US companies explore rare earths investments in Malaysia
More than a dozen firms are considering local mining partnerships and processing investments as Washington seeks alternatives to Chinese supplies.
More than a dozen US companies are assessing opportunities in Malaysia’s rare earths sector, including mining ventures involving Malaysian partners and possible investment in processing facilities, according to the US Embassy in Kuala Lumpur.
The embassy did not identify the companies in its statement. Their interest comes amid Washington’s efforts to broaden its critical mineral supply sources and lessen dependence on China.
On Oct 14, the embassy held a Kuala Lumpur forum where investors, industry executives and government officials discussed commercial prospects for the sector. Malaysia is looking for overseas capital and technology to develop its rare earths industry.
The forum followed an agreement on critical minerals signed about a year earlier by US President Donald Trump and Malaysian Prime Minister Anwar Ibrahim. The agreement seeks to increase investment and support alternative supply chains.
David H Gamble Jr, the US Embassy’s chargé d’affaires, said Malaysia wanted partners able to provide technology and capital, and that American companies were ready to take that role. Rare earths are used in magnets for electric vehicles, wind turbines and defence systems.
