Extinct volcanoes could be key to unlocking the world's transition to renewable energy after researchers discovered they contain rich deposits of rare earth elements.
Researchers at universities in Canberra and Beijing published the findings on Wednesday after scrutinising materials found in a dormant Swedish volcano being mined for iron ore.
They say the discovery could open more opportunities to source the material expected to be in huge demand by 2030.
Rare earth elements are used to create renewable energy technologies including wind turbines and electric vehicles, as well as televisions, computers, smartphones and other electronic goods.
The metallic elements are mined in Western Australia's Mount Weld region, although China and America remain the world's biggest suppliers.
That could change after the recent discovery, made when Australian National University research fellow Michael Anenburg and Shengchao Yan, from the University of the Chinese Academy of Sciences, investigated rare earth elements found in a Swedish volcano.
The Kiruna volcano was being mined for iron ore, Dr Anenburg told AAP, but the company behind it did not expect to find rare earth elements too.
"One of our questions was is this a fluke that they have it or is it something about those volcanoes that make them rich in rare earth elements?" he said.
"We conducted experiments where we made tiny volcanoes in the lab and ... we discovered that, yes, there is something about them."
The experiments included putting rocks similar to those from iron-rich volcanoes in a pressurised furnace and heating them to 1100 degrees Celsius to melt them and examine minerals inside the rocks.
Dr Anenburg said iron-rich extinct volcanoes were not common, with some in Europe and South America, but the discovery could deliver a new source of rare earth elements in areas already being excavated for iron ore.
"If those sites are already being mined and we can get more things out of them, then why not?" he said.
"Their biggest use is in wind power turbines and electric vehicle models and to make more of those we need to get the metal somewhere and this is a wonderful way to do it."
Rare earth elements are in high demand worldwide, with the European Commission estimating demand would grow five-fold between 2022 and 2030.
In addition to the Mt Weld mine, potential Australian sites of rare earth elements are being investigated in Dubbo, NSW, Browns Range, Western Australia and in Alice Springs.
