KOTA BHARU (Nov 17): Economy Minister Rafizi Ramli says the government expects rare earth elements (REE) to be processed in Malaysia within the next three years.

He said this was because the technology to process REE was only available in China, and further discussions were being conducted.

The Pandan MP said this was among the matters on the discussion agenda between Prime Minister Datuk Seri Anwar Ibrahim and his counterpart, Li Qiang.

"Therefore, we are waiting for the outcome of the discussion and our planning so that within two to three years from now, we should succeed in ensuring that REE can be processed in the country.

"If it can be processed (in the country), it makes it easier for states to regulate and license their mining for REE development," he said in a press conference after attending the Ministry of Economy's 13th Malaysia Plan (RMK-13) Engagement Session with the Kelantan Government at Kota Darulnaim Complex, here, on Sunday.

On Nov 11, the Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad reportedly said that Malaysia had great potential to be involved in the REE industry at the downstream level and thus become a super magnet-producing country in the world, primarily to support the development of the electric vehicle manufacturing industry.

Rafizi said that the latest blueprint for REE, which examined the entire value chain at the upstream, midstream, and downstream levels, was recently tabled at the Sixth National Economic Action Council Meeting of 2024, chaired by Prime Minister Datuk Seri Anwar Ibrahim.