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(Sharecast News) - The world's largest cobalt producer made an unexpected U-turn on Tuesday, giving its backing to artisanal miners in the Democratic Republic of Congo in a bid to assuage carmakers concerns around the ethics of its practices.
On Monday, Glencore joined the Fair Cobalt Alliance, whose aim is to eradicate child mining and improve working conditions in the central African state.
China's Zhejiang Huayou Cobalt was another backer of the initiative.
"The FCA is a vehicle for businesses all along the supply chain to collaborate with the DRC government and civil society to transform the artisanal mining sector into a source of fair, safe and responsibly mined cobalt," Glencore's chief cobalt trader, David Brocas, told Bloomberg.
Cobalt from the DRC accounts for roughly three quarters of the world's supply and forecasts are that demand is set to grow extremely quickly on the back of demand from electric vehicle manufacturers who require it to build car batteries.
Today 14:45
UK shareholder meetings calendar - next 7 days
| Thursday 23 May | |
| Baillie Gifford Shin Nippon PLC | AGM |
| Bakkavor Group PLC | AGM |
| Bank of Ireland Group PLC | AGM |
| Capricorn Energy PLC | AGM |
| Crossword Cybersecurity PLC | AGM |
| Deliveroo PLC | AGM |
| Energean PLC | AGM |
| Essentra PLC | AGM |
| Ferrexpo PLC | AGM |
| Headlam Group PLC | AGM |
| Hill & Smith PLC | AGM |
| Indivior PLC | GM re seeking primary US listing |
| Inspirit Energy Holdings PLC | AGM |
| Legal & General Group PLC | AGM |
| Life Science REIT PLC | AGM |
| Mirriad Advertising PLC | GM re retail offer |
| N4 Pharma PLC | AGM |
| Norman Broadbent PLC | AGM |
| Petershill Partners PLC | AGM |
| Prudential PLC | AGM |
| Quilter PLC | AGM |
| Regional REIT Ltd | AGM |
| Resolute Mining Ltd | AGM |
| Rolls-Royce Holdings PLC | AGM |
| Sabre Insurance Group PLC | AGM |
| Shaftesbury Capital PLC | AGM |
| Spectris PLC | AGM |
| Strip Tinning Holdings PLC | AGM |
| Yu Group PLC | AGM |
| Friday 24 May | |
| Fiinu PLC | AGM |
| Intertek Group PLC | AGM |
| Keywords Studios PLC | AGM |
| Northamber PLC | GM re issue of shares for acquisition |
| Monday 27 May | |
| no events scheduled | |
| Tuesday 28 May | |
| Apollon Formularies PLC | EGM re withdrawal from Aquis |
| Diversified Energy Co PLC | GM |
| TMT Investments PLC | AGM |
| Wednesday 29 May | |
| B&M European Value Retail SA | AGM |
| Biome Technologies PLC | AGM |
| Frenkel Topping Group PLC | AGM |
| Glencore PLC | AGM |
| Ilika PLC | GM re equity raise |
| Integrated Diagnostic Holdings PLC | AGM |
| Smarttech247 Group PLC | AGM |
| Watchstone Group PLC | AGM |
| Xaar PLC | AGM |
| Comments and questions to newsroom@alliancenews.com | |
| A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional. | |
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