Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
The London Metal Exchange (LME) plans to suspend or delist 10% of its listed metals brands in coming months until their producers provide it with their responsible sourcing reports, the exchange said on Monday.
The move is a step in the campaign, which the world’s largest and oldest metals trading venue, owned by Hong Kong Exchanges and Clearing, launched in 2019 seeking to clean up global trade chains from metal tainted by child labour, corruption or conflict financing.
The LME “fully expects that a proportion of these brands will be able to re-list in due course, once they have completed the work to address the requirements of the policy,” it said in a statement.
The LME added that it was working through the information submitted by the remaining 90% of the brands. While a large majority of them are fully compliant, the review could still result in a small additional number of brands being suspended until the queries are resolved.
The LME’s 2019 responsible sourcing campaign is underpinned by guidelines set by Organisation for Economic Co-operation and Development (OECD).
Producers of over 50% of LME-listed brands were required by end-2023 to submit their reports, demonstrating implementation of the guidelines set by OECD for responsible supply chains for minerals from conflict-affected and high-risk zones.
(By Polina Devitt; Editing by Tomasz Janowski)
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