Zhejiang Huayou Cobalt

Zhejiang Huayou Cobalt
603799 (China: Shanghai)[1]
Lt PTD
Traded as 603799 (China: Shanghai)[2]
Industry Mining
Founded 2002 (2002)[3]
Headquarters Tongxiang Economic Development Zone, Zhejiang, China
Key people
 Chen Xuehua (President & CEO)
Products Cobalt
Revenue CNY 4.89 billion (USD 710 million) (2015)[4]
Increase CNY 69.24 million (2015)[4]
Number of employees
 3120 (2015)[4]
Website www.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

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 lithium 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.[10]

See also

References

  1. ↑ "Zhejiang Huayou Cobalt Co. Ltd".
  2. ↑ http://quotes.wsj.com/CN/XSHG/603799/financials
  3. 1 2 "Huayou Cobalt".
  4. 1 2 3 "Zhejiang Huayou Cobalt Co Ltd".
  5. ↑ "This is what we die for" (PDF).
  6. 1 2 "The cobalt pipeline: Tracing the path from deadly hand-dug mines in Congo to consumers' phones and laptops".
  7. ↑ "Apple and Microsoft Linked To Child Labor in Cobalt Supply Chains".
  8. 1 2 "Companies respond to questions about their cobalt supply chains".
  9. ↑ "Meet Dorsen, 8, who mines cobalt to make your smartphone work". Traders then sell it mostly to exporter Congo Dongfang International, a subsidiary of Zhejiang Huayou Cobalt, which supplies most of the world's largest battery makers.
  10. ↑ "Apple cracks down further on cobalt supplier in Congo as child labor persists".
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