BEIJING, Dec 10 (Reuters) – Chinese rare earth producer Ningbo Jintian Copper said on Wednesday it had secured streamlined licences for magnet product exports. The new “general licences” are designed to allow more exports under year-long permits for individual customers following an agreement after a meeting between China’s President Xi Jinping and his U.S. counterpart […]
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Another Chinese rare earth producer gets streamlined licence for magnet exports
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BEIJING, Dec 10 (Reuters) – Chinese rare earth producer Ningbo Jintian Copper said on Wednesday it had secured streamlined licences for magnet product exports.
The new “general licences” are designed to allow more exports under year-long permits for individual customers following an agreement after a meeting between China’s President Xi Jinping and his U.S. counterpart Donald Trump in late October.
Ningbo Jintian Copper’s rare earth magnet products are used in electric vehicles, wind turbines, robots, consumer electronics and medical equipment, it said on an investor interactive platform.
Reuters reported last week that at least three Chinese rare earth magnet makers including JL Mag Rare Earth, Ningbo Yunsheng and Beijing Zhongke San Huan High-Tech had secured the licences enabling them to accelerate exports to some customers.
Beijing added several rare earth elements and magnets to its export control list in early April, requiring a dual-use licence for exports. China’s exports of rare earth magnets slumped in April and May, forcing some global automakers to shutter parts of production.
The new streamlined licence will not replace the existing dual-use licensing regime.
(Reporting by Beijing Newsroom. Editing by Jan Harvey and Mark Potter)