Overview
- Malaysia said its ban on raw rare‑earth exports remains in place despite a new U.S. critical‑minerals deal, with officials urging investment and technology for local processing.
- A joint U.S.–Malaysia statement said Kuala Lumpur agreed to refrain from banning or imposing quotas on exports to the United States, creating tension with the minister’s stance.
- Trump signed frameworks with Japan, Thailand, Malaysia, Cambodia and Vietnam to diversify supplies, with a separate Australia pact featuring joint investments and a planned Pentagon‑backed refinery in Western Australia.
- China controls roughly 70% of rare‑earth production and nearly 90% of processing, and its new export controls remain a bargaining tool as Washington seeks a possible deferral in ongoing talks.
- The Pentagon took an equity stake in MP Materials in July and investors in the Gulf are seeking roles in downstream processing, underscoring that new refining capacity will require sustained financing and years to build.