It hopes to extract more value from its estimated $284 billion worth of minerals that are crucial for high-tech use.
Malaysia currently hosts the refinery of Australian miner Lynas in Pahang’s Gebeng Industrial Estate. It is the largest processing plant for rare earths outside of China.
“We are going to explore opportunities to play a greater role in the rare earth supply chain,” Mr Chang told ST when reached for comment. In an effort to extract more economic value from these minerals, the government imposed a moratorium on exports of unprocessed rare earths from Jan 1. The export ban is unlikely to deter smugglers who already dominate the sector, but it will hurt the Kenering mine, which must decide whether to shutter or begin costly stockpiling after March.
Critical minerals refer to elements such as lithium, nickel and rare earths that are required to make crucial modern products such as computer chips, rechargeable batteries and high-efficiency magnets.
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