The Fair Cobalt Alliance is aiming to raise $20 million by 2025 to help develop a responsible and fair supply of artisanally-mined cobalt in the Democratic Republic of Congo to harness the potential of this sector, with industry needing to back up its words with financial commitment, David Sturmes, the alliance’s Corporate Engagement and Strategic Partnerships Lead, told S&P Global Commodity Insights.
The FCA was set up in August 2020 to help bring about change in the DRC’s artisan mining sector and currently has 24 members, including Glencore, Google and Tesla. In April it launched an advisory board, which will provide and publish independent feedback on its approaches and strategy, as part of the FCA’s commitment to transparency.
In its first year the FCA worked with a budget of just $600,000 but by the beginning of this year that had grown to $1.7 million, and fundraising efforts are ongoing, he said.
“Our ambition is to raise $20 million by 2025 — basically asking the industry to put their money where their mouth is,” Sturmes said, adding that the amount would be at least partially investment capital.
For the rest of this interview: https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/energy-transition/053022-interview-on-responsible-cobalt-from-drc-industry-needs-to-put-its-money-where-its-mouth-is