Samples of lithium, cylindrical batteries, nickel, cathodes and cobalt (from L to R) are shown in this photo provided by POSCO Future M Co. on Jan. 26, 2023.
SEOUL, May 11 (Korea Bizwire) — POSCO Future M Co., a major South Korean battery components maker, on Wednesday released a Responsible Minerals Report pledging to strengthen supply chain management to ensure the use of minerals that are free from concerns related to human rights infringement and environmental destruction.
In these types of reports, companies assess whether there are any human rights and labor issues in the mining process of the minerals they use.
These reports also examine the management process of the raw material supply chain and disclose the company’s efforts and outcomes in response to such issues.
In its report, POSCO Future M emphasized that it uses minerals that are free from concerns about the influx of funds from conflict groups, human rights infringement, and environmental destruction.
It also highlighted its establishment of a supply network system from the perspective of environmental, social, and governance (ESG) management.
The company published its initial Responsible Minerals Report in November 2021, making it the first among South Korean battery materials producers to do so.
Currently, with regard to cobalt and tungsten, which are components of cathode materials classified as conflict minerals, POSCO Future M sources them only from mines and businesses verified by the Responsible Minerals Initiative (RMI), a global responsible mineral consultative body.
Furthermore, even for other minerals such as lithium, nickel, manganese, and graphite, for which official certification systems have not yet been established, the company has implemented an in-house evaluation process equivalent to that of the RMI.
J. S. Shin (js_shin@koreabizwire.com)
