The largest deposit of geological minerals in European history has been discovered in Sweden, including the rarest oxides that are used in many advanced industries, including electronics.
LKA, a steel mining organization under the Swedish government, has discovered these deposits along with an iron ore mine in the Lapland region. It should be noted that it is also the largest and most modern iron ore mine in the world.
Europe in entirety has negligible reserves of rare earths. They therefore are imported from China which produces 61 percent of the world’s rare minerals, followed by the United States with only 15 percent.
Rare minerals include a total of 17 minerals that are used in electric motors, smartphones, screens and other electronics due to their magnetic, insulating and other properties. Of prime importance among them is neodymium, which is commonly used in electric motors. However, the Swedish company only called them rare oxides and did not name each mineral. According to LKAB, it aims to mine the deposits soon, but it will take a few years to reach the market.