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China and Turkey Set to Dominate Rare Earth Market with New Partnership

theguru Views  

Alparslan Bayraktar’s official X page

China and Turkey have forged a strategic alliance centered on rare earth mining. Turkey is positioning itself as a major global supplier, and China is further consolidating its dominant control over these critical resources.

According to industry sources, on Monday, China and Turkey signed a memorandum of understanding (MOU) last week to strengthen cooperation in the mining sector, focusing on critical minerals, including rare earths.

The MOU was signed during an international mining conference in Tianjin, China, where a Turkish delegation led by Alparslan Bayraktar, Turkey’s Minister of Energy and Natural Resources, met with Wang Guanghua, China’s Minister of Natural Resources. This is an extension of the MOU on energy transition cooperation signed during Bayraktar’s visit to China in May.

The Turkish government has been keen to collaborate on rare earth mining, especially given its contracts with Chinese electric vehicle companies like BYD, which rely heavily on essential battery materials.

Rare earth elements are crucial for various advanced industries, from smartphone and electric vehicle batteries to stealth fighter jets. The International Energy Agency (IEA) predicts that demand for key minerals, including rare earths, will increase more than sixfold by 2040 amid global carbon neutrality efforts.

As strategic competition intensifies between the U.S. and China, analysts suggest China’s monopoly on rare earths could serve as an important diplomatic “weapon.” China accounts for about 70% of global rare earth production and 90% of refining output, giving it significant control over the global supply chain.

Turkey also aims to emerge as a key player in rare earth mining. In 2022, approximately 690 million tons of rare earth reserves, the world’s second-largest deposit, were discovered in Beylikova, Eskişehir. The country aims to enter the top five rare earth-producing nations. Initially, Turkey plans to process 1,200 tons of rare earths annually, with long-term goals of building facilities capable of processing 570,000 tons of ore and 10,000 tons of rare earth oxides each year.

China’s rare earth industry is built on low-cost and low-pollution processing capabilities, and this cooperation with Turkey is expected to enhance both countries’ influence in the global rare earth supply chain. The partnership will likely allow both nations to expand their strategic use of these critical resources.

During the conference, Bayraktar highlighted the geopolitical importance of rare earth elements, stating, “Key minerals such as rare earths have become vital resources that influence national policy.” He also reiterated plans to establish rare earth refining facilities utilizing Turkey’s newly discovered reserves.

In addition to rare earth cooperation, Bayraktar explored further collaboration opportunities with China during his visit, discussing small modular reactors with the vice president of China’s nuclear company CNOS and renewable energy partnerships with the chairman of SPIC, one of China’s largest energy firms. This broadening cooperation signals growing strategic ties between China and Turkey across several key energy and industrial sectors.

theguru
content@viewusglobal.com

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