With Malaysia banning raw rare earth exports, leveraging its sizeable deposits, and states like Kelantan already selling to Lynas while Perak explores a new processing plant with China, a Bursa Malaysia listing would anchor Lynas within the nation’s rare earth strategy
By Dr Mohd Safar Hasim
Rare earths are the oil of the 21st century. They power electric cars, wind turbines, smartphones, and even defence systems.
Malaysia, through Lynas’s plant in Kuantan, already sits at the heart of this global supply chain. Yet for all the debates, protests, and policy shifts, Malaysians remain spectators rather than stakeholders.
It’s time to change that.
Lynas Rare Earths Ltd, listed in Australia, should consider a dual listing on Bursa Malaysia. Such a move would not only strengthen its legitimacy here but also align with Malaysia’s new rare earth policy and its growing ambitions in the sector.
From Host to Stakeholder
For more than a decade, Malaysia has hosted Lynas’s Advanced Materials Plant in Kuantan. The jobs are real, the technology is advanced, but so are the controversies. Radioactive waste management has haunted the company’s image, and public trust has been fragile.
A Bursa listing could shift the narrative. By opening its shares to Malaysian institutions and retail investors, Lynas would transform itself from a foreign operator into a shared national partner.
Suddenly, the rakyat would not just be critics — they would be shareholders.
In Line with Policy
Malaysia has banned the export of raw rare earths, a clear signal that the government wants to capture more value locally. The policy emphasises three things: value capture, environmental stewardship, and local participation. A Bursa listing ticks all three boxes.
Local equity means Malaysians share in the upside. Greater transparency means quarterly reporting and shareholder scrutiny. And alignment with policy means Lynas can operate with stronger political and social legitimacy.
This is not about charity. It’s about strategy.
Lynas’s Local and Global Moves
Lynas has already begun venturing deeper into Malaysia. In 2024, it signed an agreement with the Kelantan government to purchase rare earth elements from the state, a sign that it is willing to integrate with Malaysia’s upstream potential.
At the same time, other states are exploring their own paths. The Perak government recently visited China to discuss the possibility of building a new processing plant. But such facilities take years to plan, finance, and construct.
Lynas, with its existing Kuantan plant already functioning as the second stage of processing after Australia, remains the only operational player on Malaysian soil.
Globally, Lynas is also expanding. It is building a new plant in Texas with support from the U.S. Department of Defence, part of Washington’s strategy to reduce reliance on China. This makes Lynas not just an Australian company, but a global rare earth champion.
Why Bursa Makes Sense for Lynas
For Lynas, a Bursa listing would bring multiple advantages.
First, it gains access to Malaysia’s deep capital markets. Funds like EPF, Khazanah, and PNB are eager for exposure to strategic industries. By issuing new shares locally, Lynas could expand its capital base to finance downstream projects, magnet plants, or even thorium research.
Second, it reduces regulatory friction. When Malaysians own a piece of Lynas, the company’s fortunes are tied to the nation’s. That creates incentives for cooperation, not confrontation.
Third, it strengthens Lynas’s Asian footprint. With operations in Australia, Malaysia, and now the United States, a Bursa listing would cement its role as a truly global rare earth player with Malaysia as a central hub.
Addressing the Doubts
Yes, there will be critics. Some will say a Bursa listing exposes Lynas to more political risk. But the truth is, Lynas already faces political risk in Malaysia. A listing would not add risk — it would distribute it.
Others will argue that Lynas’s investor base is in Australia and Japan. True. But dual listings are common in resource companies. Japan, Lynas’s biggest strategic partner, would likely welcome a move that deepens supply chain resilience in Southeast Asia.
And no, a Bursa listing won’t magically solve the waste issue. But it will create more transparency, more accountability, and more pressure to find solutions. That is progress.
A Civic Reframing
For civic outreach, the story is powerful.
Instead of asking, “Why is a foreign company dumping waste here?” Malaysians could ask, “How do we, as shareholders, balance profit with responsibility?”
That shift matters. It reframes the debate from confrontation to co-ownership. From suspicion to accountability. From host to stakeholder.
Malaysia has sizeable rare earth deposits. It has banned raw exports to ensure value is captured locally. States like Kelantan and Perak are moving into the sector, and Lynas is already embedded in Kuantan while expanding globally to the United States.
A Bursa Malaysia listing would be more than a financial move. It would be a symbolic step toward alignment — between company and country, between profit and responsibility, between global supply chains and local communities.
It’s time for Lynas to take that step.
The views expressed here are entirely those of Dr Mohd Safar Hasim, a Council Member of the Malaysian Press Institute (MPI)