Cobalt Producer to Tackle Child Labor Concerns With Supply Probe
- Yantai Cash to demand suppliers show source of raw materials
- Action to meet LME deadline on setting out sourcing efforts
Photographer: Waldo Swiegers/Bloomberg
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Chinese cobalt refiner Yantai Cash Industrial Co. will demand suppliers show that their raw materials aren’t produced with child labor after the London Metal Exchange set a deadline for companies that ship to its warehouses to spell out efforts to combat the problem.
Shandong-based Yantai is working with China’s Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters, and shipping services firm RCF Capacity Planners to audit its supply chain, Liu Xiaohan, a manager at the company, said by phone. The producer delivered metal to LME warehouses after gaining an export license in June.