rare earth Photo:VCG

Three Chinese rare earth permanent magnet enterprises - JL Mag Rare Earth, Beijing Zhong Ke San Huan High-Tech and Ningbo Yunsheng - have obtained general export licenses, Shanghai Securities News, a Chinese media outlet owned by Xinhua News Agency, reported on Friday, citing sources familiar with the matter.

Industry insiders said that the general export licenses will simplify export procedures for these enterprises, accelerating delivery speeds and facilitating the recovery of downstream demand in the rare earth permanent magnet industry, according to the report.

The Global Times reached out to the three companies for comment on Friday, but none had responded as of press time.

China's export controls on rare-earth related items are strictly implemented in accordance with laws and regulations, said a spokesperson of the Chinese Ministry of Commerce (MOFCOM) on Thursday, stressing that all compliant applications for civilian-use exports have been approved in a timely manner.

Spokesperson He Yadong made the remarks at a press briefing when asked to comment on a report released on Monday by the European Union Chamber of Commerce in China, which claimed that most surveyed companies had been affected by China's export controls on rare earths, and asked whether an application mechanism for general licensing is being discussed.

"As far as I know, all compliant applications for civilian-use exports have been approved in a timely manner," He said, adding that the Chinese government has also actively introduced facilitation measures such as general licenses to promote the compliant trade of dual-use items and help safeguard the security and stability of global industrial and supply chains.

The MOFCOM said in early November that China conducts license reviews in accordance with laws and regulations, and grants approvals for applications that meet the requirements, and it expressed readiness to strengthen communication and cooperation with all parties. The ministry also vowed to continue optimizing licensing procedures, promote the compliant trade of controlled items and help ensure the security and stability of global industrial and supply chains.

Global Times