IPOH, April 30 – Amendments to the Mineral Development Act 1994 must be made to meet the needs of the country’s rare earth element (REE) business model development framework, said Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad.
He said amending the act is a critical step that must be taken prior to engaging in discussions on the establishment of a government-linked company (GLC) to explore and regulate the sector.
“We must establish a clear legal framework first before establishing a GLC.
“…there might be certain aspects of the act that require amendments so that we can meet the needs of the REE sector,” he told reporters after the launch of the national-level International Day of Forests 2024 celebration at Sultan Azlan Shah Roundabout, Meru Raya here by Sultan of Perak Sultan Nazrin Shah.
He said this when asked to comment on the meeting between the Ministry of Natural Resources and Environmental Sustainability (NRES) and three other ministries to discuss the development of the country’s REE business model framework.
Elaborating, Nik Nazmi said the meeting discussed measures to propel both the REE industry and non-radioactive rare earth elements (NR-REE) forward.
