Malaysian Prime Minister Anwar Ibrahim said a 600 million ringgit ($142 million) super magnet manufacturing facility in the eastern state of Pahang will strengthen the country’s rare earth industry, Reuters reported this citing state media.
The project stems from a July agreement between Australia’s Lynas Rare Earths and South Korea’s JS Link to build a 3,000-tonne neodymium magnet plant near Lynas’ advanced materials facility in the Kuantan district.
Anwar said Malaysia’s trade minister will oversee the project given its connection to rare-earth processing, Bernama reported Saturday.
“JS Link has already purchased the land and wants to begin operations, so this is no longer just a memorandum of understanding,” Anwar said. “The investment is in, the land is ready—now it’s about accelerating the process.”
The partnership, he added, will boost Malaysia’s role in advanced materials and clean technology while helping establish a more integrated supply chain for critical minerals.
Malaysia is estimated to hold 16.1 million metric tons of rare earth deposits, but lacks the technology to mine and process them at scale. The government is seeking foreign investment and technology-sharing arrangements to develop domestic production capabilities.
Rare earth elements are vital for high-tech industries, including electric vehicles, semiconductors, renewable energy systems, and defense equipment.
Malaysia is also pursuing international partnerships to expand its rare earth ecosystem. The government is reportedly in talks with China on processing cooperation and last month signed a deal with the United States aimed at diversifying critical mineral supply chains.
Bd-pratidin English/ Jisan
