Swedish mining company LKAB says it has found Europe’s largest deposit of rare earth oxides in the country’s north, a discovery that could reduce the continent’s reliance on China for the critical resource.But the market is dominated by China, which accounts for 60% of global production, according to the US Geological Service.“This is good news, not only for LKAB, the region and the Swedish people, but also for Europe and the climate,” said Jan Moström, president and group CEO of LKAB.But demand is expected to surge as a result of electrification, which will lead to a global “undersupply” at a time of increasing geopolitical tensions, LKAB said.“If we look at how other permit processes have worked within our industry, it will be at least 10-15 years before we can actually begin mining and deliver raw materials to the market,” it said."