KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has announced that a policy will be created to prohibit the export of rare earth elements. He stated that this measure is aimed at preventing exploitation and resource loss, while ensuring that the country benefits the most from these valuable resources. Additionally, plans are underway to develop a comprehensive mapping of rare earth elements and establish a holistic business model that encompasses all stages of the supply chain, including upstream, midstream, and downstream industries. This initiative is intended to maintain the rare earth elements supply chain throughout the nation.
Furthermore, Prime Minister Anwar Ibrahim has revealed plans to introduce a new National Mineral Policy. This policy aims to foster the growth of the mineral industry in a holistic manner while also embodying principles of sustainability and responsibility. It will provide guidelines for mining activities in permanent forest reserves, as well as environmentally-sensitive and protected areas. Prime Minister Anwar Ibrahim emphasized the essentiality of rare earth elements in various industries such as battery manufacturing, super magnets, and electronic devices.
The introduction of the policy to restrict the export of rare earth elements is part of the government’s efforts to protect and maximize the benefits derived from these valuable resources. By retaining the rare earth elements within the country, the government aims to prevent their exploitation by foreign entities and to ensure that Malaysia gains the highest possible returns from their utilization. Furthermore, the detailed mapping of rare earth elements and the development of a holistic business model will contribute to maintaining and strengthening the rare earth elements supply chain nationwide.
In addition to the policy on rare earth elements, Prime Minister Anwar Ibrahim also announced the upcoming implementation of a new National Mineral Policy. This policy aims to promote the sustainable growth of the mineral industry, taking into account environmental concerns and responsible practices. By establishing clear guidelines for mining activities in sensitive areas, such as permanent forest reserves, the government intends to strike a balance between economic development and the conservation of natural resources.
Rare earth elements are critical components in the production of various high-tech and electronic devices. Their importance extends to industries such as battery manufacturing and the production of super magnets. By preventing the export of rare earth elements, Malaysia aims to support the growth of these industries domestically and retain the economic benefits derived from these valuable resources.
Prime Minister Anwar Ibrahim shared these plans during a special sitting at the Dewan Rakyat. The proposed policy and National Mineral Policy will play crucial roles in safeguarding the country’s rare earth elements, promoting sustainable growth in the mineral industry, and ensuring responsible mining practices. This strategic approach aims to capitalize on the economic potential of rare earth elements while safeguarding Malaysia’s resources for future generations.
Credit: The Star : News Feed
