Penang’s Hidden Treasure: Rare Earth Elements Worth RM100 Billion Discovered
In a groundbreaking revelation, Penang Chief Minister Chow Kon Yeow announced today that the state has been found to have rare earth elements (REEs) estimated to be worth a whopping RM100 billion. The discovery, based on sampling studies conducted by the Minerals and Geoscience Department (JMG) in various locations, has sparked excitement and anticipation for the potential economic boost it could bring to the state.
REEs are highly sought after minerals used in the production of everyday high-tech products such as smartphones, computers, and electric cars. However, the mining and refining process surrounding REEs has been controversial due to the potential environmental and health hazards it poses.
Chow highlighted that other states in Malaysia, including Kedah, Pahang, Perak, Terengganu, Kelantan, and Johor, have also been reported to have REEs, further emphasizing the economic potential these minerals hold.
The Chief Minister also mentioned the recent approval of a REEs pilot project in Kenering, Perak by the Natural Resources, Environment and Climate Change Ministry, after conducting an Environmental Impact Assessment. Both the federal and state governments have put in place guidelines and conditions to ensure the responsible and sustainable extraction of these minerals.
While Penang already has the Penang Mineral Enactment 2001 in place to regulate mining activities, Chow noted the need for Penang Minerals Regulations to further safeguard the mining and production of these potentially hazardous minerals. The regulations will include determining fees, rents, and royalties, specifying offences, and outlining the powers and duties of officers, among other key provisions.
As Penang prepares to venture into the world of rare earth mining, all eyes will be on the state government to ensure that this newfound treasure is extracted responsibly and sustainably for the benefit of all.
