Malaysia set to ban export of rare earths

ISTANBUL

Malaysia will develop e a policy to ban export of rare earth raw materials to curb exploitation and resource loss of valuable resources, the country's prime minister said on Monday.

Anwar Ibrahim told the Southeast Asian nation's parliament that the measure will "also enhance Malaysia's returns by fostering the development of the rare earth value chain within the nation."

"The rare earth industry will emerge as a new sustainable source of growth based on sustainable and environmentally-friendly non-radioactive rare earth element,” Anwar said, according to Free Malaysia Today News.

To attain this objective, a new mineral policy will be used, which is set to promote the holistic development of the mineral industry, guided by sustainability and responsibility principles.

“This policy will serve as a guideline for conducting mining activities in permanent forest reserves, environmentally-sensitive areas, and protected regions,” he said.