Rare Earth Elements

Why in News?

• Sweden’s state-owned mining company LKAB has recently discovered Europe’s largest deposit of rare earth metals.

Highlights:

• The store, situated in Kiruna located in the northern region of Sweden, holds a stockpile of over 1 million metric tons of rare earth oxides.
• This discovery bolsters Europe’s ambition to rely less on imported raw materials needed for the green transition.
• Currently, no rare earths are mined in Europe and it mostly imports them from other regions.
• According to a report in the BBC, 98% of rare earths used by the European Union (EU) were sent by China.
• The discovery can also prove to be a significant turning point not just for the EU but also for other western countries as they have been trying to reduce their reliance on China for the import of these rare earth elements.
• They are important in technologies of consumer electronics, computers and networks, communications, clean energy, advanced transportation, healthcare, environmental mitigation, and national defence, among others.
• Scandium is used in televisions and fluorescent lamps
• Yttrium is used in drugs to treat rheumatoid arthritis and cancer.
• Rare earth elements are also used in space shuttle components, jet engine turbines, and drones.
• Cerium, the most abundant rare earth element, is essential to NASA’s Space Shuttle Programme.
• Moreover, the push for switching from internal combustion cars to electric vehicles has also led to a rise in demand for rare earth.