Malaysia to build $142 million super magnet plant to boost rare earth sector

Malaysia’s Prime Minister, Anwar Ibrahim, has announced plans for a $142 million super magnet facility to boost the country’s rare earth ￰0￱ is putting efforts towards its goal of developing the capacity to handle the mining and refining of advanced material manufacturing of rare earths within its ￰1￱ set to launch a new super magnet manufacturing plant Malaysian Prime Minister Anwar Ibrahim has announced plans for a 600 million ringgit ($142 million) super magnet manufacturing facility in the state of ￰2￱ plant, according to the state news agency Bernama, will play a major role in supporting Malaysia’s ambitions to expand into advanced materials and clean technology ￰3￱ is expected to become a major magnet producer, therefore helping the country complete a supply chain for critical minerals that are vital for electric vehicles, semiconductors, and defense ￰4￱ Minister Anwar said the new project is no longer just an early-stage agreement but an active development with confirmed investments.

“JS Link has already purchased the land and wants to begin operations, so this is no longer a memorandum of understanding,” Anwar said. “The investment is in, the land is ready, so this is about accelerating the process.” The facility will be located near Lynas Rare Earths’ advanced materials plant in the Kuantan district of ￰5￱ with Lynas and JS Link In July, Australia’s Lynas Rare Earths ￰6￱ South Korea’s JS Link signed a deal to build a 3,000-tonne neodymium magnet manufacturing plant near Lynas’ existing operations in ￰7￱ collaboration is one of the biggest investments in Malaysia’s rare earth sector to date. Lynas, one of the world’s largest producers of rare earth materials outside China , already operates a significant processing plant in ￰8￱ company has faced scrutiny in the past over environmental concerns related to radioactive waste, but it continues to expand through government partnerships and agreements with international ￰9￱ currently holds around 16.1 million metric tons of rare earth deposits, according to government data.

However, the country lacks the technology and infrastructure to mine and refine these materials ￰10￱ working with foreign partners, Malaysia hopes to gain access to the expertise and technology needed to process rare earths efficiently and safely and reduce its dependence on ￰11￱ Minister Anwar said Malaysia’s Minister of Investment, Trade, and Industry will closely monitor the progress of the new facility, especially since it involves rare-earth processing. “This collaboration will bolster Malaysia’s position in the advanced materials and clean technology sectors,” Anwar ￰12￱ earth elements are crucial components used in producing magnets for electric vehicles, wind turbines, smartphones, and other high-performance ￰13￱ global demand for rare earth elements continues to rise as countries begin exploring renewable energy and electric ￰14￱ has reportedly been in talks with China regarding cooperation on rare-earth processing ￰15￱ October, Malaysia also signed an agreement with the United States to collaborate on securing access to critical mineral supply ￰16￱ a premium crypto trading community free for 30 days - normally $100/mo.