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Europe’s largest rare earths deposit discovered in Sweden
Europe’s largest known deposit of rare earth elements, essential for the manufacturing of electric vehicles, has been discovered in Sweden’s far north, boosting Europe’s hopes of cutting its dependence on China.
Swedish mining group LKAB said Thursday the newly-explored deposit, found right next to its iron ore mine, contained more than one million tonnes of rare earth oxides.
“This is the largest known deposit of rare earth elements in our part of the world, and it could become a significant building block for producing the critical raw materials that are absolutely crucial to enable the green transition,” LKAB’s chief executive Jan Mostrom said in a statement.
“We face a supply problem. Without mines, there can be no electric vehicles,” Mostrom added.
While the find is believed to be the biggest in Europe, it remains small on a global scale, representing less than one percent of the 120 million tonnes estimated worldwide by the US Geological Survey.
In 2021, the European Commission said that 98 percent of the rare earths used in the EU were imported from China, prompting Brussels to urge member states to develop their own extraction capacities.
LKAB’s find was presented as a delegation from the European Commission visited Sweden, which took over the rotating EU presidency at the start of the year.
“Today, the EU is way too dependent on other countries for these materials,” Swedish Energy Minister Ebba Busch told a press conference, pointing specifically to Russia and China.
“This must change. We must take responsibility for the raw material supply needed for the (green) transition,” she added.
– Trade not enough –
The European Union has agreed to phase out new CO2-emitting vehicles by 2035, effectively banning combustion engine cars, meaning the need for rare earth materials will only increase.
In the short term, Busch said the EU needed to “diversify” its trade.
“But in the long run, we cannot rely on trade agreements only,” she said.
Mostrom said the full extent of the deposit had yet to be established.
“We are continuing to conduct exploration to see how big this is,” Mostrom told AFP, adding that LKAB was also still in the process of figuring out how the new deposit could be mined.
Mostrom said it was difficult to accurately gauge the impact of the discovery on reducing Europe’s dependence on Chinese imports.
But he said he was confident “it will have a huge impact.”
Asked during a press conference when the deposit could actually be mined and deliver raw materials to the market, Mostrom said it would largely depend on how quickly permits could be secured.
But based on experience, it would likely be “10 to 15 years”, he said.
(FILES) This file photo taken on November 16, 2012 shows the iron mine of Swedish state-owned mining company LKAB (Luossavaara-Kiirunavaara Aktiebolag) at Sweden’s northernmost town of Kiruna. – Europe’s largest known deposit of rare earth elements — key for the production of electric cars — has been discovered in Sweden’s far north, Swedish mining company LKAB said on January 12, 2023. LKAB said the newly-explored deposit, found right next to an iron ore mine, contained more than one million tonnes of rare earth oxides. (Photo by Jonathan NACKSTRAND / AFP)
According to LKAB, the rare earth elements found in the Per Geijer deposit occurred “in what is mainly an iron ore deposit and which may therefore be produced as by-products,” creating new opportunities for potentially “competitive mining.”
– From magnets to lenses –
Rare earth minerals with names like neodymium, praseodymium and dysprosium are crucial to the manufacture of magnets used in industries of the future, like wind turbines and electric cars.
They are also present in consumer goods such as smartphones, computer screens and telescopic lenses.
Others have more traditional uses, like cerium for glass polishing and lanthanum for car catalysts or optical lenses.
Sweden is one of the EU’s biggest mining countries.
More than 90 percent of the EU’s iron ore production comes from the Scandinavian country, which also has the bloc’s largest lead and zinc production, the second largest silver production, and among the highest gold and copper production, according to the Geological Survey of Sweden.
The Minister of Humanitarian Affairs, Disaster Management, and Social Development, Nentawe Yilwatda, has announced the Federal Government’s plan to reach 15 million households, representing 75 million people, through its conditional cash transfer scheme.
Speaking on Monday during an interview on Channels Television’s The Morning Brief, Yilwatda explained that the initiative is part of President Bola Tinubu’s commitment to mitigating the economic hardships faced by vulnerable Nigerians.
“The president was so specific,” Yilwatda noted.
“There are policies that he brought in to see if that can ease those challenges for people at the lower end of the pyramid. One of those policies is to reach out to 15 million beneficiaries under the conditional cash transfer, targeting households rather than individuals. Each household will receive ₦25,000 monthly, paid three times a year.”
Yilwatda further clarified that the 15 million households being targeted translate to 75 million Nigerians, assuming an average of five persons per household.
So far, the Federal Government has reached five million individuals but is facing challenges in fully sanitizing the social register, particularly with the implementation of the Central Bank of Nigeria’s (CBN) policy mandating digital identities for transparency and traceability of payments.
“Currently, only 1.4 million people on the social register have digital identities. Many of those we are targeting are outside the formal banking system,” the minister disclosed.
Yilwatda emphasized that women are specifically targeted as household leaders under the program to ensure the funds are used effectively for the benefit of children and other vulnerable members of society.
The conditional cash transfer programme, which is administered under the National Social Investment Programme, had earlier been suspended by President Tinubu in January due to allegations of corruption. However, the scheme was reinstated in February, with plans to extend the initiative to an additional 12 million households.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has assured Nigerians of a reduction in the pump price of petrol within the week, following adjustments to the ex-depot price by key players in the industry.
Last week, the Nigerian National Petroleum Company (NNPC) Limited and the Dangote Refinery announced a reduction in the ex-depot price of petrol to ₦899 per litre in Lagos. Despite this, the pump price at many filling stations across the country has remained unchanged.
However, PETROAN President, Billy Gilly-Harry, during a Monday appearance on Channels Television’s Sunrise Daily, expressed optimism that the price change would soon reflect in retail outlets.
“But I believe from today when members start loading from both NNPC and Dangote at this new price reduction, it will reflect in the market,” he said.
Gilly-Harry lauded some members of PETROAN, particularly in Abuja, for proactively reducing their pump prices to below ₦1,000 even before the official announcement. He emphasized that while members strive to serve Nigerians by providing affordable fuel, they must maintain marginal profitability to sustain operations.
“We don’t encourage our members to try to sell products at a loss because our focus is to serve Nigerians. And the only way we can serve Nigerians is when we have the resources to do so. The resources can only be there if we’re making marginal profit enough to pay for the cost of money and ensure continuity in business,” he noted.
Addressing concerns over the delay in implementing the price reduction, Gilly-Harry explained that some retailers are still selling old stock purchased at higher prices.
“This reduction, if you apply it immediately, don’t forget that some of them bought at ₦970, paid transportation costs and logistics that have taken it quite high,” he said. “By the time it gets to their retail outlets, it’s quite much more than that. And so they must also sell at a profit – minimal marginal profit as provisioned by the PIA. So, that’s the reason.”
The PETROAN boss commended both the NNPCL and Dangote Refinery for their efforts in reducing the ex-depot price, which he described as a significant step toward easing the burden on Nigerians.
Nigerians are now hopeful that the price adjustment will translate into tangible relief at filling stations in the coming days.
The Federal Government has declared Wednesday, December 25, and Thursday, December 26, 2024, as public holidays to mark Christmas and Boxing Day, respectively. Additionally, Wednesday, January 1, 2025, has been declared a public holiday to celebrate the New Year.
This announcement was made by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, in a statement signed by the Permanent Secretary, Dr. Magdalene Ajani. The minister extended warm greetings to all Nigerians, urging them to embrace the festive period as an opportunity to reflect on the values of love, peace, and unity that the season represents.
Tunji-Ojo emphasized the significance of the season in fostering harmony and strengthening family and community bonds.
“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” he stated.
He further encouraged citizens to remain committed to peace, unity, and progress for the development of the nation, stressing the Federal Government’s dedication to ensuring security and prosperity across the country.
While wishing Nigerians a Merry Christmas and a prosperous New Year, the minister expressed confidence in the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
He assured citizens that the coming year would usher in a stronger and more prosperous economy that would set Nigeria on a global pedestal.
The minister concluded by calling on Nigerians to celebrate responsibly, maintaining peace and unity throughout the festive season.
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