KUANTAN: Pahang's rare earth element (REE) reserves are estimated at 1.4 million tonnes with a value of around RM37.4bil, state investment, industry, science, technology and innovation committee chairman Datuk Mohamad Nizar Najib says.
He said that of the total estimated reserves, about 70% of areas with REE potential are located within forest reserves, while the remaining 30% are on privately owned land and state land.
"As of the review on Nov 28, the current market price for RE carbonate is US$6,456.47 (RM26,549.20) per metric tonne," he said at the state assembly sitting here on Wednesday (Dec 10).
He was responding to Datuk Seri Tuan Ibrahim Tuan Man (PN-Cheka), who asked about the state government's plans to establish a state-controlled and state-owned Pahang REE processing hub, and whether the resource would be handed over to external companies such as Lynas Malaysia.
Mohamad Nizar said the state government had approved the standard operating procedure (SOP) for non-radioactive rare earth element (NR-REE) mining during the state executive council meeting on June 18.
He said the state government, through Pahang Mining Corporation, is conducting a detailed study on the potential of mineral reserves, particularly REE, to determine the actual reserve size and viability.
"The state government is also focusing on upstream mining operations to ensure that mining activities are carried out sustainably and in compliance with established guidelines.
"Upstream operations are also crucial to instil investor confidence in developing midstream or downstream REE processing hubs," he said.
He added that the state government is open to considering proposals to establish an REE processing hub in Pahang, whether from state-appointed companies or external firms.
"So far, the State Investment Committee has received several proposal presentations from local and international companies, and these are still undergoing evaluation and due diligence," he said. - Bernama
