Malaysian Prime Minister Anwar Ibrahim said the establishment of a 600 million ringgit ($142 million) super magnet manufacturing facility in Pahang will bolster the country’s rare earth sector, according to state media.
In July, Australia’s Lynas Rare Earths and South Korea’s JS Link signed an agreement to develop a 3,000-tonne neodymium magnet manufacturing plant near Lynas’ advanced materials facility in Kuantan, Malaysia.
Anwar noted that Malaysia’s trade minister would oversee the project due to its focus on rare-earth processing, Bernama reported on Saturday.
“JS Link has already acquired the land and is ready to begin operations, so this is beyond the memorandum of understanding stage,” Anwar said. “The investment is in place, the land is ready—now it’s about speeding up the process.”
The collaboration will bolster Malaysia in the advanced materials and clean technology sectors, Anwar said, while supporting efforts to build a supply chain for critical minerals.
Malaysia has around 16.1 million metric tons of rare earth deposits, according to government estimates, but it lacks the technology to mine and process them. The country is seeking foreign investment and technology sharing opportunities to mine and process raw rare earths.
Rare earths are essential in high-tech manufacturing, including electric vehicles, semiconductors, and missiles.
The Malaysian government is reportedly in talks with China on rare-earth processing and last month signed a deal with the U.S. seeking cooperation to diversify its critical minerals supply chains.
Source: Express Tribune