JL MAG Rare-Earth Co, a prominent Chinese rare-earth conglomerate, announced on Wednesday that it has secured export licenses from national authorities for shipments to several key markets, including the United States, Europe, and Southeast Asia.

In a statement addressing investors through the Shenzhen Stock Exchange Interactive Platform, the company clarified that it has adhered to the new export control measures on medium and heavy rare-earth items and submitted the necessary export declarations, which led to the issuance of the licenses, as reported by Xinhua Finance.

The company is set to export a variety of products, including magnetic materials, components, and motor rotors, all in compliance with local laws and regulations.

This development follows an announcement from the Chinese Ministry of Commerce (MOFCOM) on Saturday, stating that several export license applications for rare-earth-related products have been approved in light of escalating global demand, particularly in sectors such as robotics and new energy vehicles.

A MOFCOM spokesperson emphasized that China's export controls are aligned with international practices aimed at safeguarding national security and fulfilling its non-proliferation obligations, reflecting China's commitment to promoting global peace and regional stability.

The spokesperson also highlighted that China takes into account the legitimate needs and concerns of other countries during the review of export license applications, emphasizing a responsible and lawful approach to the approval process.

As the world's largest producer of rare earths, China contributes over 80 percent of global annual production, underscoring the country's critical role in the supply of these essential materials.