KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) is poised to engage in an examination session for amending the Mineral Development Act 1994 (Act 525), focusing on advancing the rare earth elements (REE) industry across various stages, from upstream to midstream and downstream.

According to BERNAMA News Agency, Deputy Minister Liew Chin Tong emphasized the importance of the amendment by the Ministry of Natural Resources and Environmental Sustainability (NRES) to keep the legislation relevant to the current minerals industry landscape. He highlighted MITI’s readiness to evaluate international trade agreement obligations to prioritize the downstream REE industry’s development in alignment with national interests.

Liew further explained that a successful amendment to the Act would enhance policy clarity, providing the legal framework certainty that investors require for making informed investment decisions. He stressed that addressing environmental issues, resource management, and governance
through the amendment will demonstrate Malaysia’s commitment to sustainable and responsible REE industry development.

To ensure the REE industry’s comprehensive value chain development, Liew noted the government’s intention to cultivate a holistic and integrated industrial ecosystem. To achieve this, he announced the formation of a special task force this month, tasked with discussing related issues and setting the strategic direction for Malaysia’s REE industry development.

“This special task force will focus on investment, technology, and incentives, encompassing research, development, commercialization, and innovation,” Liew added.