Khazanah says not in talks with China over rare earths project

Malaysia already houses a major rare earth plant operated by Australia’s Lynas Rare Earths in Pahang.

Khazanah’s chief investment officer, Hisham Hamdan, said the sovereign wealth fund is actively undertaking research on many areas, including rare earths, battery, and electric vehicles. (AFP pic)

KUALA LUMPUR:

 Sovereign wealth fund Khazanah Nasional Bhd said it is not in talks with China over a project to process rare earths in Malaysia, refuting a media report.

“We are not in talks with anyone,” Khazanah’s chief investment officer, Hisham Hamdan, said in a Bloomberg TV interview in Singapore today when asked about a report that said it was likely to partner with a Chinese state-owned firm.

Hisham said Khazanah, which manages roughly US$33 billion (RM139 billion) of assets, is actively undertaking research on many areas, including rare earths, battery, and electric vehicles.

Malaysia houses a major rare earth plant operated by Australia’s Lynas Rare Earths in Pahang.

It has stated ambitions to become a globally competitive player in the industry, with local conglomerates such as Berjaya Land Bhd also exploring projects. - FMT