DRC Cop­per faces in­creased LME scru­tiny....

Zambian Business Times - - FRONT PAGE -

The Lon­don Metal Ex­change will start re­quir­ing that cop­per producers which source metal from the Demo­cratic Repub­lic of Congo carry out in­de­pen­dent au­dits to prove their ma­te­rial is eth­i­cally sourced, ac­cord­ing to peo­ple fa­mil­iar with the mat­ter.

The LME is re­view­ing its re­quire­ments to en­sure that no metal traded on the bourse has links to child labour, con­flict or cor­rup­tion. Cop­per producers that buy from Congo will be cat­e­go­rized as higher-risk sup­pli­ers along­side man­u­fac­tur­ers of tin and cobalt, said the peo­ple...

The Lon­don Metal Ex­change will start re­quir­ing that cop­per producers which source metal from the Demo­cratic Repub­lic of Congo carry out in­de­pen­dent au­dits to prove their ma­te­rial is eth­i­cally sourced, ac­cord­ing to peo­ple fa­mil­iar with the mat­ter.

The LME is re­view­ing its re­quire­ments to en­sure that no metal traded on the bourse has links to child labour, con­flict or cor­rup­tion. Cop­per producers that buy from Congo will be cat­e­go­rized as higher-risk sup­pli­ers along­side man­u­fac­tur­ers of tin and cobalt, said the peo­ple, who asked not to be iden­ti­fied be­cause the changes have not been made pub­lic.

The des­ig­na­tion will mean cop­per producers could be re­moved from the LME’s list of de­liv­er­able brands un­less a third-party au­di­tor signs off on their sourc­ing stan­dards, the peo­ple said. The new rules will re­quire producers to show they’re not buy­ing metal from sup­pli­ers linked to hu­man-rights abuses, money laun­der­ing and bribery.

The LME is in the process of mak­ing re­vi­sions to its plans fol­low­ing feed­back from in­dus­try as­so­ci­a­tions, a spokes­woman for the bourse said. It will pub­lish a po­si­tion pa­per on the sub­ject in the com­ing weeks and will in­vite fur­ther in­put from the wider mar­ket, she said.

Congo Connection

The DRC supplied nearly 5% of the world's mined cop­per in 2017

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