London Metal Exchange will only allow trading of responsibly sourced metals by 2022
The London Metal Exchange (LME) announced on 23 April 2019 that it will be introducing responsible sourcing standards across all brands, requiring all metals traded on the exchange to be responsibly sourced from 2022 onwards. This announcement came after civil society campaigning for enhanced transparency requirements and increased international focus on mineral sourcing, in particular the risks of child labour from cobalt sourced in the Democratic Republic of Congo. The LME is looking to implement its new rules through a phased approach. The proposed rules will require all brands to undertake a Red Flag Assessment based on the OECD guidance by 2020, and require brands considered particularly at risk to be audited as compliant with an OECD-aligned standard by 2022.
In this story learn more from the LME's consultation announcement and press coverage of the new rules.