Metal brands deliverable on the London Metal Exchange will have to comply with international standards for responsible sourcing by the end of 2020, if a consultation by the exchange is approved by market members, Fastmarkets has heard.
The LME launched a consultation on Tuesday April 23, proposing that it apply guidance set up by the Organization for Economic Co-operation & Development (OECD) that is intended to tackle supply-chain risks in the mineral-extracting industries, with particular regard to the use of child labor and the indirect funding of conflict.The consultation process arises from a paper the LME released in October 2018, in which it set out its position regarding these issues. This said that an area of particular focus was tin, much of which is mined in Rwanda, Democratic Republic of Congo (DRC) and Myanmar, all of which have been affected by violence in the past decade.Under its proposed guidance, the LME...