Lynas Rare Earths is partnering with South Korean technology company JS Link to build a rare earth permanent magnet factory in Kuantan, Pahang.
According to Reuters, the factory will be established by JS Link, with Lynas supporting it by investing USD34.78 million (RM141.71 million) in the other company's shares to support the development of the facility.
The factory will have an annual operating capacity of 3,000 tonnes of sintered neodymium-iron-boron magnets - which are used in high-tech applications, green energy, and industrial manufacturing due to their high strength-to-size ratio.
Lynas said yesterday that the magnets produced at the facility will be supplied to the automotive, wind energy and electronics manufacturing supply chains in markets including Malaysia and South Korea.
The company added that the magnet factory is expected to generate up to 400 jobs.
As part of the agreement, Lynas will supply rare earth materials to JS Link's existing magnet plant in South Korea, as well as the planned Malaysian facility until January 2038.
The latest partnership builds on a magnet manufacturing agreement signed by the two companies last year.
Lawmakers scrutinise defence deal
On July 6, Reuters also reported that a parliamentary committee will hold a hearing next week to discuss Lynas' deal to supply rare earth minerals to the US Department of Defense.
Wong Chen, who is the Parliamentary Special Select Committee on International Relations and Trade chairperson, said the hearing will determine whether the deal has violated any local policies.
"What (are these) rare earths for?... If it's for renewable energy, we will be supportive of it, but if it's for weapons, I think we should say no to it," the Subang MP said after receiving a memorandum from around 50 activists outside Parliament.
The committee will hear statements from Lynas’ representatives, government officials, and activists, he added.
Wong said the findings will be used to formulate recommendations for Malaysia's rare earth policies.
Lynas' deal to supply the US government with critical minerals for its defence industry has come under fire from various quarters, with many questioning Malaysia’s complicity in military activities linked to violations of international humanitarian law. - Mkini
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