China Eases Rare Earths Export Restrictions Amid International Deal

Chinese rare earth magnet manufacturer JL MAG Rare-Earth announced Wednesday the acquisition of export licenses for products, including magnets and motor components, destined for the U.S., Europe, and Southeast Asia.

The licenses come on the heels of China's decision to add certain rare earth minerals to an export control list in April. JL MAG highlighted ongoing approvals in a statement on Shenzhen's stock exchange investor relations platform, though specific approval dates remain undisclosed. This announcement followed discussions between U.S. and Chinese officials in London, where U.S. Secretary of Commerce Howard Lutnick indicated progress in resolving the rare earths trade dispute.

China has offered to accelerate approval processes for European firms as backlog surges overwhelming the small commerce department overseeing the export controls. The restrictions have disrupted global supply chains vital to industries like automotive, aerospace, semiconductors, and defense contracting.

(With inputs from agencies.)