KUALA LUMPUR: Sovereign wealth fund Khazanah Nasional Bhd said it is not in talks with China over a project to process rare earths in Malaysia, refuting a media report.
“We are not in talks with anyone,” Khazanah’s chief investment officer, Hisham Hamdan, said in a Bloomberg TV interview in Singapore today when asked about a report that said it was likely to partner with a Chinese state-owned firm.
Hisham said Khazanah, which manages roughly US$33 billion (RM139 billion) of assets, is actively undertaking research on many areas, including rare earths, battery, and electric vehicles.
Malaysia houses a major rare earth plant operated by Australia’s Lynas Rare Earths in Pahang.
It has stated ambitions to become a globally competitive player in the industry, with local conglomerates such as Berjaya Land Bhd also exploring projects.