Malaysia studies national mining policy

Deputy Prime Minister Datuk Seri Fadillah Yusof's press conference after the Second National Mineral Council Meeting (MMN2) at Implementation Coordination Unit, Prime Minister’s Office.(Photo: thestar.com.my)

Kuala Lumpur (VNA) – Malaysian government plans to develop a National Mineral Policy within three months in accordance with the current standard operating procedures for rare earth mining, Deputy Prime Minister Datuk Seri Fadillah Yusof has announced.

Speaking at the Second National Mineral Council Meeting (MMN2) at the Prime Minister’s Office in Kualua Lumpur on May 8, the official said that the policy is aimed at managing the nation’s mineral resources responsibly, balancing economic and revenue needs with environmental sustainability.

Fadillah said the Federal Government is in the process of forming a task force to resolve the illegal mining problem.

The formation of the task force will involve parties from various technical departments and enforcement agencies at the federal and state levels, he added.

A study by the Department of Minerals and Geology of Malaysia shows that the potential contribution of mineral resources to the national budget is huge, with estimated reserves amounting to 4.11 trillion MYR (926 billion USD), especially are metallic minerals (1.03 trillion MYR), and non-metallic minerals (2.96 trillion MYR)./.