- Leading Edge Materials (TSXV:LEM) has revealed it has submitted an application for Strategic Project designation for its Norra Karr project in Sweden
- The company made the application to the European Commission
- Norra Karr is listed as a mineral deposit of national interest by the Swedish Geological Survey
- Shares of Leading Edge Materials are down 5 per cent to C$0.095 as of 9:30 am ET
Leading Edge Materials (TSXV:LEM) has revealed it has submitted an application for Strategic Project designation for its Norra Karr project in Sweden.
In a news release, the company stated it made the application to the European Commission and that the first list of Strategic Projects will be announced in December.
“Strategic Project status for Norra Karr would be a catalyst for realizing [heavy rare earth] HREE production in Europe, with Norra Karr contributing to the EU’s needs for a secure, resilient and sustainable supply supporting the manufacturing of permanent magnets,” Kurt Budge, CEO of Leading Edge Materials, said in a statement.
The project was first identified in the early 1900s by the Geological Survey of Sweden. In 2013, an exploration concession and a 25-year mining lease were awarded for Norra Karr and a prefeasibility study was then completed in 2015.
The project was then redesigned in 2021, which increased resource utilization and efficiency and improved environmental, social and governance factors. Budge explained that this will act as the basis for Leading Edge Materials’ application for a new exploitation concession to be submitted in Q4 of this year.
The Norra Kärr deposit is listed as a mineral deposit of national interest by the Swedish Geological Survey and has the potential to supply rare earth elements to Sweden and the rest of Europe.
The project could also be the EU’s first step in HREE primary production that will reduce dependency on HREE supply from China.
Leading Edge Materials has its headquarters in Vancouver and is focused on developing a portfolio of critical raw material projects in the European Union.
Shares of Leading Edge Materials are down 5 per cent to C$0.095 as of 9:30 am ET.
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(Top photo showing an aerial view of the south side of the Norra Karr site in south-central Sweden: Leading Edge Materials)
