BANGI, Sept 2 — Terengganu Mentri Besar Datuk Seri Ahmad Samsuri Mokhtar today said the newly formed SG4 Group Sdn Bhd, jointly owned by Perikatan Nasional (PN)-led states, has already attracted investment inquiries from government-linked companies (GLCs) and foreign firms interested in exploring rare earth elements in these states.

However, he noted that these inquiries are still in the early stages, mainly focusing on obtaining exploration licenses and identifying suitable areas for development.

“We are currently in discussions with foreign investors, but we are still in the process of determining the company’s management as we are in the early stages.

“Besides GLCs, foreign companies have also submitted applications, but these are still in the initial stages for exploration licenses and identifying suitable areas,” he told reporters during a press conference at the SG4 Summit here today.

Ahmad Samsuri added that according to available data, a comprehensive assessment of an area’s suitability must be conducted before any exploration can proceed.

He also pointed out that while raw material prices are currently low, their value could rise significantly once processed and transformed into advanced products, particularly finished goods.

“The value of pure materials can increase by a hundred to a thousand times. Therefore, we should prioritise processing these elements for use in industries like super magnets, electric vehicles, and others,” he said.

Ahmad Samsuri also revealed ongoing discussions with several companies and countries, including Korea, Japan, and China.

However, he declined to mention potential investment figures at this stage, citing the uncertainty of ongoing negotiations.

“It’s important to only state figures confidently once they are confirmed. Many aspects are still under discussion at this time,” he said.