Chinese rare-earth conglomerate JL MAG Rare-Earth Co said on Wednesday that it had obtained export licenses issued by national authorities for exports to destinations including the US, Europe and Southeast Asia.
In response to investors’ questions on the Shenzhen Stock Exchange Interactive Platform regarding the export licenses, JL MAG Rare-Earth Co said that after the introduction of export control measures on medium and heavy rare-earth-related items, the company has made export declarations in accordance with relevant national regulations and has obtained export licenses issued by the national authorities, Xinhua Finance reported on Wednesday.
The export destinations include the US, Europe and Southeast Asia, and the company exports magnetic materials, components, and motor rotors in compliance with laws and regulations, according to the report.
This came after the Chinese Ministry of Commerce (MOFCOM) said on Saturday that China has approved a certain number of export license applications for rare earth-related items, considering rising global demand for medium and heavy rare earth elements driven by industries such as robotics and new energy vehicles.
A MOFCOM spokesperson emphasized that China’s relevant export controls, in line with international practice, aim to better safeguard national security and interests and fulfill international obligations of non-proliferation, which reflects China’s commitment to world peace and regional stability.
The spokesperson further stated that as a responsible country, China fully considers the legitimate needs and concerns of other nations, and it reviews export license applications for rare earths and related items in line with laws and regulations, has approved a number of compliant applications, and will continue to strengthen the approval process for such applications.
China is the world’s largest producer of rare earths, accounting for more than 80 percent of global annual output, according to Xinhua.
China’s exports of rare earths reached 5,864.60 tons in May, up 23 percent from April, and total exports in the first five months grew by 2.3 percent year-on-year to 24,827 tons, according to data released by the General Administration of Customs on Monday.
Author: Yin Yeping
Reprint Source: https://www.globaltimes.cn/
