. Observers expect demand for the rare earth metal to increase fivefold by 2030 as demand for electric vehicles soars.
Sweden’s reserves less than one percent
According to media reports, Thierry Breton, the European Commissioner for the Internal Market, said that lithium and rare earth metals will soon become more important than oil and gas. There are 120 million tons of rare earth metals worldwide. The reserves found in Sweden are less than one percent of this. China has global dominance in extracting these metals. It has invested heavily in refineries without mandatory environmental checks.
