KUALA LUMPUR: Mineral resources valued at RM235 billion are waiting to be tapped.

As such, the government is encouraging states to exploit the resources to take advantage of the ever-increasing prices of minerals.

Speaking to reporters after chairing the 6th National Mineral Council meeting at Parliament House, Deputy Prime Minister Datuk Seri Najib Razak cited the price of tin, which had soared from US$4,900 (RM16,048) per ton in 2003 to US$20,000 currently, as an example of how the country could reap gains from its mineral deposits.

He said gold price had risen from US$363 to US$894 per ounce, while iron ore was currently trading at US$130 per ton, compared with US$31 in 2003.

Tin deposits are estimated at RM30 billion, gold at RM3.5 billion and copper at RM7.5 billion.
"The 6th National Mineral Council will focus on the creation of a policy framework to increase and strengthen the contribution of the mineral sector to the country's economic development."

Najib said the 6th National Mineral Council agreed that states should process applications to extract mineral resources in a more systematic and sustainable manner.

The council meeting was also attended by Natural Resources and Environment Minister Datuk Douglas Uggah Embas, menteris besar, chief ministers, state representatives and senior officials.