“But just as important as securing a supply of the limited resource may be what one expert calls a ’21st century factor’ — ethics and human rights,” Turak reports. “‘Apple is a buyer of batteries, not a buyer of battery components, and it’s a number of steps away from the raw materials side. So this is significant — the reason they’re doing it is supply chain visibility,’ Simon Moores, managing director of Benchmark Minerals, told CNBC. ‘They need to know that children have not been illegally mining where their cobalt is coming from.'”
“In terms of ethical versus cost concerns, ‘the simple answer is a combination of both,’ said Tony Southgate, head of strategic cobalt marketing at Eurasian Resources Group,” Turak reports. “‘There is a concern about availability, as the EV growth is very, very rapid. Concerns over the growth of EV will impact the availability of batteries, but also buying direct from large-scale miners can ensure the material is ethically sourced.'”
Read more in the full article here.
MacDailyNews Take: Both reasons for securing a cobalt supply – cost and ethics – are smart business.
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