Malaysia, Australia Explore Cooperation In REE, Neodymium Magnet Manufacturing

PUTRAJAYA, Aug 12 (Bernama) -- Malaysia and Australia are exploring closer cooperation in the rare earth elements (REE) and critical minerals sectors, including the development of domestic neodymium magnet manufacturing.

The Natural Resources and Environmental Sustainability Ministry (NRES) said the matter was among the key areas discussed during a meeting between Minister Datuk Seri Arthur Joseph Kurup and Australian High Commissioner to Malaysia Danielle Heinecke at the Parliament building yesterday.

It said Malaysia recognises Australia's technical expertise and leadership in the critical minerals sector and is committed to developing a comprehensive domestic REE value chain, from midstream to downstream, in line with the National Mineral Policy 3 (NMP3).

"The discussions also focused on the exchange of best practices in managing rare earth processing residues, particularly neutralisation underflow residue (NUF), as well as efforts to develop domestic neodymium magnet manufacturing capabilities," it said in a statement.

Apart from critical minerals, the ministry said both sides also discussed hazardous waste management, marine ecosystem conservation, climate financing and Malaysia's commitment to the United Nations Climate Change Conference (COP31).

It said the combination of Australia's technical expertise and Malaysia's commitment to sustainable resource management is expected to serve as a catalyst for competitive green economic growth while delivering long-term benefits to both countries.

The meeting also aimed to strengthen bilateral ties and explore new areas of cooperation under the framework of the Malaysia-Australia Comprehensive Strategic Partnership (CSP), established in 2021, it added.

-- BERNAMA