KUALA LUMPUR: Malaysia's upcoming National Mineral Policy will cover the industry's entire value chain - from exploration, production and processing to commercialising products.
Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad said the policy will focus on the sustainable exploitation of mineral resources while balancing economic development and environmental conservation.
"The policy, in collaboration with the Department of Mineral and Geoscience, aims to enhance the regulatory framework and promote sustainable mineral resource exploitation, building on the National Mineral Industry Transformation Plan 2021- 2030 (TIM 2021-2030)," he said in his opening speech at Asia Iron Ore Summit 2024 today.
Nik Nazmi said the Natural Resources and Environmental Sustainability Ministry is strengthening the regulatory framework for the mineral industry to ensure that green pathways are effectively implemented. This effort, he added, is a continuation of TIM 2021-2030, which was launched in 2021 to promote growth in the mineral industry. Nik Nazmi highlighted that the policy aims to strengthen the mineral sector through comprehensive strategies, including the use of advanced technologies and innovation in mineral production and processing.
"Through this holistic approach, we hope that the mineral sector will have a greater impact on the country's GDP, attract more foreign direct investment, and contribute to sustainable economic growth while ensuring the preservation of natural resources for future generations."
He said this approach not only safeguards Malaysia's natural heritage but also positions the country as a leader in the development of green minerals crucial to the future global economy.
Nik Nazmi said the ministry constantly emphasises the importance of sustainable and responsible mining practices to minimise the environmental footprint and impact of mineral extraction.
"This is in line with Malaysia's commitment to environmental, social and governance standards and the United Nations' Sustainable Development Goals, which the ministry achieves by promoting the adoption of eco-friendly technologies in mining operations."
The mining sector also prioritises social responsibility by ensuring local communities' welfare, respecting indigenous people's rights, and fair labour practices, the minister said. "Through these efforts, Malaysia aims to create a more responsible and transparent mining industry that contributes to long-term sustainability."
Nik Nazmi said a significant part of the ministry's agenda is ensuring that mining operations adhere to strict environmental management standards.
"This includes enforcing regulations that require mining companies to undertake rehabilitation programmes for areas affected by mining. Restoring mined land and protecting local ecosystems is crucial for mitigating the environmental impacts of resource extraction," he added.
