Pahang’s rare earth element reserves are estimated at 1.4 million tonnes with a market value of approximately RM37.4 billion
KUANTAN: Pahang’s rare earth element (REE) reserves are estimated at 1.4 million tonnes with a value of around RM37.4 billion.
State Investment, Industry, Science, Technology and Innovation Committee chairman Datuk Mohamad Nizar Najib revealed the figures at the state assembly sitting.
He said about 70% of areas with REE potential are located within forest reserves, with the remaining 30% on privately owned and state land.
“The current market price for RE carbonate is US$6,456.47 (RM26,549.20) per metric tonne,” he said, citing a review from November 28.
He was responding to a query about plans for a state-controlled REE Processing Hub and whether resources would be handed to external firms like Lynas Malaysia.
Mohamad Nizar said the state government approved the Standard Operating Procedure for non-radioactive rare earth element mining on June 18.
The state government, through Pahang Mining Corporation, is conducting a detailed study on mineral reserve potential.
This study aims to determine the actual reserve size and viability of the resources.
He said the state is focusing on upstream mining operations to ensure activities are sustainable and compliant.
“Upstream operations are also crucial to instil investor confidence in developing midstream or downstream REE processing hubs,” he added.
The state government is open to proposals for an REE processing hub from state-appointed or external companies.
The State Investment Committee has received several proposal presentations from local and international firms.
These proposals are still undergoing evaluation and due diligence processes. – Bernama
