Asian Tech Press (July 5) -- Turkey has discovered reserves of 694 million tons of rare earth elements, sufficient to cover the global demand for 1,000 years.

Turkey has discovered 694 million tons of rare earth element reserves in Beylikova of Eskişehir Province in the Central Anatolia region, the country's media reported Monday, citing the Istanbul Mineral and Metals Exporters' Association (IMMIB).

Turkey's Energy and Natural Resources Minister Fatih Dönmez said that the drilling work started in 2011, and the country discovered 694 million tons of rare earth elements after a thorough analysis of the collected samples.

Fatih disclosed that after completing the relevant R&D work, Turkey expected to launch the construction of industrial facilities within the year, aiming ultimately to produce high value-added products.

IMMIB board member Metin Cekic told the Turkiye newspaper that the discovered deposits could cover the global demand for 1,000 years.