London Metal Exchange to suspend registration of 19 companies
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London Metal Exchange (LME) exclude from the register, on a temporary or permanent basis, shares of producers who do not comply with the requirements for a responsible source of origin of metals. The audit, the exchange said in a statement, showed that 96% of manufacturers trading on the site met these requirements. According to Financial Times, did not meet the requirements of 19 manufacturers. This is the largest exception in the history of the exchange, notes the FT.
The Responsible Source of Metals Policy was adopted by the LME in 2019. All listed producers must implement this policy, ensuring that their metal supply chains respect human rights and are free from conflict financing and corruption. The reason for this policy was the exchange’s concern that child labor was used in the Democratic Republic of the Congo to mine cobalt sold through the LME.
By June 30, 2022, companies had to submit documents confirming compliance with the requirements. Producers unable or unwilling to do so will not be able to trade on the LME floor, the exchange said in a statement. The names of the companies that will be excluded from the register are not disclosed by the exchange.
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