Good To Set Up SG4 But Need To Study World REE Market - Zahid

KUALA LUMPUR, Sept 5 (Bernama) -- The establishment of SG4 Group Sdn Bhd (SG4 Group) by the four opposition-governed states, Kedah, Kelantan, Perlis and Terengganu, has good intention but it should study the world's rare earth element (REE) market prices.

Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said this was because the current world REE prices have declined by 70 per cent.

"This is due to the dumping of REE on the world market with stockpile production by certain countries.

"Although the price has dropped 70 per cent from the original price, these four states need to have their own strategy, and it is subject to taxation and the ecosystem that has been determined by the federal government for that purpose," he said.

He told reporters after launching the International Legal Conference on Online Harms 2024 which was also attended by the Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said and the Spanish Ambassador to Malaysia Jose Luis Pardo.

Terengganu Menteri Besar, Datuk Seri Dr Ahmad Samsuri Mokhtar was previously reported as saying that SG4 Group will focus on developing the REE processing industry in an effort to improve the economy of the four states under the Perikatan Nasional (PN) administration.

Regarding the Barisan Nasional (BN) candidate for the Mahkota state by-election, Ahmad Zahid who is also the BN chairman said it will be announced by Johor Menteri Besar Datuk Onn Hafiz.

"I will give authority to the Menteri Besar of Johor to announce the candidate for Mahkota candidate," he said.

The Election Commission (EC) set the voting day for the Mahkota by-election on September 28, while nominations and early voting were set for September 14 and 24 respectively.

The Mahkota state by-election was held following the death of its incumbent, Datuk Sharifah Azizah Syed Zain, 64, on August 2.

-- BERNAMA