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 Today September 11th.
Malaysia is home to just a fraction of the world’s rare earth reserves with 30 000 metric tons, data from the United States Geological Survey in 2019 showed. China is the biggest source with an estimated 44-million tons of reserves.
The decision, however, comes as the world looks to diversify away from China, the world’s largest producer of the critical rare earth minerals that are used widely in semiconductor chips, electric vehicles and military equipment.
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,”
