Swedish state-owned mining company LKAB reports that its rare earth reserves have continued to increase dramatically through its exploration and analysis efforts. The company’s Per Geijer deposit in Kiruna is now 1.2 billion tons including 2.2 million tons of in situ rare earth element (REE) oxides – up almost 30% since last year and a doubling from 2022, as a result of its 2024 exploration campaign.
“These are very good results which continue to support the strategic direction of the company. These significant mineral assets are the result of great efforts from all our colleagues and teams working together. The potential for Sweden’s iron ore supply and also for the supply of critical minerals has once again improved and provides increased security for the future”, said Ian Cope, Vice President Exploration at LKAB.
In addition to iron ore, all LKAB’s ores contain minerals from which the critical materials of phosphorous and rare earth elements may be obtained. Exploration at Per Geijer, one of the largest deposits in Europe for rare earths, has established that the rare earth oxides there are at grades much richer than those found in LKAB’s other deposits. On March 25, the European Commission announced that the new Per Geijer deposit in Kiruna has been granted the status of strategic project under the Critical Raw Materials Act.
“The decision is a recognition of LKAB’s potential to contribute to securing Europe’s access to strategic raw materials. The fact that we can now demonstrate an increase in our mineral resources and an even greater occurrence of rare earth oxides in the new deposit is an important message for our and Europe’s future, in a situation where increased self-sufficiency is more urgent than ever”, says Jan Mostrom, President and CEO of LKAB, who is retiring next year.
For an earlier report in Magnetics Magazine about the recent discovery there and the timeline for commercial development, query for LKAB in Magnetics Magazine. For more info, see www.lkab.com.
