LKAB, a Swedish mining business, announced that over a million tonnes of precious materials required for production of smartphones, electric vehicles, wind turbines and speakers have been found in the Arctic region of the country.
European chiefs are expecting the recent critical discovery to rival Chinese and Russian domination of essential raw materials utilized for producing smartphones and renewable items.
LKAB, a Swedish mining business, announced that over a million tonnes of precious materials required in the production of smartphones, electric vehicles, wind turbines and speakers have been found in the Arctic part of the country and EU leaders are hoping the breakthrough will lessen Chinese and Russian control over the extraction of rare earth metals.
The anticipated increase in electric vehicles and renewable energy products will likely lead to an increased demand for them in the future.
