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Malaysia’s rare earth element deposits worth almost RM1tril, says don

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Yusri Yunus says non-radioactive REE found in Pahang alone could be utilised for more than 100 years.

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Yusri Yunus says global demand for rare earth elements is increasing as sales of electric vehicles and appliances grow. (Facebook pic)

PETALING JAYA:
Malaysia’s non-radioactive rare earth element (NR-REE) deposits are estimated to total 16.1 million tonnes, with a total commercial value approaching RM1 trillion.

Universiti Malaysia Pahang Al-Sultan Abdullah associate professor Yusri Yunus estimated the NR-REE sources to reach a price of RM2 million per tonne, with a total market value of RM809.6 billion.

Widely found in Terengganu, Kelantan and Perak, the three rare earth elements – praseodymium, neodymium and dysprosium – are needed to produce electric vehicle (EV) batteries, as well as high-performance magnets used in wind turbines and household appliances.

They are also used in the production of screen displays and speakers for smartphones.

In a statement to Utusan Malaysia, Yusri, who is also the director of the mineral sustainability and resource recovery technology centre, said global demand for rare earth elements is increasing as sales of EVs grow.

“Without the three rare earth elements, the transition to green energy would be impossible to implement,” he said.

He said the rare earth processing plant under Australian mining company Lynas in Gebeng, Pahang, should be used as a source for Malaysia to explore this field.

If commercialised, he said, the NR-REE found abundantly in Kuantan, Gambang and northern Pahang could be utilised for more than 100 years.

“The income that can be obtained in Pahang during this period is in the billions of dollars, which is quite substantial and should be commercialised,” he said.

At least two states – Perak and Kedah – have been using their stores of REEs to lure foreign investors.

During the tabling of the 12th Malaysia Plan mid-term review last Monday, Prime Minister Anwar Ibrahim said the government would develop a policy to ban the export of raw NR-REE materials to prevent exploitation and the loss of these resources, ensuring maximum returns to the country.

Separately, Adamas Intelligence reported that some 48,000 tonnes of the three elements’ oxides are estimated to be needed in 2030 to meet the needs of 25 to 30 million electric motors for use in EVs alone.

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