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.
Malaysian Prime Minister Anwar Ibrahim (Illustrative photo: Xinhua/VNA)
Kuala Lumpur (VNA) - Malaysia isplanning to ban the export of rare earth raw materials and supportthe development of the domestic rare earth industry, the country’s PrimeMinister AnwarIbrahim said on September 11.
The ban is part of the Malaysian Government’s economic planfor 2023 - 2025.
He said the ban will guarantee amaximum return to the country.
Malaysia will conduct detailedmapping of rare earth element sources and develop a comprehensive business planto determine how these can best be exploited, he noted.
The PM did not say when theproposed ban will come into effect.
Malaysia is not a massive sourceof rare earth reserves, which are important due to their use in the manufacturingof many technological products, including semiconductor chips, lasers, andelectric vehicles.
The country is home to an estimated 30,000 tonnes of rare earths compared to the44 million tonnes in China – the world’s leading producer, data from the USGeological Survey show.
However, the Malaysian leader said, rareearth minerals could contribute as much as 9.5 billion MYR (2 billion USD) tothe country’s gross domestic product in 2025 and create nearly 7,000 jobs./.
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Malaysian Prime Minister Anwar Ibrahim (Illustrative photo: Xinhua/VNA) 
