Prime Minister Anwar Ibrahim calls for accelerated rare earth investment between Khazanah and China to tap sector’s RM809.6bil potential.
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has urged Khazanah Nasional Bhd to accelerate its rare earth element investment partnership with China.
Anwar made the recommendation during discussions with Chinese Premier Li Qiang at the 47th ASEAN Summit.
“I proposed that China‘s investment with Khazanah in rare earths be expedited,” he told Parliament during Ministerial Question Time.
The prime minister was responding to questions about regional economic development under the 13th Malaysia Plan.
Media reports previously indicated rare earths were discussed during the bilateral meeting between Anwar and Li Qiang.
Reuters reported Malaysia and China are in preliminary talks on a rare earth processing project.
Khazanah is expected to partner with a Chinese state-owned company to build a refining plant in Malaysia.
Khazanah managing director Datuk Amirul Feisal Wan Zahir confirmed the sovereign wealth fund’s readiness to support rare earth development.
“We are aware of government-to-government discussions with China on REEs and are ready to support efforts,” he told Bernama.
The Ministry of Investment, Trade and Industry reiterated the government’s commitment to developing Malaysia’s rare earth supply chain.
Malaysia holds an estimated 16.1 million tonnes of non-radioactive rare earth elements valued at RM809.6 billion.
Anwar clarified that the recently signed Agreement on Reciprocal Trade covering rare earths is not exclusive to the United States.
“Some assume the trade agreement restricts rare earths to the US. That is not true,” he said.
The prime minister highlighted space created for JS Link to open additional ‘super magnet’ rare earth facilities in Pahang.
Lynas Rare Earths Ltd signed a preliminary agreement with JS Link in July to develop a rare earth permanent magnet production facility.
The collaboration will build a plant producing up to 3,000 tonnes of neodymium-iron-boron sintered permanent magnets near Kuantan. – Bernama
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