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.
The Manhattan district attorney investigating Donald Trump has rebuffed House Republicans’ request to turn over documents.
Now it's time for One Good Thing! This one is about a man, his dog, and their emotional reunion. Michael Sawyer was forced to give up his best friend, "Smokey," after owning the pit bull for seven years. Smokey's current owner sends periodic updates to Michael, but he hadn't seen his old dog in 10 years. That is, until this moment was caught on tape.
Cheddar News correspondent Shannon LaNier celebrated National Puppy Day with a visit to the Best Friends Animal Society rescue center in lower Manhattan, where he spoke with Anna Gravel about the benefits of adopting a rescue dog.
The court is deciding whether the toy maker infringed on Jack Daniel’s trademarks with its similar look.
The rising cost of groceries is pushing more consumers to use Buy Now Pay Later (BNPL) services for necessities such as groceries, according to new data from Adobe Analytics.
Travel is getting costlier, and Trae Bodge, shopping expert, brand strategist, and lifestyle journalist, has some tips for vacationing on a budget.
More than 119,000 people have been injured by tear gas and other chemical irritants around the world since 2015 and some 2,000 suffered injuries from “less lethal” impact projectiles, according to a report released Wednesday.
MacKenzie Scott has announced the launch of a $250 million fund for nonprofits serving the needs of "individuals and families of meager or modest means, and groups who have met with discrimination and other systemic obstacles."
The compact disc or CD is turning 40 years old in the U.S. this year. The first commercial CD was released in Japan in October of 1982, but they didn't make their way to the United States until March 1983.
A judge ruled that JPMorgan Chase and Deutsche Bank can be sued over Jeffrey Epstein's sex-trafficking claims.
