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About 10 lakh tons of rare earth elements used in electric vehicles, smartphones and advanced missile defense systems have been discovered in Sweden.
Discovered by the country’s state-owned mining company, LKAB, about 1,000 km from Stockholm, Europe’s current largest deposit of the metallurgy is Europe’s largest.
It will take 10 to 15 years for these to come to the market without harming natural resources, according to the CEO of LKAB Mining Company, John Mostrom. Until now, 98 percent of the metals used in the European Union were imported from China.