The discovery of a sizable rare-earth element deposit in Sweden raises new expectations for Europe's transition away from fossil fuels and a reduction in the reliance on China, which currently supplies most of the vital minerals. Rare-earth elements are essential for renewable energy and electric vehicles. The Swedish state-owned mining corporation LKAB has already started creating a strategy to extract the components from the largest known deposit in Europe. The deposit contains certain rare-earth elements that might be utilized to make permanent magnets, which are needed to power electric motors and wind turbines. The mining of iron ore may result in the production of rare-earth elements as a byproduct.