On Aug 19, 2021, The Responsible Minerals Initiative (RMI) and Responsible Cobalt Initiative (RCI) announced the publication of their revised Cobalt Refiner Supply Chain Due Diligence Standard for ethical sourcing of Cobalt. This standard was first released in Aug 2018. This revised standard will help companies to enhance their Due Diligence process, sourcing activities, and responsible production of Cobalt. It will also help companies to comply with the London Metal Exchange (LME) Responsible Sourcing requirements.
The below-mentioned points are the major updates quoted by the RMI:
● Clarified required data points that must be captured by a system of controls and transparency for all cobalt-bearing material received
● Clarified requirements to assess the plausibility of material coming from declared sources
● Further articulation of company risk management requirements
● Addition of Step 6: Community Participation, which encourages companies to consider ways to effectively engage local communities to establish partnerships with artisanal miners, governmental and non-governmental organizations, and other stakeholders
The revised standards have been created in compliance with the OECD Due Diligence Guidance for Responsible Mineral Supply Chains from Conflict-Affected and High-Risk Areas and the principles and requirements of the Chinese Due Diligence Guidelines for Responsible Mineral Supply Chains.
The main aim of the standard is to encourage companies to source responsibly from Conflict-Affected and High-Risk Areas.
Reference: http://www.responsiblemineralsinitiative.org/
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