Japanese rare earth magnet patents expire
Good for Moly's downstream operations?
Seven Chinese neodymium iron boron magnet producers have come together to end the patent monopoly held by Japanese companies in the rare-earth magnet sector.
The alliance, led by Shenyang General Magnetic Co Ltd, is set to challenge Japanese companies like Hitachi Metals Ltd, which had the intellectual property patent rights for neodymium iron boron till July 8.
Sun Baoyu, chairman of the board of Shenyang General Magnetic Co Ltd, said the companies have set aside $15 million for legal expenses that may arise due to lawsuits that may be filed by the Japanese companies.
He said that because the Japanese - owned material patent in the United States expired, Chinese companies that had development and processing patents that are different from those of the Japanese companies should be allowed to sell their products in the US markets.
But currently, most of their potential users still hold the perception that purchasing Chinese products will infringe on the patent rights of Japanese companies.
"We've been evaluated and assessed by legal firms in the United States for a year, and they have certified that our products do not violate intellectual property rights and can be sold in the US," said Sun.
