US-backed startup eyes US$600m rare-earth refinery in Malaysia to bypass China
KUALA LUMPUR, Oct 31 — A primarily US-owned startup is planning a US$600 million (RM2.4 billion) investment in a M...
A US-backed startup named DTEC Mineral and Metal Technology is planning a US$600 million investment to build a rare-earth refinery in Malaysia. The goal is to create a new supply chain for critical minerals, reducing the country's reliance on China. CEO Milan Perlly expects the facility to be operational within three years. This startup is the first to receive permission to ship unprocessed rare-earth material to the US under Malaysia's relaxed export regulations.
Malaysia has identified rare-earth wealth in ion-adsorption clay deposits, which contain heavy rare earths crucial for electric vehicles, wind turbines, and advanced military technology. DTEC plans to initially process 5,000 tonnes of rare earths annually, with a future goal of 10,000 tonnes per year from two plants on the east and west coasts of Malaysia.
The company is assessing sites in Kedah, Terengganu, Perak, and Negeri Sembilan. DTEC's founders are Malaysian-born US citizens and former Capital One executives, with a 51% stake each. The startup also plans to develop locally sourced ionic-clay deposits and potentially operate its own mine.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
