Malaysia probes Lynas-US rare earths deal as new magnet plant planned

Key facts

• Malaysia's parliamentary committee will investigate a $96 million rare earths deal between Lynas and the U.S. DoD.
• Lynas is partnering with South Korea's JS Link to build a magnet factory in Malaysia.
• The new factory aims to develop non-China supply chains for rare earth products.

Malaysia's parliamentary committee has announced it will hold a hearing to investigate a $96 million rare earths deal between Australian company Lynas and the U.S. Department of Defense. This probe comes as Lynas also announced a new partnership with South Korea's JS Link to establish a magnet factory in Malaysia. The factory aims to leverage rare earth materials, underscoring the strategic importance of these resources in global supply chains and efforts to reduce reliance on China.