INTERNATIONAL
China rare earths magnets maker says it has received export licences
A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China. - REUTERS/Filepic
BEIJING: Chinese rare earths magnet producer JL MAG Rare-Earth said on Wednesday it has obtained licences for rare earths products including magnets, motor rotors and components to regions including the U.S., Europe and Southeast Asia.
AI Brief
The company applied for licences after China added several rare earths minerals and associated magnets to an export control list in April, and the applications are being approved "in succession", the company said in a post on the official investor relations platform for the Shenzhen stock exchange.
The company did not say when the licences were approved. However, it announced the news shortly after U.S. and Chinese officials reached a deal in London that U.S. Secretary of Commerce Howard Lutnick said would "resolve" the rare earths restrictions.
China has already offered to speed up approvals for some European companies as thousands of applications pile up for review in the small Ministry of Commerce department tasked with managing the export regime.
Beijing's rare earths export curbs have upended supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world.
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AI Brief
- A Chinese company says rare earth export licences are now being approved after Aprils new export controls.
- The news follows a US-China deal aiming to resolve restrictions on rare earth exports.
- Export curbs have disrupted key global industries, including autos, aerospace, and semiconductors.
The company applied for licences after China added several rare earths minerals and associated magnets to an export control list in April, and the applications are being approved "in succession", the company said in a post on the official investor relations platform for the Shenzhen stock exchange.
The company did not say when the licences were approved. However, it announced the news shortly after U.S. and Chinese officials reached a deal in London that U.S. Secretary of Commerce Howard Lutnick said would "resolve" the rare earths restrictions.
China has already offered to speed up approvals for some European companies as thousands of applications pile up for review in the small Ministry of Commerce department tasked with managing the export regime.
Beijing's rare earths export curbs have upended supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world.