Dec 2 (Reuters) – At least three Chinese rare earth magnet makers have secured licenses enabling them to accelerate exports to some customers, a source familiar with the matter said on Tuesday, fulfilling a key outcome of the summit between Presidents Donald Trump and Xi Jinping. China began designing a new rare earth licensing regime […]
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Exclusive-China issues first batch of streamlined rare earth export licenses, source says
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Dec 2 (Reuters) – At least three Chinese rare earth magnet makers have secured licenses enabling them to accelerate exports to some customers, a source familiar with the matter said on Tuesday, fulfilling a key outcome of the summit between Presidents Donald Trump and Xi Jinping.
China began designing a new rare earth licensing regime centered around so-called “general licenses” following the late October meeting between Trump and Xi that eased trade tensions between the two countries, Reuters reported in early November.
JL Mag Rare Earth has obtained licenses to ship to nearly all of its clients, while Ningbo Yunsheng and Beijing Zhong Ke San Huan High-Tech secured licenses to export to some of their clients, the person said, declining to be identified due to the sensitivity of the matter.
The three companies and China’s Ministry of Commerce did not immediately respond to questions.
(Reporting by Reuters staff; Editing by Sonali Paul)