December 03, 2020, 08:37 PM
The state of Kedah in Malaysia has hit upon a spectacular windfall that may be worth up to RM62 billion (S$20.35 billion), as it announced on Dec. 2 a deal to extract a particular rare earth mineral.
According to Kedah's chief minister Sanusi Md Nor during a press conference, the rare earth could be found in several parts of the state.
It is apparently not radioactive, and the Kuala Lumpur-based company that will be performing the extraction will not be mining, but boring "tiny pipes" to get it out instead.
Sanusi did not name the company, which is believed to have an international partner, nor the mineral in question.
But according to New Straits Times, the mineral is in high demand in the manufacturing sector of digital technology components such as smartphones and laptops.
Benefiting the people
Free Malaysia Today quoted Sanusi as saying, "This mineral is Allah’s gift to us in Kedah. Such a find would change the lives of our people forever."
Sanusi also pushed for the Malaysian federal government to develop a policy on mineral wealth so that citizens could benefit.
Back in May 2020, Malaysia estimated its mineral wealth resources to be valued at RM4.1 trillion (S$1.35 trillion).
Minister of Energy and Natural Resources Datuk Shamsul Anuar Nasarah said the value was derived from three main mineral categories, namely metallic mineral, non-metallic mineral, and coal.
In response to the news, former minister Syed Saddiq retweeted a humorous image predicting an advanced Kedah similar to the Marvel Universe nation of Wakanda.
“Kedah temui mineral baharu dianggar bernilai RM62 Billion”
— Faizal Rosly (@ijaicool) December 3, 2020
Kedah in 2030 #WakedahForever pic.twitter.com/V3iFNE6mRy
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