Turkey Discovers Massive Reserve of Rare Earth Elements, Reports Say

ANKARA (Sputnik) - Turkey has discovered a reserve of rare earth elements in the northwestern province of Eskisehir sufficient to cover the global demand for 1,000 years, Turkish media reported on Monday, citing the Istanbul Mineral and Metal Exporters Association (IMMIB).

"It will also create jobs for the local population and our youth. The excavation of our mines will enable our country to join the world's vanguard," IMMIB board member Metin Cekic told the Turkiye newspaper.

The discovered deposits contain about 694 million tonnes of rare earth element, which could contribute billions of dollars to the country's economy, Cekic was cited as saying.

Relatively abundant despite their name, the rare earths have various avenues of application in electronics and industrial processes.