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Malaysia plans to ban exports of rare earth minerals

Anwar wants 'maximum returns' from critical resources for high-tech sector

Malaysian Prime Minister Anwar Ibrahim addressed parliament on Sept. 11 on optimization of rare earth resources. (Photo courtesy of Prime Minister's Office of Malaysia)

KUALA LUMPUR -- Malaysia will develop export ban policies on rare earth elements to avoid "exploitation and loss of resources, guaranteeing maximum returns" to the country, Prime Minister Anwar Ibrahim said in parliament on Monday.

"Detailed mapping of rare earth elements and an overall picture of a business model combining upstream, midstream and downstream industries will be developed to ensure that the value supply chain of rare earth elements remains in the country," the prime minister said as he tabled a mid-term review of the government's five-year economic plan that runs to 2025.

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