A descoberta enterrada que poderia redefinir o futuro tecnológico da Europa
In a remote corner of the European continent, an unprecedented discovery could change the economic, energy, and technological balance of the region. Over a million tons of strategic elements are waiting underground, while scientists, companies, and governments debate how and when to turn this potential into reality. This is the story of a discovery that could transform everything, but whose path is full of obstacles.
A treasure underground in northern Sweden
In January 2023, the Swedish mining company LKAB announced the discovery of the largest known rare earth deposit in . The discovery took place in Kiruna, a town in the northern part of the country with a long mining tradition. The area already hosts one of LKAB’s most important iron mines, and now adds to its history the Per Geijer deposit, located nearby.
The preliminary estimate suggests that there are around 585 million tons of ore, containing elements such as apatite—rich in phosphorus and . Of this total, it is estimated that one million tons correspond to rare earth oxides, essential for current technological development.
Among the most valuable elements are neodymium and praseodymium, key for the production of permanent magnets, essential in electric motors and wind turbines. Although their concentration in the total ore is 0.18%, this figure is viable for large-scale industrial exploitation.
A multi-billion euro value with strategic impact
The value of this deposit is immense. With an estimated average value of 63,654 euros per ton of oxides, the deposit could be valued at around 64 billion euros. To put its importance into perspective, it is enough to compare it with the Halleck Creek project in the U.S., valued at 37 billion dollars.
But the interest is not only financial. In a geopolitical context marked by energy transition and technological dependence, this discovery could become a key piece for European autonomy, especially in the face of Asian dominance in the supply of these materials.
This was expressed by the Swedish Minister of Energy and Industry, Ebba Busch, stating that this deposit could be crucial in reducing China’s dependence on the supply of strategic minerals. The announcement aligns with the European Union’s push to consolidate an internal supply chain in sectors such as renewable energies and electric mobility.
Between promise and waiting: the challenges ahead
Although the discovery represents a historic opportunity, its exploitation is still far from being realized. LKAB has started work to enable exploration galleries, but permits and environmental studies could take between 10 and 15 years, according to current estimates.
Swedish environmental legislation is particularly demanding and requires a thorough analysis of the impact on local ecosystems, as well as on the region’s water sources. The company acknowledges that there is a “long way to go” before the deposit becomes operational.
Some sectors propose speeding up procedures due to the strategic nature of rare earths, but there are no guarantees that regulations will be relaxed. The urgency to move forward clashes with the need to preserve a fragile and valuable natural environment.
This region has a history of mining and a vision for the future
Kiruna is not new to . Since the 17th century, this region has been the scene of mining explorations led by generations of workers and indigenous Sami communities. LKAB, formally founded in 1890, has been a key player in this process.
The company also played a central role in the construction of the railway infrastructure connecting the interior of Sweden with the northern ports, a vital axis for mineral exports. Today, with a presence in more than 12 countries, LKAB continues to focus on innovation and sustainability as pillars of its strategy.
The discovery at Per Geijer is more than a geological milestone: it is an opportunity to rewrite the technological and energy history of Europe. But it is also a test of how far we are willing to go to balance development, environment, and strategic sovereignty.
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