Swedish mining company LKAB has discovered what CEO Jan Moström called "the largest known deposit of rare earth elements in our part of the world."
Demand for rare earth metals has skyrocketed in recent years with the adoption of electric vehicles, wind turbines, and other renewable energy and battery technologies, making the find a big deal indeed.
“Without mines, there can be no electric vehicles,” Moström said in a press release.
LKAB stumbled upon the Per Geijer deposit at its iron ore mine in Kiruna, which is nearly 600 miles north of Stockholm in the arctic region of Sweden.
Ebba Busch, Sweden’s minister of energy and business, touted the geologic find as a win for the European Union's ongoing efforts to achieve energy independence from Russia and China — countries which currently extract and refine the bulk of the world's rare earth minerals.
”We need to strengthen industrial value chains in Europe and create real opportunities for the electrification of our societies. Politics must give the industry the conditions to switch to green and fossil-free production,” she said.
Mining the resources, however, could be a long way off. LKAB explained in the announcement that it first needs to receive what's called an "exploitation concession" from the government. It also needs to complete its own due diligence to understand the conditions of the deposit before it starts rolling in the equipment. The company expects the process to take 10 to 15 years.
“We are already investing heavily to move forward, and we expect that it will take several years to investigate the deposit and the conditions for profitably and sustainably mining it," said Moström
He added that the Swedish government should change the permit process to speed up the mine's development.
Federal health advisers said Wednesday that a decades-old birth control pill should be sold without a prescription, paving the way for a likely U.S. approval of the first over-the-counter contraceptive medication.
The British publisher of the Daily Mirror apologized for one instance of snooping on Prince Harry but denied his other claims Wednesday.
On this edition of Stretching Your Dollar, professional resume writer Richard Lambert joins us to discuss common mistakes around formatting and length. He also highlights the importance of including the right keywords in your resume to get the attention of recruiters and hiring managers.
Be Well: What to Consider For Your Own Finances Amid Banking Collapses
Colette Morales, instructor at Core 95, joined Cheddar News to teach a few basic yoga poses aimed at strengthening multiple areas of the body simultaneously.
Be Well: Shopping for the Perfect Pair of Sunglasses
While Disneyland is considered by many the happiest place on Earth, it can actually be a nightmare if you don't come prepared. Luckily, Cheddar's own Shannon LaNier happens to be an expert, and here he shares his top tips on everything from scheduling rides and beating long lines to taking advantage of your hotel's free continental breakfast.
The FDA is weighing a possible rule change that would make birth control pills available without a prescription from a doctor for the very first time. This comes after manufacturer HRA Pharma sought approval for its over the counter drug Opill.
A Louisiana man faces aggravated assault and battery charges after firing a gun at children who were playing hide and seek outside his home, wounding a 14-year-old girl, according to the local sheriff's office.
The Pentagon says the United States will provide $1.2 billion more in long-term military aid to Ukraine to further bolster its air defenses.
