Sweden finds Europe's largest deposit of rare earth metals

Rare earth elements (USDA photo)

(CNBC) – State-owned Swedish mining company LKAB said it has found what it believes to be Europe’s largest known deposit of rare earth elements.

Located in Kiruna, in the far north of Sweden, the company said Thursday that the store contained more than one million metric tons of rare earth oxides.

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These metals are used in the manufacture of electric cars and wind turbines, as well as magnets, glass screens, speakers and various other electronics.

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