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.
Cup Noodles is expanding its flavors to include a breakfast option. The new, limited edition breakfast ramen has flavors of sausage, eggs, maple syrup, and pancakes. The flavor is currently available at Walmart for $1.39.
New Hampshire’s highest court on Wednesday turned away the latest attempt to get a sentence reduction for Pamela Smart, who is serving life in prison for plotting with her teenage lover to have her husband killed in 1990.
Hundreds gathered Wednesday at a candlelight vigil in Nashville to honor and mourn the three children and three adults who were killed in a shooting at a Christian school this week.
Good2Know is your daily dose of the stories impacting your day-to-day life.
Two Army helicopters crashed in southwestern Kentucky during a routine training mission, causing several casualties, military officials said.
A train hauling ethanol and corn syrup derailed and caught fire in Minnesota early Thursday and nearby residents were ordered to evacuate their homes, authorities said.
As more U.S. states legalize cannabis, more people are using it, and that includes seniors. While doctors say cannabis can prove beneficial for some individuals 65 and older, it comes with some risks. Here with more is Cheddar News Senior Reporter Chloe Aiello.
Real estate agent Abdul Muid, founder and principal of Ivey North, shares his checklist for finding an apartment with Cheddar News correspondent Shannon LaNier:
Renters are still struggling to find great apartments at reasonable prices, with 19 million renters spending at least third of their income on housing. Cheddar News correspondent Shannon LaNier visits Brooklyn, a hotbed for pricey apartments, and speaks with real estate agent Abdul Muid, founder and principal of Ivey North.
Credit Suisse violated a plea agreement with U.S. authorities by failing to report secret offshore accounts that wealthy Americans used to avoid paying taxes, U.S. lawmakers said Wednesday.
