China allows Indian firms to import rare earth magnets

CHINA HAS GRANTED licences to certain Indian companies to import rare earth magnets, the ministry of external affairs (MEA) said on Thursday.

- AGENCIES

China’s decision to ease restrictions on supply of rare earth minerals to India came amid efforts by the two sides to normalise bilateral ties that came under severe strain following the over four-year-long military face-off along the Line of Actual Control (LAC) in eastern Ladakh.

“Some Indian companies have received licences for importing rare earth magnets from China,” MEA Spokesperson Randhir Jaiswal said at his weekly media briefing.

While Jaiswal didn’t elaborate on it, reports said that the four companies are DE Diamond, Hitachi, Continental India, and Jay Ushin.