Mining company LKAB reported the discovery of the largest deposits of rare earth metals in the Arctic part of Sweden, needed for the production of the latest technology, the Associated Press reported.

The publication said the rare earth deposits discovered are the largest known in that part of the world.

The paper specifies that even if the authorities are quick to issue a license for the development of the deposits, it may take several years to start mining these resources.

Rare earth metals are used in the creation of new technologies, including the production of computer displays, high-tech weapons, electric cars and wind turbines.