A CENTURY ago Swedes labelled Kiruna, a town in the north, “the land of the future”. Rich in iron ore, it became the backbone of Swedish industry. Its mine grew so vast that the ground beneath it collapsed, forcing much of the town to relocate. History is now repeating itself. A newly discovered deposit of rare-earth metals—the largest in Europe—has placed the town at the heart of Europe’s green transition. The mine will be a key part of the European Union’s Critical Raw Materials Act, which aims to source 10% of the bloc’s essential minerals domestically.