Deposit also contains large quantities of other significant raw materials. LKAB is seeking exclusive rights for commercial development.
In January, Swedish state-owned mining company LKAB announced the discovery of a rare earth deposit in the north of the Scandinavian country. Exactly six months later the company is now providing an update on the Per Geijer deposit. At over 1.3 million tons, the amount of rare earths present there has been revised upward by 25 percent.
LKAB now intends to file an application to obtain exclusive rights to develop the deposit. This is one of many steps that precede commercial development. Due to the complex permitting procedures in Sweden, the company expects it to take 10 to 15 years before the mining of the raw materials needed for the energy and transportation transition can begin.
What also makes Per Geijer economically interesting is its high iron and phosphorus content. The latter is needed, among other things, to produce fertilizers. According to LKAB, Europe covers 80 percent of its phosphorus needs through imports.