The London Metal Exchange is preparing plans that will allow it to clamp down swiftly on cobalt brands on its approved list thought to be tainted by human rights abuses, the exchange’s chief executive Matt Chamberlain said.
Cobalt is a key ingredient in the batteries that power electric vehicles, a fast-growing sector in the auto industry, and in metal alloys used to make jet engines.
It has been singled out in the LME’s proposal to embed responsible sourcing principles into metal brands deliverable against its contracts, as most of the world’s supply comes from the Democratic Republic of Congo, often from artisanal mines where human rights abuses are rife.
Read more: Reuters