KUALA LUMPUR, Oct 3 — Khazanah Nasional Bhd has denied news reports suggesting it is in talks with China over a rare earths refinery project.
Khazanah Chief Investment Officer Datuk Hisham Hamdan issued a firm denial today after an earlier non-committal response.
“We are not in talks with anyone,” Hisham told Bloomberg TV in Singapore when asked about the claims first reported by Reuters that the Malaysian sovereign wealth fund might partner with a Chinese state-owned firm.
Khazanah, which manages roughly US$33 billion in assets, is actively researching multiple areas, including rare earths, batteries, and electric vehicles, Hisham said.
Malaysia’s only rare earth processing facility is operated by Australia-based Lynas Rare Earths Ltd in Gebeng, Pahang, producing high-quality rare earth materials for export to Asia, Europe, and the United States.
Deputy Investment, Trade and Industry Minister Liew Chin Tong said on August 27 that the government is committed to developing Malaysia’s rare earths supply chain, with initiatives under the New Industrial Master Plan 2030 and the National Advanced Materials Technology Roadmap 2021-2030.
Malaysia is estimated to have 16.1 million tonnes of non-radioactive rare earth elements with a market value of RM809.6 billion.
