by Burak Akinci
ANKARA, Jan. 30 (Xinhua) -- Boasting the world's most boron reserves, Türkiye seeks to turn the rare mineral resource into profit as facing economic woes.
Türkiye possesses 73.2 percent of the world's boron reserves and had 63 percent of the global market share in 2023, said the country's Energy and Natural Resources Ministry this month.
Boron carbide, one of the hardest synthetic materials known, is widely used in industrial applications, such as abrasives and refractory materials, and as a neutron absorber in nuclear power plants.
Ayhan Yuksel, chairman of the Turkish Chamber Of Mining Engineers, told Xinhua that Türkiye should consider boron as a strategic rare earth element.
State-owned mining company Eti Maden said its refined boron foreign sales of 2.6 million tons made 1.3 billion U.S. dollars in 2022, breaking a record.
In 2024, foreign sales have increased due to strong demand and rising production capabilities, an official source familiar with the matter told Xinhua on the condition of anonymity.
"Boron exports have reached a level contributing to alleviate Türkiye's economic troubles, and we expect figures to rise in the next five years with new investments," noted the source.
Türkiye aims to increase income from boron exports by converting boron ore into boron carbide, which has a higher added value, the same source added.
In May 2023, Türkiye became one of five countries worldwide to produce boron carbide by opening its first boron carbide manufacturing facility in northwest Balikesir City.
Since 2018, Türkiye has been experiencing serious economic woes with runaway inflation, a declining currency, and low foreign exchange reserves.
About 90 percent of Türkiye's boron production is exported, according to Yuksel.
The industry insider called on Turkish authorities to invest more in producing processed and added-value products, which would be helpful to the ailing economy.
According to a market search conducted in 2023 by the London-based Business Research Company, the global boron market is expected to reach 4.88 billion dollars in 2027, up from 3.87 billion dollars in 2022.
Meanwhile, regarding foreign investments in boron, China is at the top of the list as Türkiye seeks to enhance its cooperation with the world's second-biggest economy. ■
