New Delhi: One of the rarest minerals in the world, a deposit of rare Earth Oxide has been discovered. This discovery is considered a miracle for the whole world. Mining company LKAB said on Thursday that it has identified mineral resources of more than one million tonnes of rare earth oxides in the Kiruna region. Currently, most of the rare earth oxides are mined in China. Sweden’s energy minister said that we can mine this rare mineral independently of China and Russia. Let us tell you that this rare mineral is mined in the regions of China and Russia.
Earth oxide minerals are used in many high-tech manufacturing processes. It is also used in electric vehicles, wind turbines, portable electronics, and microphones and speakers. “This is good news not only for LKAB and the Swedish people but also for Europe and the climate,” LKAB CEO Jan Moström said in a statement. Explain that Earth Oxide is currently not mined in Europe.
In the coming years, the demand for earth oxide may increase when the demand for electric vehicles increases. Mining company LKAB says it has identified “significant deposits” of rare earth elements in Arctic Sweden, which are needed to manufacture electric vehicles and wind turbines.
Explain that the Swedish government-owned company LKAB mines iron ore in Kiruna, about 600 miles north of Stockholm. The company said that there are more than one million tonnes of rare earth oxides. Even after the early grant of a permit for the mining of earth oxide, the process of mining may not start at the site for years. The European Commission considers rare earth oxides as one of the most important resources for its territory.
Rare earth oxides such as neodymium and praseodymium are expected to grow in demand due to their use in technologies such as magnets, aircraft engines, and specialty glass as well as green technologies including wind turbines and hybrid cars
