Energy and Natural Resources Minister Alparslan Bayraktar on Tuesday stressed Türkiye's openness to global cooperation and new partnerships in the excavation and processing of rare earth materials.
"We are ready to collaborate with all countries, especially in Africa, and the Western and Central Asian regions," Bayraktar told the ministerial roundtable meeting, as part of the Future Minerals Forum (FMF) in the Saudi Arabian capital Riyadh.
The roundtable meeting brought together more than 60 nations, represented by their government ministers and trade delegations that are responsible for the minerals and metals strategies of their countries.
Featuring over 200 speakers from the global mining industry, the two-day Future Minerals Forum will kick off on Wednesday. It will address topics such as the development of critical mineral strategies, investment and the establishment of sustainable standards.
Global demand for minerals and metals is expected to grow exponentially in the coming years to meet the needs of modern society and enable the energy transition.
Bayraktar highlighted Türkiye's high potential in critical minerals due to investments in the mining sector over the past two decades and noted a consistent increase in exports.
Türkiye has already made headway in the sector with the establishment of a Rare Earth Elements Research Institute in 2020 to examine the potential of critical minerals.
In 2022, Türkiye announced the discovery of the world's second-largest rare earth elements reserve in Eskişehir.
Bayraktar outlined plans to build an industrial facility in the central province to process 570,000 tons of rare earth elements on an annual basis.
It is also looking at knowledge sharing with experts in the field of rare earth elements, also known as "industrial gold," said the minister.
Rare earth elements consist of a group of 17 chemical elements and are indispensable elements for new technologies like batteries for electric vehicles (EVs).
China supplies over 61% of the world's rare earth elements and holds roughly two-thirds of scarce metals and minerals globally, according to Statista, a German online data gathering and visualization platform.
Addressing the importance of access and cost-effectiveness in critical minerals for successful energy transformation, Bayraktar acknowledged the global efforts to reduce greenhouse gas emissions in line with the "net-zero" target.
He said the supply of critical minerals and investments is insufficient to support the solar, wind and electric vehicle sectors.
Bayraktar stressed the necessity of developing consistent and continuous policies, specifically directed toward the industrial sector and financial institutions, to provide the right signals and attract capital for the energy transition.
The world's top three producers control more than three-quarters of global production in cobalt, lithium and rare minerals, he noted.
Bayraktar underscored the significance of international cooperation in the face of growing concerns about the reliable and sustainable supply of minerals worldwide.
"In this regard, establishing strong international and regional cooperation becomes crucial," he stressed.
