BEIJING, Dec 10 (Reuters) – Chinese rare earth producer Ningbo Jintian Copper (601609.SS) said on Wednesday it had obtained a simplified export license for magnet products.
The new “general license” is designed to allow individual customers to export more under a one-year license, which was agreed after a meeting between Chinese President Xi Jinping and U.S. President Donald Trump in late October.
Ningbo Jintian Copper said on its investor interaction platform that its rare earth magnet products are used in electric vehicles, wind turbines, robots, consumer electronics and medical equipment.
Reuters reported last week that at least three Chinese rare earth magnet manufacturers, including Jinli Magnetic Rare Earth, Ningbo Yunsheng and Beijing Zhongke Sanhuan High-tech, have obtained licenses, allowing them to speed up exports to some customers.
In early April, Beijing added a variety of rare earth elements and magnets to its export control list, requiring dual-use licenses for export. China’s exports of rare earth magnets fell sharply in April and May, forcing some global automakers to shut down some production.
The new streamlined license will not replace the existing dual-use licensing regime.
(Reporting by Beijing newsroom. Editing by Jan ‌Harvey, Mark Potter)
