Feasibility study needed for GLC to regulate REE industry, says minister

 

Julau MP Larry Sng had suggested the government consider establishing a GLC to regulate the REE industry. (Bernama pic)

PETALING JAYA: A feasibility study is needed before establishing a GLC to regulate and explore the rare earth elements (REE) sector in Malaysia, says Nik Nazmi Nik Ahmad.

The natural resources and environmental sustainability minister said the study should look into the proposal from a legal perspective as mineral resources were under the jurisdiction of the respective states.

In his winding-up speech in the Dewan Rakyat today, Nik Nazmi said several states had initiated steps to establish subsidiaries to oversee the mineral industry development.

On March 4, Julau MP Larry Sng suggested the government consider establishing a GLC to regulate the REE industry, citing Petronas, which oversees the country’s petroleum industry, as an example.

Sng said it was important for the industry to be regulated to avoid exploitation.

It was previously reported that Malaysia has 16.1 million tonnes of non-radioactive REE with a market value of RM809.6 billion.

Nik Nazmi said the matter of establishing a special company to manage NR-REE resources was raised and discussed during two previous engagements last year.

These discussions took place during the draft National Mineral Policy engagement session in August and the meeting with the Mineral Industry Development Coordination Committee in October. - FMT