The London Metal Exchange has announced that any company that obtains at least 25% of its cobalt from small mines in the Democratic Republic of Congo (DRC) will undergo an audit commencing in January 2019.
More than 60% of the World’s cobalt currently comes from the DRC and estimates suggest that 20% of it is hand mined using children as young as 7 years of age. Cobalt is used in mobile phones and electric cars. Pressure from NGOs is currently being put on companies such as Tesla to ensure that the cobalt used in their cars is traceable to reputable mines. Much of the metal mined in the DRC is currently sold in local markets in untraceable supplies and it is hoped that further measures encouraging responsible sourcing in metals will be produced shortly.