KUALA LUMPUR - Malaysia will allow exports of only processed rare earths and prohibit shipments of rare earth raw material, its Science and Technology Minister Chang Lih Kang said on Tuesday.
Chang did not say when the new rules will come into effect.
In September, Malaysia said it will develop a policy to ban exports of rare earth raw materials to avoid exploitation and loss of resources.
Malaysia is home to just a fraction of the world's rare earth reserves, with an estimated 30 000 metric tons, data from the United States Geological Survey in 2019 showed. China is the biggest source with an estimated 44-million tons of reserves.
Malaysia's plans to limit exports comes as the world looks to diversify away from China, the world's largest producer of the critical minerals that are used widely in semiconductor chips, electric vehicles and military equipment.