LONDON, May 20 (Reuters) - Mining and trading company
Glencore and other miners are joining forces with
battery material supplier Umicore to make the cobalt
used in electric cars traceable using blockchain technology,
they said in a statement.
Miners and carmakers, under pressure to show electric
vehicle batteries are sourced responsibly, are exploring the
usefulness of blockchain - a digital platform for recording and
verifying transactions that is shared across a network of
computers - to improve scrutiny of supply chains and show
sourcing does not rely on conflict minerals or child labor.
Umicore, Glencore, China Molybdenum Co (CMOC)
and Eurasian Resources Group (ERG) will pilot blockchain
technology Re|Source until the end of 2021 and expect to roll it
out in 2022.
Cobalt is in high demand as it is a key mineral for making
lithium-ion batteries, as governments and consumers clamp down
on fossil fuels such as diesel and gasoline with targets for
Governance is however challenging as the majority of
supplies are from the Democratic Republic of Congo, where
Glencore, CMOC and ERG own their mines.
(Reporting by Clara Denina; editing by David Evans)