SWEDEN is working its way to developing energy independence after China announced to restrict exports of two metals key to the manufacturing of semiconductors earlier this month.
On January 12, Swedish Mining Company Luossavaara-Kiirunavaara Aktiebolag (LKAB) announced the discovery of more than 1 million tones of rare earth oxides in the Kiruna area in the far North of the Nordic Country.
It was declared the largest deposit to be unearthed in Europe.
The discovery of rare earth elements is important not just for Sweden but also for Europe as these precious metals are used to create a range of products and infrastructure that are important to everyday life such as mobile phones, hard drives, trains, electric vehicles, and even missiles.
Demand for rare earth is expected to increase fivefold in 2030 while the EU’s internal market commissioner predicted they will soon be more important than oil and gas.
In 2021, about 98% of rare earths used in the EU were imported from China.
The Energy Minister acknowledged that the extraction of rare earth elements is necessary for the EU to develop its way toward self-sufficiency and cut its dependence on Russia and China.
Sweden scrambles towards energy independence after China recently announced to restrict exports of gallium and germanium, two critical elements for making semiconductor chips and fiber optic products.
The Asian giant made the move in response to foreign attempts by the United States and its numerous vassals to slow down or effectively stop its technological advances.
China currently dominates the world’s supply and processing of key metals and minerals, including rare earths used in electrical vesicles and military equipment.
Swedish locals voiced their concerns about the possible impact of mining the rare-earth elements not just in their community but in the EU as a whole.
The Swedish company also said the road to mining is still a long process ahead and could take several years of exploration.
