According to Electrive, large scale mining will be possible in a few years from now, as LKAB officials say they have found one million tons worth of rare earth metals.

The site is located near the northmost city in Sweden, called Kiruna, and it is claimed to be the largest such deposit in Europe.

Jan Moström, CEO of LKAB, said that "this is the largest known deposit of rare earth elements in our part of the world, and it could become a significant building block for producing the critical raw materials that are absolutely crucial to enable the green transition."

"We face a supply problem. Without mines, there can be no electric vehicles", he added.

Also, in 2022 the world's second largest rare earth metals deposit was discovered in Turkey. The new discovered reserves could ensure a nice flow of materials for the EV makers around the world.

LKAB officials say that, due to industry regulations and permitting applications, it might take ten to 15 years before the company will be able to start mining for the resources.

The exact metals and they share in the mine are yet to be discovered, but further investigation will take place at the site.