Malaysia To Ban Export Of Rare Earths

Malaysia is set to establish a policy to prohibit the export of rare earth raw materials to prevent exploitation and resource depletion, announced Prime Minister Anwar Ibrahim on Monday.

The Malaysian government aims to promote the growth of the rare earths industry in Malaysia, and the export ban would ensure "maximum returns for the country."

This decision makes Malaysia the latest country to impose restrictions on the export of crucial minerals. The report was provided by A. Ananthalakshmi and Mai Nguyen for Reuters.

Malaysia possesses only a fraction of the world's rare earth reserves, estimated at 30,000 metric tons, as per data from the US Geological Survey (USGS) in 2019. China holds the largest reserves, with an estimated 44 million metric tons.

However, this decision coincides with global efforts to reduce dependence on China, the world's leading producer of critical rare earth minerals widely used in semiconductor chips, electric vehicles, and military equipment.

Anwar stated that the government would promote the growth of the rare earths industry in Malaysia, and the export ban would ensure "maximum returns for the country."

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