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Lynas keen to invest another RM1 bil in Malaysia, says Anwar | Scoop
Prime Minister Datuk Seri Anwar Ibrahim speaking to Lynas chief executive and managing director Amanda Lacaze in Melbourne, Australia today. – Bernama pic, March 5, 2024
News

Lynas keen to invest another RM1 bil in Malaysia, says Anwar

Mining firm among major Australian firms eyeing RM24.5 bil in potential investments in country

Scoop Reporters
Updated
10:42 PM MYT

 

KUALA LUMPUR – Mining firm Lynas is among major Australian companies showing interest in investing a total of RM24.5 billion in Malaysia, Prime Minister Datuk Seri Anwar Ibrahim said in Melbourne today.

Lynas is keen to invest a further RM1 billion, Bernama reports him saying to Malaysian journalists following meetings with top Australian business leaders today. 

Other potential investments are from data centre operators AirTrunk and NextDC, which plan to spend about RM11 billion and RM3 billion, respectively, as well as Fortescue, Macquarie Group and Arnott’s Group, Anwar, who is also finance minister, said.

The prospective investments could create around 1,200 jobs for skilled workers in Malaysia, “an achievement to be proud of, (as it) shows Australia’s interest and their confidence in the policies that we have announced”, he added.

In October, the Atomic Energy Department extended Lynas’ operations in Malaysia until March 2026, following amendments made to its licensing terms.

They include the permission to import raw materials containing naturally radioactive materials, as well as the continuation of cracking and leaching activities – provided Lynas ensures the radioactive content is below one becquerel per gramme (Bq/g). 

Following the extension, Lynas withdrew its applications for judicial review of the government’s decision on its operating licence conditions, which had prohibited the import and processing of lanthanide concentrate.

Meanwhile, Anwar has said the amount of potential investments exceeds an earlier estimate made by the Investment, Trade and Industry Ministry and the Malaysian Investment Development Authority.

In terms of trade, Malaysia has recorded potential export sales of over RM900 million to Australia, consisting of products such as urea, timber, food and electrical components, in conjunction with his visit. – March 5, 2024

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