Türkiye, which has the world's second largest reserves of rare earth elements in a single area, has signed an important agreement with China. This is the second agreement with China in five months, following the “Memorandum of Understanding on Cooperation in the Field of Energy Transformation” signed in May
Turkey has signed an agreement with China to advance cooperation in the mining sector, particularly focusing on rare earth elements, the Turkish energy ministry said.
Credit: Republic of Türkiye Ministry of Energy and Natural Resources
The “Memorandum of Understanding on Cooperation in Natural Resources and Mining” was signed by Turkey’s Minister of Energy and Natural Resources, Alparslan Bayraktar, and China’s Minister of Natural Resources, Wang Guanghua, during the International Mining Conference in Tianjin, China.
Minister Bayraktar emphasised the importance of critical minerals for national security and economic growth. He highlighted that demand for these minerals, essential for green energy technologies, is expected to increase four-fold by 2040, according to the International Energy Agency.
“Today, when the global mining industry is going through a critical period, joint projects to be developed between China and Türkiye in the field of mining have great potential,” he said.
“With the agreement we have signed, we aim to advance our cooperation in all areas of mining,” the minister added. “And especially to work together on critical minerals in Türkiye. I hope that the agreement will be beneficial for both countries and will turn into concrete projects as soon as possible.”
In 2023, bilateral merchandise trade between China and Turkey amounted to $43.4 billion. In January-June 2024, bilateral trade amounted to $21.7 billion.
Minister Bayraktar noted that Turkey, which discovered the world’s second largest rare earth element reserve in Eskişehir in 2022, aims to establish an industrial facility capable of purifying 570,000 tons of rare elements annually. He expressed Turkey’s readiness to collaborate with countries in Africa, West, and Central Asia on rare earth mining.
This marks Minister Bayraktar’s second agreement with China in five months, following the “Memorandum of Understanding on Cooperation in the Field of Energy Transformation” that was signed in May.
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