EU Rare Earth Find Ain’t Ready Yet

Rare Earth had a 60s hit singing “get ready cause here I come” & Europe is humming similar tune as a timely rare mineral find lifted hopes of less dependence on China for materials in EVs & wind turbines. But, think 15 yrs out?

As the WSJ coverage put it, the Swedish state-owned mining company LKAB last week announced what “potentially” could be the largest known find of rare-earth elements used “to produce permanent magnets,” which are key components in renewable energy motors.

Yet, LKAB also struck a cautionary note in that the new rare earth deposits would be produced as a byproduct of mining iron ore, while it could become a “significant building block for producing the critical raw materials that are absolutely crucial to enable the green transition.” LKAB conceded the new find “will take years to develop and exploit.” And, the WSJ says, “based on current timelines for obtaining permits, it could take 10 to 15 years or more before mining of the new deposit begins.”

Davd Soul