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Sweden Awards Leading Edge 25-Year Mine Lease for Heavy Rare Earths
Sweden granted Leading Edge Materials a 25-year mining lease for the Norra Kärr heavy rare earth deposit. After China's export controls sent European dysprosium prices to a four-fold premium, the project could meet all of Europe's annual dysprosium demand.
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Sweden granted Leading Edge Materials a 25-year mining concession for the Norra Kärr heavy rare earth project, the company said June 28. The government made the call after the Mining Inspectorate recommended approval. The Geological Survey of Sweden has confirmed the deposit is one of Europe's richest in heavy rare earth elements, especially dysprosium, terbium and yttrium.
Europe has no domestic rare earth production today. China controls roughly 60% of global mining and over 90% of processing. In April 2025, Beijing imposed export controls on dysprosium, terbium and related elements. European dysprosium prices jumped from about $280 to $950 per kilogram. Terbium hit $4,000 per kilogram in Europe versus $1,000 in China. Yttrium oxide reached roughly $270 per kilogram in Europe compared with $11 FOB China, according to the company. That 24-to-1 price gap underscores Europe's complete dependence.
Norra Kärr's 2021 preliminary economic assessment assumed average annual output of 248 tonnes of dysprosium oxide. Edison Research, in a February 2026 note, said that amount is "similar to European consumption," which it pegs at 180 to 200 tonnes per year. The deposit could theoretically cover the continent's entire dysprosium demand.
The deposit is unusual for its elemental mix. The ratio of neodymium-praseodymium to dysprosium-terbium is 2.5 to 1. The peer group average is 38.5 to 1, the company said. Most global rare earth development targets light elements. Norra Kärr directly addresses the tightest part of the supply chain.