Freeport Cobalt is committed to the production of chemicals from responsibly sourced cobalt. Freeport Cobalt in Kokkola, Finland, recently became the first cobalt chemical producer in the world to achieve Conformant Downstream Facility status through the Responsible Minerals Initiative's (RMI’s) Downstream Assessment Program. The RMI's Downstream Assessment Program provides independent verification of management systems supporting ethical and responsible sourcing.
This conformance validates that Freeport Cobalt's sourcing aligns with the Organisation for Economic and Co-operation Development Guidance for Responsible Supply Chain of Minerals from Conflict-Affected and High-Risk Areas (OECD Guidance). This accomplishment is significant since approximately 70 percent of the world's cobalt supply is sourced from conflict-affected and high-risk areas such as the Democratic Republic of the Congo.
The RMI developed the Downstream Assessment Program to assess downstream companies within the cobalt or tin, tantalum, tungsten, gold (3TGs) supply chains. It uses third-party auditors to independently assess and verify the companies have systems in place to responsibly source minerals in alignment with OECD Guidance.
Cobalt has garnered higher visibility with increased demand for clean energy technologies that use this mineral, such as lithium-ion batteries in electric vehicles. The Responsible Minerals Initiative addresses the link between mineral supply chains and impact on human rights by helping companies identify opportunities for improvement and increased transparency. Founded in 2008, the Responsible Minerals Initiative includes more than 380 member companies and associations from 10 different industries.
See the 2019 Annual Report on Sustainability for more information on their social, economic and environmental efforts.
KEYWORDS: Responsible Minerals Initiative, Freeport Cobalt, Conformant Downstream Facility, OECD Guidance, NYSE:FCX, Freeport-McMoRan