Malaysia: Will formulate a policy banning the export of rare earth raw materials
Citing foreign media reports, Malaysian Prime Minister Anwar said that the government will formulate a policy to ban the export of rare earth raw materials to prevent the loss of such strategic resources from unrestricted mining and ensure that Malaysia can maximize profits in the field of rare earths.
When Anwar presented the "12th Malaysia Plan Mid-term Review Report" in the House of Commons on Monday (September 11), he pointed out that the government has decided to draft a new national mineral policy, which will allow the government to adopt the principles of sustainability and responsibility. as a basis to promote the comprehensive development of the national mineral industry (the government will ensure that Malaysia’s rare earth raw materials are processed before being exported to increase the added value in the rare earth field).
"The National Minerals Policy will regulate mining activities in permanent forest reserves, protected areas and environmentally sensitive areas," Anwar said.
He also said that the government will formulate a detailed mapping of rare earth element resources and develop a comprehensive business model integrating upstream, midstream and downstream to maintain Malaysia’s rare earth value chain. He pointed out that the rare earth industry is expected to contribute up to RM9.5 billion to Malaysia’s GDP in 2025 and create 7,000 jobs.
