KUALA LUMPUR (Oct 23): The Ministry of Natural Resources and Environmental Sustainability is enhancing the regulatory framework for the mineral industry by actively developing the Third National Mineral Policy (DMN3).
Minister Nik Nazmi Nik Ahmad said the policy, which is being developed together with the Department of Mineral and Geoscience, aims to be a key driver of the country's economy in the mineral sector.
He said that the DMN3 will be focusing on the sustainable exploitation of mineral resources while balancing economic development with environmental conservation.
“Through this holistic approach, we hope that the mineral sector will significantly impact the country’s gross domestic product, attract higher foreign direct investment, and contribute to sustainable economic growth, while ensuring the preservation of natural resources for future generations.
“This strategy not only protects Malaysia’s natural heritage, but also positions the country as a leader in developing green minerals essential for the future global economy,” he said when officiating the 2024 Asia Iron Ore Summit here on Wednesday.
According to Nik Nazmi, the DMN3 builds on the National Mineral Industry Transformation Plan 2021-2030, aiming at promoting growth in the mineral sector through comprehensive strategies, including the use of advanced technologies and innovation in mineral production and processing.
In his speech, he also highlighted the vital role of China in the Asean Senior Officials Meeting on the Minerals Plus Three group, which fosters collaboration in mineral resource development with Asean’s key East Asian partners, namely China, Japan, and South Korea.
“Malaysia, as a significant mineral producer, stands to benefit from this cooperation by attracting Chinese investment, leveraging advanced mining technology, and ensuring sustainable practices.
“This framework will also enable Malaysia to access large markets, strengthen environmental regulations, and benefit from advancements in green technologies,” he said.
Furthermore, Nik Nazmi said he also believes that the 2024 Asia Iron Ore Summit will inspire positive progress, foster innovation, and strengthen shared values while playing a crucial role in building collaboration and partnerships in the ferrous sector.
“As we continue to promote the green development of the steel and iron ore market in Malaysia, I am confident that the government, industry, and research institutions will work hand in hand to shape effective policies and regulations, while also fostering research and development,” he added.
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