KUALA LUMPUR – Malaysia will develop a policy to ban exports of “rare earth raw materials” to avoid exploitation and loss of resources, Prime Minister Anwar Ibrahim said on Monday.
Datuk Seri Anwar said the government will support the development of the rare earths industry in Malaysia, and that a ban would “guarantee maximum returns for the country”.The rare earth industry is expected to contribute as much as 9.5 billion ringgit to Malaysia’s gross domestic product in 2025 and create nearly 7,000 job opportunities, Mr Anwar said in Parliament.
Australia’s Lynas Rare Earths, the biggest producer of rare earths outside China, has a plant in Malaysia to process concentrate that it produces in Australia.
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