US-Owned Startup Plans $600 Million Malaysia Rare-Earth Refinery
A US majority-owned startup plans to invest $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.
A US majority-owned startup, DTEC Mineral and Metal Technology, plans to invest US$600 million in a rare earth refinery in Malaysia, aiming to create a new source of critical minerals as Washington seeks to reduce its reliance on China. The company, led by CEO Milan Perlly, anticipates setting up the plant within the next three years, becoming the first entity permitted to export unprocessed rare earth material to the US under Malaysia's relaxed export rules.
Rare earths are vital for products like electric vehicles, electronics, wind turbines, and advanced weaponry. Malaysia's unique ion-adsorption clay deposits, rich in the valuable materials, could make the country an ideal location for processing operations. DTEC plans to build two refineries with a combined capacity of 10,000 metric tonnes annually, with one plant on the east coast and another on the west.
The company is exploring potential locations in Malaysian states such as Kedah, Terengganu, Perak, and Negeri Sembilan. Malaysia holds an estimated 16.1 million tonnes of rare-earth resources, mainly in unproven deposits. DTEC Mineral, co-owned by Perlly and David Greer, aims to list on the Nasdaq or New York Stock Exchange. The firm benefits from US funding sources, including the Export–Import Bank of the United States, the US International Development Finance Corporation, and the Department of Defense.
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