Turkey is sitting on a gold… er, rare earth mine

Turkey recently announced the discovery of a massive rare earth reserve, nearly as big as the world's largest in China, that would reportedly be able to satisfy global demand for decades on its own.

🤔 Demand for what?... Rare earth elements are a collection of 17 metals considered indispensable to the manufacturing of smartphones, cars, military weapon systems, etc. – or in other words, pretty much anything that uses semiconductor chips or lithium-ion batteries.

• The deposits in Turkey reportedly include 10 of the 17 elements and are close to the surface, simplifying extraction.
• Turkish officials anticipate the site will eventually have the capability to process 570,000 metric tons of rare earth metals annually. Global demand for rare earth elements is projected to reach ~315,000 metric tons by 2030, ​​per The Conversation.

✋ Yes, but… Turning rare earth deposits into financial success is easier said than done. Despite their name, the elements themselves are actually relatively common – but the process of mining and transforming them into usable materials is both expensive and damaging to the environment.

⛏🇨🇳 The big picture: As of 2019, China was responsible for producing ~90% of the world’s rare earth metals and alloys – though the market is relatively small compared to other commodities, at ~$1.15 billion worldwide.