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Rare Earths Supply Deal Signed in Malaysia
KUANTAN, May 30 - Lynas Rare Earths Ltd and the investment arm of the Kelantan state government, Menteri Besar Incorporated (MB Inc), have agreed on a memorandum of understanding (MoU) to supply mixed rare earths carbonate (MREC).
The non-binding MoU, subject to the negotiation of definitive agreements, serves as a framework for both parties to strengthen, promote, and develop the Malaysian rare earths industry in Kelantan. Once the project begins production, it lays the groundwork for negotiations on a definitive agreement to supply MREC feedstock to the Lynas Malaysia Advanced Materials Plant in Kuantan.
Lynas Rare Earths CEO, Amanda Lacaze, celebrated the MoU as a significant step towards developing local rare earth products. She pointed out the potential of Malaysia's ionic clay deposits, rich in heavy rare earths vital for advanced technologies like electric vehicles and electronics.
Both Lynas and MB Inc are committed to ensuring the MREC produced satisfies the high environmental and technical standards set by Lynas and its international and local manufacturing supply chain customers.
Sources:[1] Bernama[2] Enrichment Data provided for context
- The Malaysian government, through Menteri Besar Incorporated (MB Inc), has entered into a memorandum of understanding (MoU) with Lynas Rare Earths Ltd to promote and develop the rare earths industry in Malaysia.
- The MoU is a significant step towards the production of local rare earth products, particularly focusing on mixed rare earths carbonate (MREC), which could be used in advanced technologies such as electric vehicles and electronics.
- Both Lynas and MB Inc aim to ensure that the MREC produced meets the high environmental and technical standards set by Lynas and its supply chain customers in the tech and finance industries.
- This deal could potentially attract news in the business sector, highlighting Malaysia's role in the global rare earths industry and its potential contribution to environmental-friendly technology.
