NEW YORK, Sept 12 — Malaysia will develop a policy to ban exports of rare earth raw materials to “avoid exploitation and loss of resources”, its prime minister said on...
NEW YORK, Sept 12 — Malaysia will develop a policy to ban exports of rare earth raw materials to “avoid exploitation and loss of resources”, its prime minister said on Monday.
The minerals are not uncommon in the earth’s crust, but deposits that are economically viable are more scarce. Separating them into the materials needed to produce permanent magnets used in critical products is also a complex process.The Southeast Asian country’s reserve of rare earth minerals of 30,000 metric tonnes is only a fraction of the world’s supply and much smaller than the biggest source China, with an estimated 44 million tonnes of reserves.
Myanmar accounted for 4 per cent of global rare earth mining output last year with output of 12,000 tonnes of rare-earth-oxide equivalent.Indonesia has banned nickel ore exports since 2020 in an effort to maximise revenues through downstream processing of the mineral used in stainless steel and electric vehicle batteries.
China accounted for 70 per cent of world rare earths mining output in 2022, while it has a share of 85 per cent-90 per cent of processed rare earths and magnet production.
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