ndonesia did it with nickel. In 2020, Jakarta banned exports of raw nickel ore. The idea was simple: stop shipping rocks and start building smelters. Force companies to refine at home. Within four years, Indonesia went from exporting ore to producing more than half the world's nickel pig iron.

Malaysia tried the same thing with rare earths. In 2024, the government put a full ban on raw rare earth exports. Same logic. Keep the minerals in the country. Make foreign companies build plants on Malaysian soil if they want access. It was a bet that the world would come to them.

That bet is paying off — but not fast enough. Deputy Minister of Natural Resources Syed Ibrahim Syed Noh told Bloomberg this week that Kuala Lumpur is now considering easing the export ban. The reason? The US, Australia, France, and India are all knocking at the door. And Malaysia would rather sell on its own terms than watch those buyers go somewhere else.

The country already plays a bigger role than most people think. Lynas Rare Earths runs its main refining plant in Gebeng, on the east coast. Carester, a French company, is building a separation plant in the northern state of Perak. Berjaya Corp is exploring new projects. All of this sits on top of 16.1 million tonnes of inferred reserves that the government says are worth $237 billion.

There is a catch. Any exports would come with conditions — technology transfers, tied investments, research partnerships. Malaysia is not opening the floodgates. It is opening a valve. And the valve only turns for countries willing to build something in return.

There is another wrinkle that has nothing to do with mining. Malaysia's parliament is investigating the Lynas-Pentagon supply deal. The concern is foreign policy. Malaysia is a strong supporter of Palestine. Washington backs Israel. A four-year contract to supply rare earths to the US military sits right in the middle of that tension. Syed Ibrahim said he could not comment on whether the government might cancel the deal.

So Malaysia is pulling in two directions at once. It wants the money, the factories, and the jobs that come with being a rare earth hub. But it does not want to become a supply chain tool for a country whose foreign policy clashes with its own. That makes it the most complicated rare earth story in Southeast Asia right now — and one of the most important.

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The Army conditionally selected REalloys (NASDAQ: ALOY) for an Enhanced Use Lease at the Tooele Army Depot in Utah. The company would finance, build, and run a heavy rare earth refining plant on base — the first time the Army has done this for critical minerals. The plant would refine dysprosium and terbium from allied Canadian feedstock. REalloys bears all costs. The Army keeps ownership of the land and collects rent. A March 2025 Executive Order directed the Army to fast-track these deals across four minerals: rare earths, graphite, boron, and lithium.

Jakarta has allowed mineral exports to resume after weeks of delays caused by confusion over rare earth content rules. Indonesia bans exports of rare earths below 99% purity — but alumina and nickel pig iron shipments contain trace amounts of rare earths from the underlying ores. Exporters could not get verification. About 120 shipments stalled. The government now says byproduct minerals can move again while it rewrites the rules. Trade Minister Regulation No. 6 of 2026 is being revised to define what counts as a byproduct versus a primary export.

MP Materials (NYSE: MP) releases second-quarter results after the close on Thursday, August 6. Analysts expect earnings per share of about $0.02, a swing from losses a year ago. Revenue has been climbing — last quarter was up 49% year over year — and the company has been expanding NdPr separation at Mountain Pass. The stock has run from the low $20s in early 2025 to the low $40s today, driven by government backing and rising rare earth prices. The question for tomorrow: can MP show that its downstream magnetics business is getting closer to revenue, or is this still a concentrate-and-wait story?

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Syed Ibrahim Syed Noh, Deputy Minister of Natural Resources and Environmental Sustainability, Malaysia
August, 2026

Praseodymium always rides with neodymium. The two are so chemically similar that refiners often sell them as a blended alloy — NdPr — rather than separating them fully. That alloy is the core ingredient in every permanent magnet that goes into an EV motor, a wind turbine, or a guided missile. Praseodymium adds corrosion resistance and structural stability. At $245.40 per kilogram, it is up 70.30% this year and 237% since 2020. It trades for about $154 per kilogram inside China and roughly 1.6 times that outside — a persistent dual-price gap shared by the rest of the magnet metals.

The country sits on more than 20 million tonnes of rare earth deposits after last year's Zhana Kazakhstan discovery. But it has no separation facilities, relies on outdated mining gear, and is landlocked — meaning westbound exports must travel the 4,250 km Middle Corridor rail route. Analysts say it is far from a substitute for China.

— The National

Lynas Rare Earths (ASX: LYC) closed at A$13.81 on July 30, extending a selloff that began after its June-quarter trading update. Record selling prices of A$98 per kilogram were not enough — the market wanted higher NdPr volumes. Shares have pulled back from a 52-week high of A$22.37.

— The Bull

A BI report says demand for key rare earths will climb about 7% a year through 2030, driven by EV motors, electronics, and defense. Non-Chinese output is expected to more than quadruple this decade — but supply gaps remain, giving pricing power to China and the few Western producers with product.

— Mining.com

The rare earth recycling company is preparing for a potential IPO as it scales up its refining platform. ReElement has raised $512 million to date, including a $200 million private equity round in January. It recently signed a processing deal with ERI for recycled magnet feedstock.

— Ion Analytics