LME To Remove 10% Of Brands Over Responsible Sourcing
The London Metal Exchange (LME) has announced plans to suspend or delist 10% of its listed metals brands in the coming months until their producers provide responsible sourcing reports.
The initiative, part of the LME’s 2019 campaign to clean up global metal trade chains, aims to eliminate metals tainted by child labor, corruption, or conflict financing.
“As of 15 January 2024, the LME plans to suspend or delist 10% of brands, noting that it fully expects that a proportion of these brands will be able to re-list in due course, once they have completed the work to address the requirements of the Policy,” the LME, owned by Hong Kong Exchanges and Clearing, said in its notice.
Producers of over 50% of LME-listed brands were mandated to submit responsible sourcing reports by the end of 2023, showcasing adherence to guidelines set by the Organisation for Economic Co-operation and Development (OECD) for responsible supply chains in conflict-affected and high-risk zones.
The LME is currently reviewing information submitted by the remaining 90% of brands, with the majority being fully compliant. The exchange also noted that a small additional number of brands may face suspension until queries are resolved.
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