According to the state mining company LKAB, the largest deposit of rare earths in Europe has been discovered in northern Sweden.
The company announced on Thursday that there were more than a million tons of the raw materials needed for electric cars and other high-tech products.
Even if rare earths are much more common around the world than the name would suggest, their extraction is expensive and firmly in Chinese hands.
At the same time, demand is increasing with the transition to a less CO2-intensive economy.
Europe has taken up the cause of reducing its dependency on supplies from the People's Republic.
"This is good news, not only for LKAB, the region and the Swedish people, but also for Europe and the climate," said LKAB boss Jan Mostrom.
It could be a significant building block in the production of the raw materials needed to fight climate change.
There is still a long way to go before funding begins
But the way to the exploitation of the deposit in Sweden is long.
LKAB intends to submit an application for a mining concession as early as this year.
Nevertheless, it will probably take at least ten to 15 years before LKAB can start funding.
Rare earths are currently not mined in Europe, but mostly come from China.
"Electrification, Europe's self-sufficiency and independence from Russia and China begin in the mine," said Minister Ebba Busch.