'Good to set up SG4, but need to study global rare earth element market'

There is good intent in the establishment of SG4 Group Sdn Bhd (SG4 Group) by the four opposition-led states of Kedah, Kelantan, Perlis and Terengganu, but it should study the world’s rare earth element (REE) market prices.

Deputy Prime Minister Ahmad Zahid Hamidi said this was because current world REE prices have declined by 70 percent.

“This is due to the dumping of REE on the world market with stockpile production by certain countries.

“Although the price has dropped 70 percent from the original price, these four states need to have their own strategy, and it is subject to taxation and the ecosystem that has been determined by the federal government for that purpose,” he said.

He told reporters after launching the International Legal Conference on Online Harms 2024.

Minister in the Prime Minister’s Department (Law and Institutional Reform) Azalina Othman Said and Spanish Ambassador to Malaysia Jose Luis Pardo were also in attendance.

Terengganu Menteri Besar Ahmad Samsuri Mokhtar was previously reported as saying that SG4 Group will focus on developing the REE processing industry to improve the economy of the four states under the Perikatan Nasional administration.

- Bernama

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