Metals called rare earths or rare earths, play a very important role in the manufacture of electronic objects to airplanes and weaponry, so they are considered treasures. This metal is so rare that when it was discovered in Sweden, it caused a stir in Europe.
Quoted from the BBC, no rare earths are mined in Europe today and China is a large producer. About 98% of the rare earth metals used in the European Union in 2021 will be imported from China.
Well, over a million tons of rare earth metals have reportedly been found in the far north of Sweden. Although large, this amount is actually only a small amount compared to the supply of 120 billion tons of rare earths in the world.
The term rare earth refers to a group of 17 elements that are used to make products and infrastructure that are increasingly important to everyday life. The metal can be found in cell phones, hard drives, trains and is important for green technologies including wind turbines and electric vehicles.
Some are essential for military equipment such as missile guidance systems. However, extraction is difficult and has the potential to damage the environment. The demand is expected to increase fivefold by 2030.
"Lithum and rare earths will soon become more important than oil and gas," EU official Thierry Breton said last year.
Sweden's Energy Minister Ebba Busch said Europe was too dependent on other countries for the materials that a change was needed. "Electrification, self-sufficiency and European independence from Russia and China will start at the mines," he said.
The newly discovered rare earth metal is definitely good news for Europe, but it may take another 10-15 years before it can be marketed. Besides being complicated, the licensing process is time-consuming due to the evaluation of environmental risks.