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Chinese rare earth prices hit 20-month high on Myanmar supply worry

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The government will ban the export of rare earth raw materials, said Prime Minister Datuk Seri Anwar Ibrahim.

During the presentation of the mid-term review of the 12th Malaysia Plan (12MP) in Parliament today, he said the move would avoid exploitation and loss of resources, and guarantee maximum returns for the country.

“This will promote processing (the materials) in the country, to give additional income to the country,” he said today.

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He said that the government will be focusing on accelerating the development of new growth sources based on non-radioactive rare earths.

He said that the rare earth industry was expected to contribute to RM9.5 billion to the Gross Domestic Product (GDP) by 2025. The industry would create 7,000 new jobs, he said.

He also said that the government will draft the National Minerals Policy to drive comprehensive development of the minerals industry based on the principles of sustainability and responsibility.

He said the policy will be used as a guide in carrying out mining activities in permanent forest reserves, environmentally sensitive areas and protected areas.

“A detailed mapping of rare earth resources and a comprehensive business model that integrates upstream, midstream and downstream industries will be developed to sustain the rare earth value chain in the country.

“Therefore, the government will develop a policy of banning the export of rare earth raw materials to avoid exploitation and loss of resources, thereby guaranteeing maximum returns for the country,” he added.

 

Source: New Straits Times

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