Türkiye projects an export income of more than $1 billion from boron this year, Türkiye's Energy and Natural Resources Minister Fatih Donmez said on Thursday.
Speaking at Anadolu Agency's (AA) Editor's Desk, Donmez said the country’s production capacity stands at between 2.6 and 2.7 million tons per year, from which exports account for 2.5 million tons.
Türkiye ranks first globally in its market share of boron, with enough reserves to cover the global demand for about 500 years.
“We produce and sell 62% of the boron consumed in the world and 72% of the global reserves are located in Türkiye,” he said.
Although Türkiye meets 2.7 million tons out of approximately 5 million tons of the world’s consumption, Donmez said Türkiye could increase this capacity if necessary.
“This is an extremely critical area. Last year, we reached an export volume of over $1 billion. This year, we also expect to reach an export income of more than $1 billion,” he said.
With abundance resources of the element that is used in nearly 200 industries, Türkiye, which has put a boron carbide plant into production this year, targets production of end products with added value from boron and wants to expand its usage through R&D studies, Donmez said.
He added that the boron carbide plant will both meet local and international demand.
With regards to the recent discovery made of the rare earth element reserve in the Beylikova district of Eskisehir in central Anatolia, Donmez confirmed it is estimated to be the second biggest only to China, which currently has the largest rare element field with reserves of 800 million tons.
With its application in aviation, defense, the space industry and biomedicine, Donmez said this rare and limited earth element, which is difficult to extract, has engendered a kind of “battle” given its rarity.
”It is expensive, but you can still access gold. However, there are elements that are less common in the world and thus more valuable than gold,' he said.
The rare element discovery in Eskisehir of almost 700 million tons needs to be processed leaving 570,000 tons of ore from which barite, fluorite, thorium and neodymium can be extracted.
These elements are used in computers, smartphones, tablets, screens, electric cars, aerospace and aviation, medicine and the health sector.
By Sibel Morrow and Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr