KUALA LUMPUR: Niche Capital Emas
Holdings Bhd’s (NICE) joint development partner has secured an interim manufacturing licence from the Investment, Trade and Industry Ministry (Miti) to produce green chemicals and bio-based solvents for rare earth extraction.
In a filing with Bursa Malaysia, NICE said Greensnow Consolidated Bhd’s wholly-owned subsidiary, Greensnow Biosolutions Sdn Bhd, obtained the licence on Aug 9 for its facility in the Gebeng industrial area in Kuantan, Pahang.
Greensnow Consolidated is NICE’s partner in the joint development of a rare earth exploration, extraction and processing project in Sungai Jeli, Kelantan.
The project, undertaken with NICE’s wholly-owned subsidiary NICE REE Sdn Bhd, involves ion-adsorption clay rare earth deposits spanning about 2,000 acres.
NICE said the interim licence requires Greensnow Biosolutions to maintain capital investment per employee of at least RM140,000 and ensure Malaysians make up at least 80% of its workforce.
The company is also required to provide training to Malaysian employees to facilitate the transfer of technology and expertise across all levels of employment.
Greensnow Biosolutions must submit the relevant supporting documents to the Malaysian Investment Development Authority within six months of the approval letter to facilitate the issuance of a full manufacturing licence.
NICE said the planned operations would support the development of domestic midstream and downstream rare earth processing and manufacturing activities.
