PARLIAMENT | The government has pledged that it will not set up another monopoly such as Petronas for the country’s rare-earth elements (REE) industry.

Natural Resources and Environment Sustainability Minister Nik Nazmi Nik Ahmad told the Dewan Rakyat that despite the government’s aspirations for the REE industry to emulate the country’s oil and gas scene, any initiative has to be guided by the Mineral Development Act 1994.

“I remember that was the aspiration, but the government will take action, although there are various proposals raised by some YBs to create a Petronas-like entity for REE...