Zhejiang Huayou Cobalt

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Zhejiang Huayou Cobalt
603799 (China: Shanghai)[1]
Lt PTD
Traded as603799 (China: Shanghai)[2]
IndustryMining
Founded2002; 17 years ago (2002)[3]
Headquarters,
Key people
Chen Xuehua (President & CEO)
ProductsCobalt
RevenueCNY 4.89 billion (USD 710 million) (2015)[4]
Increase CNY 69.24 million (2015)[4]
Number of employees
3120 (2015)[4]
Websitewww.huayou.com

Huayou Cobalt Co., Ltd is primarily a supplier of cobalt, including cobalt tetroxide, cobalt oxide, cobalt carbonate, cobalt hydroxide, cobalt oxalate, cobalt sulfate, and cobalt monoxide.[3] It is headquartered in the Tongxiang Economic Development Zone of Zhejiang, China. A subsidiary, Congo DongFang International Mining, has been involved in several controversies around sourcing of cobalt in the Democratic Republic of the Congo.

Controversy[edit]

According to a joint Amnesty International and African Resources Watch report,[5] Congo DongFang International Mining, a subsidiary of Huayou Cobalt, sources cobalt from primitive "artisanal" mines in the Democratic Republic of the Congo, where there are few worker protections and child labor has been employed.[6][7] Apple Inc. said that approximately 20% of the cobalt in Apple's batteries were sourced from Huayou Cobalt.[6]

In response, Huayou Cobalt admits to having "insufficient awareness of supply chain management", and did not know that buying artisanal cobalt would increase child labor.[8]

In 2016, Apple said that starting in 2017, they will treat cobalt as a conflict mineral, and require all cobalt suppliers to agree to outside supply-chain audits and risk assessments.[8] After a 2017 Sky News follow-up that showed that child labor continued to be utilized,[9] Apple said it stopped buying cobalt mined by hand in DRC entirely.<ref>"Apple cracks down further on cobalt supplier in Congo as child labor persists".</r(ef>

(01-16-2019) Ford (NYSE:F) initiated the project with IBM (NYSE:IBM), LG Chem (OTCPK:LGCLF) and China's Huayou Cobalt to ensure the mineral used in lithium-ion batteries has not been mined by children or used to fuel conflict. The typical electric car battery requires up to 20 pounds of cobalt, and by 2026, demand for cobalt is expected to multiply eightfold.

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