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A large deposit of rare earths has just been discovered in Sweden. Good news for the Old Continent, which wishes to reduce its dependence on China for these metals essential to the energy transition.
Scandium, Yttrium, Lanthanum or Cerium, these are some of the 17 metals that make up the group of rare earths. They are essential to the ecological transition and the digital economy. It is found in electric cars, wind turbines, photovoltaic panels, computers and even in the defense industry. The demand for these metals will skyrocket over the next few years. For the European Union alone, rare earth needs will be multiplied by five by 2030.
This discovery in Sweden is therefore something to delight Brussels. The announcement was also made during the visit of a delegation from the European Commission to the kingdom.
With reserves estimated at more than one million tons, it is indeed the largest known deposit of rare earths on the Old Continent. Europe does not want the scenario of the energy crisis linked to the invasion of Ukraine to repeat itself. Problem: the European Union, despite a subsoil rich in rare earths, does not produce or refine them. It is particularly dependent on imports from China.
98% of rare earths consumption in Europe supplied by China
The Middle Kingdom, which enjoys a quasi-world monopoly, accounts for 98% of European consumption. So to avoid supply disruptions in the event of geopolitical and commercial tensions, the 27 are looking for a way to reduce their dependence. In September, the European Commission announced its intention to constitute strategic reserves in rare earths and lithium. She advocated the creation of new partnerships and the strengthening of existing ones, especially with countries and regions that share the same environmental and social values.
The Swedish deposit, which is in the mining region of Kiruna, in the Far North of the country, will not resolve the question of European dependence in the immediate future. It will probably take 10 to 15 years before production begins.