Malaysia plans to ban export of rare earths

12/09/2023 18:34

Malaysia is planning to ban the export of rare earth raw materials and support the development of the domestic rare earth industry, the country’s Prime Minister Anwar Ibrahim said on September 11.

Malaysia plans to ban export of rare earths ảnh 1

Malaysian Prime Minister Anwar Ibrahim (Illustrative photo: Xinhua/VNA)

Kuala Lumpur (VNA) - Malaysia is planning to ban the export of rare earth raw materials and support the development of the domestic rare earth industry, the country’s Prime Minister Anwar Ibrahim said on September 11.

The ban is part of the Malaysian Government’s economic plan for 2023 - 2025.

He said the ban will guarantee a maximum return to the country.

Malaysia will conduct detailed mapping of rare earth element sources and develop a comprehensive business plan to determine how these can best be exploited, he noted.

The PM did not say when the proposed ban will come into effect.

Malaysia is not a massive source of rare earth reserves, which are important due to their use in the manufacturing of many technological products, including semiconductor chips, lasers, and electric vehicles.

The country is home to an estimated 30,000 tonnes of rare earths compared to the 44 million tonnes in China – the world’s leading producer, data from the US Geological Survey show.

However, the Malaysian leader said, rare earth minerals could contribute as much as 9.5 billion MYR (2 billion USD) to the country’s gross domestic product in 2025 and create nearly 7,000 jobs./.

VNA