Ex­change acts on labour

The New Age (Free State) - - BUSINESS - BEI­JING

THE Lon­don Metal Ex­change could re­move com­pa­nies from its list of ap­proved metal sup­pli­ers if they fall short of in­dus­try stan­dards fol­low­ing an out­cry over cobalt mined by chil­dren in Africa, 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 sources 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 global surge in elec­tric car sales.

Car­mak­ers such as Volk­swa­gen have asked sup­pli­ers to en­sure cobalt does not come from child labour and con­cern some of the metal in LME-ap­proved ware­houses may be se­ri­ously tainted has led some con­sumers to shun its con­tracts. – Reuters

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