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London Metal Exchange aims to ban metal sourced with child labour

Author: Pratima Desai, Tom Daly (Reuters), Published on: 20 February 2018

"Exclusive - London Metal Exchange aims to ban metal sourced with child labour", 13 February 2018

The London Metal Exchange could remove companies from its list of approved metal suppliers if they fall short of industry standards following an outcry about cobalt mined by children in Africa, three sources said...

The exchange will issue principles for responsible sourcing in coming months and producers will have to show their metal meets industry standards that conform with the new LME guidelines...

“The LME has to be policeman. It can do that by making sure industry standards on child labour and conflict minerals are being met, that there is auditing and certification,” a source on an LME committee said. 

The responsible sourcing of metals such as cobalt has come into focus as manufacturers scramble to secure supplies of the key component in rechargeable lithium-ion batteries ahead of an expected surge in electric car sales...

“The LME is committed to facilitating the implementation of recognised responsible sourcing standards for its listed producers and expects to issue further guidance on this topic over the coming months,” the exchange said in a statement. [refers to Volkswagen, Nanjing Hanrui Cobalt, Yantai Cash, Apple and Samsung]

Read the full post here