The United States has signed agreements on critical minerals with Thailand and Malaysia, aiming to diversify supply chains amid competing efforts on rare earths by China, reported Reuters.
Malaysia agreed to refrain from banning or imposing quotas on exports to the United States of critical minerals or rare earth elements, the countries said in a statement. However, they did not specify whether the nation’s pledge applied to raw or processed rare earths.
Reuters noted Malaysia, which has an estimated 16.1 million tonnes of rare earth deposits, has banned companies from exporting raw rare earths to prevent the loss of resources as it looks to develop its downstream sector.
Separately, the news agency reported last month that China was in talks with Kuala Lumpur on rare earths processing, with Malaysian sovereign wealth fund Khazanah Nasional expected to partner with a Chinese firm to build a refinery in Malaysia.
Trump and Thai Prime Minister Anutin Charnvirakul signed a memorandum of understanding to “secure and diversify” critical mineral supplies, according to the White House. The two countries also agreed to promote partnerships between U.S. and Thai companies while enhancing “global supply chain resilience.”
Sources: Reuters and The White House