Türkiye is ready to cooperate with Chinese companies in the field of rare earth materials in exchange for technology, Turkish Minister of Energy and Natural Resources Alparslan Bayraktar said.
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The Turkish Ministry of Energy reported in the summer of 2022 the discovery of the world’s second largest deposit of rare earth metals in the province of Eskisehir. Former minister Fatih Dönmez said at the time that the deposit’s reserves exceed 694 million tons and contain 10 of the 17 known rare earth metals, including thorium.
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“We look forward to cooperation with several countries, including China, Australia and Canada,” Bayraktar said.
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According to him, “several Chinese companies” are interested in transferring relevant technologies to Turkey.
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“Only in this way will we be able to cooperate. Otherwise, we cannot simply supply minerals to the PRC, allowing their processing there,” Bayraktar noted, commenting on the strengthening of control in the PRC over technologies related to rare earth metals.
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In 2024, Türkiye joined a coalition of 14 states and the European Commission, The Minerals Security Partnership (MSP). According to media reports, Chinese companies control 90% of the world’s rare earth processing capacity and 50% of the cobalt, nickel and lithium processing capacity used to make batteries.
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Chinese authorities introduced regulations for the management of rare earth elements in July. They imply that protection and control will be strengthened in relation to relevant resources widely used in high-tech products. In December 2023, Chinese authorities introduced export restrictions on a number of technologies related to the mining and processing of rare earth elements.
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Rare earth elements are a group of 17 metals that are widely used in high-tech devices, including computers, televisions and smartphones, and in defense technologies, including missiles, lasers, transportation systems and military communications.
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China has invested heavily in rare earth mining and processing in recent decades and leads the global supply chain. According to the General Administration of Customs of the People’s Republic of China, by the end of 2023, China exported more than 114 thousand tons of rare earth elements and products worth $4.4 billion.
