Report: Non-radioactive rare earth to create 6.5k jobs, add RM9.5b to GDP

According to the Mid-Term Review of the 12th Malaysia Plan (2021-2025) report released today, it is estimated that the non-radioactive rare earth industry will create 6,550 jobs and contribute RM9.5 billion to the country’s gross domestic product (GDP) by 2025.

It said the National Mineral Policy 2 would be reviewed to provide a more holistic direction to drive the mineral industry development, including non-radioactive rare earth element (NR-REE), bauxite, tin, silica, and kaolin, based on sustainable and responsible principles.

“The non-radioactive rare earth industry will be developed holistically as one of the initiatives under the Big Bold Rare Earths e high growth high value (HGHV) Industry to maximise its contribution to the economy,” it said.

The report said the non-radioactive rare earth industry would be developed holistically as one of the initiatives under the Big Bold Rare Earths HGHV Industry to maximise its contribution to the economy.

“The review, which is one of the initiatives under the Big Bold Rare Earths Industry, will incorporate policies on mining activities in permanent forest reserves, environmentally sensitive areas, and protected areas,” it said.

The report said emphasis would be given to research, development, commercialisation and innovation, another initiative under the rare earths Big Bold.

“Additionally, development and implementation plans for geoparks will be introduced to further develop geoparks in Malaysia. These efforts are expected to revitalise the mineral subsectors, generate economic benefits and promote natural resources conservation,” it said.

- Bernama