Penang has discovered non-radioactive rare earth element deposits with an estimated value of 21 billion US dollars, Chief Minister Chow Kon Yeow announced. Preliminary studies indicate resources of approximately 1.7 million metric tonnes across several hilly locations, including Teluk Bahang and Balik Pulau.
Chow Kon Yeow emphasized that the state must first establish a comprehensive mineral regulatory framework before any development can proceed. He stated that the government is open to professionally evaluating proposals from both local and international parties interested in exploration.
This initiative to identify new revenue sources coincides with state efforts to replenish its consolidated account balance, which was drawn down during the pandemic. The government aims to rebuild its reserves through enhanced collection strategies, including a plan to significantly increase annual quit rent revenue.
Chow Kon Yeow emphasized that the state must first establish a comprehensive mineral regulatory framework before any development can proceed. He stated that the government is open to professionally evaluating proposals from both local and international parties interested in exploration.
This initiative to identify new revenue sources coincides with state efforts to replenish its consolidated account balance, which was drawn down during the pandemic. The government aims to rebuild its reserves through enhanced collection strategies, including a plan to significantly increase annual quit rent revenue.
