Malaysian Prime Minister Anwar Ibrahim said the development of a 600 million ringgit (US$143 million) super magnet manufacturing facility in the state of Pahang would strengthen the nation’s rare earth sector, state media reported.
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In July, Australia’s Lynas Rare Earths and South Korea’s JS Link signed a deal to develop a 3,000-tonne (3,300-ton) neodymium magnet manufacturing facility near Lynas’ advanced materials plant in Malaysia’s Kuantan district.
Anwar said Malaysia’s trade minister would monitor the project as it involved rare earth processing, state news agency Bernama reported on Saturday.
“JS Link has already purchased the land and wants to begin operations, so this is no longer a memorandum of understanding,” Anwar said. “The investment is in, the land is ready, so this is about accelerating the process.”
In a social media post, the prime minister said this high-impact collaboration would strengthen Malaysia’s position in the advanced materials and clean technology ecosystem, while supporting global efforts to build a safer, sustainable and resilient critical minerals supply chain – a key component for electric vehicles, renewable energy and hi-tech industries.
“This partnership reflects investors’ continued confidence in Malaysia as a stable, competitive and innovation-driven investment destination,” he said.