 "Ahead of the first offshore mineral auctions, the central government has introduced royalty rates for construction sand, polymetallic nodules, and overburden or waste—key minerals to be extracted through offshore mining. The royalty rate for dolomite")
India is engaging with Chinese authorities on the issue of restrictions on rare earth magnet exports, and domestic firms have received visas to visit China as part of efforts to ensure the supply chain remains unaffected, a senior official said on Thursday.
The Chinese government in April imposed restrictions, mandating special export licences for seven rare earth elements and related magnets.
"Efforts are on. In fact, when we last approached the Embassy of China , they had also issued visas to our companies, and they are in touch with Chinese authorities, and they are also finding means and ways by which the supply chain does not get impacted. So efforts are on in that direction," the official said.
The automobile industry has sought government support in expediting approvals from the Chinese government for importing rare earth magnets used in various applications, including passenger cars.
Critical materials include samarium, gadolinium, terbium, dysprosium, and lutetium, which are essential in electric motors, braking systems, smartphones and missile technology.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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