Malaysia wants to make the rare earth refining industry a pillar of its economy.
According to foreign media reports, Malaysian Prime Minister Anwar said that a super magnet manufacturing factory costing 600 million ringgit (about 142 million U.S. dollars) located in the central part of Pahang state will strengthen the country's rare earth industry. The report was released by Bernama, the state-owned news agency of Malaysia, on July 1st.
Australian rare earth giant Lynas Corporation signed a contract with South Korean JSLINK in July to develop a 3,000-ton neodymium magnet manufacturing plant near Lynas' advanced materials factory in Kuantan, Pahang.
According to Bernama news agency, Anwar said that the project will be supervised by Malaysia's Minister of Trade, as it involves rare earth processing.
"JS Link has already purchased the land and hopes to start operations, so this is no longer a memorandum of understanding," he said, adding, "investment has been made, and the land is ready. Now we just need to speed up the process."
He also pointed out that this cooperation will strengthen Malaysia's advanced materials and clean technology sectors, and also support efforts to establish a critical mineral supply chain.
According to government estimates, Malaysia has about 16.1 million tons of rare earth reserves, but lacks mining and processing technologies. The country is seeking foreign investment and technology-sharing opportunities for rare earth mining and processing.
Original: www.toutiao.com/article/1847814778925132/
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