The proposed US$600 million rare-earth refinery project is expected to support efforts by Malaysia and the US to develop new sources of the minerals outside China. (AFP pic)KUALA LUMPUR: A US majority-owned startup plans to invest US$600 million in a rare-earth refinery in Malaysia, seeking to develop a new source of the critical minerals as Washington pushes to reduce its reliance on China.
"DTEC Mineral and Metal Technology expects to set up the plant in the Southeast Asian country within the next three years," CEO Milan Perlly said in an interview.
It became the first company to receive permission recently under Malaysia’s eased export rules to ship unprocessed rare-earth material to the US.
