Malaysia's political landscape is now a fragmented one with each political coalition governing some states.

Besides managing state-owned GLC, getting revenue involving land is another revenue source for the state government. When the property market was booming, the state government sold large tracts of land to property developers. However, when the interest rate is increasing and property sales slow down, demand for land from developers is definitely going to slow down.

The Ministry of Natural Resources and Environment (NRE) is responsible to oversee the Malaysian mining industry. However, as mining activities involve land which is a State-related matter, the respective States have the power to approve mining applications in consultation with federal agencies like the Department of Minerals and Geoscience and the Department of Environment.

In this case, we think the state government will start to explore the potential of the mining industry to boost their coffer.

There are various types of minerals in Malaysia (metallic, non-metallic, and energy minerals). Energy minerals are developed by Petroliam Nasional (Petronas) while other Malaysia's key minerals include:

Tin, Bauxite, Copper, Ilmenite, Gold, Iron, Coal, Clay

Here's a map of Malaysia's mineral reserve.

Source:iSquare​