LKAB, Europe's largest iron ore producer, led a NOK1.2bn funding round in REEtec, a Norwegian-based manufacturer of high-quality and sustainable rare earth elements, with participation from Mercuria, Techmet and Nysnø. "Governments and businesses in Europe aim to reduce the reliance on imports, and the European Commission considers rare earth elements to be critical materials for reaching climate neutrality by 2050. Having LKAB, with its strong industrial position and technical insight, as a new major shareholder is a sound endorsement of our technology. REEtec is now well positioned to become a leading European REE producer," John Andersen, REEtec Chair.