Another Chinese rare earth producer gets streamlined licence for magnet exports

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)

Source: Reuters.