Overview of an effective governance policy for mineral resource sustainability in Malaysia

Abstract

A world class mineral resource industry can concisely be defined as an industry with standard-setting excellence in terms of quality, performance, production of market specified rock products and client satisfaction when compared with all other similar industrial sectors from anywhere in the world. The mineral resource industry has always been acknowledged worldwide as the foundation in the design and the construction of various innovative structures, infrastructures and amenities aimed towards global society enhancement. This economic sector is thus the vital catalyst and component of any country worldwide striving for developed, high-income and industrialised nation status. A sustainable mineral industry, which includes the mining and quarrying sectors, aims to meet the needs of the present generation without compromising the ability of the future generation to meet their own needs. World leaders are in agreement that accountability, quality assurance complemented by environmental-friendly and occupational safe work practices are an asset towards a successful sustainability initiative. The updated National Mineral Policy (NMP2), an improvement of the original 1993 National Mineral Policy (NMP1), was strategically drawn-up by the Malaysian Government with the aim towards the systematic sustainable development of Malaysia's mineral resource potential in a globalised market. The revised National Mineral Policy (NMP2) and regulatory framework aims to create a more conducive, transparent and environmental-friendly economic climate to encourage more potential investors to confidently support and further develop the Malaysian mineral resource industry towards world class status and also help contribute towards further economic growth of the nation and society. This article focuses on the major aspects and regulatory framework of the updated National Mineral Policy 2 (NMP2) complemented by discussions on the effectiveness and challenges faced in its implementation towards successful mineral resource sustainability for Malaysia.