The previous Social Democrat government banned uranium mining in 2018 due to concerns of water contamination and high operating costs, but the current right-wing administration is building new reactors to help shift away from fossil fuels.
Sweden's deposits represent around 27 percent of Europe's uranium resources, according to Sweden's geology exploration agency.
"It is important, given the security situation Sweden and Europe are in, that we reinforce our autonomy for critical raw materials but also for uranium and other metals," Environment Minister Romina Pourmokhtari said at a press conference.
"We don't want to depend on countries where conditions are bad, countries run by dictators," she added. "That's why I'm proud that we are lifting the ban on uranium mining."
Sweden currently buys uranium from Canada, Australia, Kazakhstan and Namibia.
The draft law is expected to be enacted by parliament, where the government has a majority, in January 2026.
Last week, the government said it had selected so-called small modular nuclear reactors (SMRs) for its first nuclear power expansion in 50 years.
Three or five of the next-generation reactors will be built at the Ringhals plant in southwestern Sweden, providing around 1,500 megawatts -- the equivalent of two classic reactors.
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