Sweden has declared the mining of critical metals and rare earth minerals a national security interest as it seeks to reduce its dependence on China.
China dominates the global supply and processing of rare earth minerals, which are used in electric vehicles, clean energy and defence equipment. Swedish Deputy Prime Minister Ebba Busch called Europe’s dependence on China a “systemic risk,” Reuters reported.
The decision is expected to make it faster and easier to approve new mining projects in Sweden.
Sweden has large mineral resources, including the Per Geijer deposit near Kiruna. It contains an estimated 2.2 million tonnes of rare earth oxides and is considered important to the EU’s efforts to become less dependent on China.
The Swedish government is also considering creating a state-owned investment company to support important mining projects.
