Luoyang Molybdenum Industry joined hands with Glencore and Eurasian Resources to launch Re | Source promotes traceability and responsible procurement of cobalt with blockchain technology.

[live] focus: global economy, Nickel, Cobalt, Lithium Price, Battery Technology and Battery Recycling

"[live broadcast] under the background of carbon neutralization, the development prospect of stainless steel and nickel industry chain 2021 Review of the Global Nickel Market and its Prospect in 2022

"[live broadcast] Review and Prospect of Cobalt and Lithium Market; Analysis on Recycling of carbon Neutralization Battery current situation and trend of Power Battery Recycling

Luoyang Luanchuan Molybdenum Group Co., Ltd., the world's second largest cobalt producer, announced on May 20th that it, together with other mainstream manufacturers in the electric vehicle supply chain, has launched a project called ReISource, which aims to promote the traceability and responsible procurement of cobalt through blockchain technology, and explore ways to solve the problem of traceability of raw materials from mines to electric vehicle batteries. To ensure that all cobalt is produced in a sustainable manner throughout the process from mining, processing to application in end products.

Re | Source was jointly launched by Luoyang Molybdenum (CMOC), Eurasian Resources Group (ERG) and Glencore (Glencore) in 2019, and Umico (Umicore) subsequently joined the project. In addition, a global pioneer brand of new energy vehicles and one of the world's largest battery manufacturers are also involved in the project. From upstream mines in the Democratic Republic of the Congo to downstream battery factories and electric car manufacturers-testing is carried out in a completely real environment. The pilot of the programme will continue until the end of 2021, and the final solution is expected to be fully rolled out in 2022.

Re | Source's groundbreaking solution is supported by blockchain developer Kryha. Kryha has extensive experience in carbon footprint and metal traceability and has worked with the World Economic Forum. The project implements a unique end-to-end cooperation model between major players in the cobalt resources industry. Re | Source deploys various technologies, including blockchain, zero knowledge proof (Zero-Knowledge Proof), and so on, to link the digital flow with the flow of physical raw materials.

Re | Source's goal is to ensure that all cobalt in the end product is obtained in a sustainable manner, so the core of its solution includes all standards and frameworks for sustainable ore mining and procurement such as the International Council on Mining and Metals ((ICMM)), the responsible Mining Initiative ((RMI)), the responsible Mining Assurance Initiative ((IRMA)), the Cobalt Industry responsible Assessment Framework ((CIRAF)), etc.

At the same time, Re | Source was designed to receive direct feedback from responsible procurement and supply chain experts from all parties in the cobalt supply chain to respond positively to the growing demand for transparency in the cobalt value chain by various stakeholders, as well as expectations for sustainable procurement, with the aim of providing value to all industry participants.

Sun Ruiwen, president of Luoyang Molybdenum Industry, said: "Re | Source is a very exciting project for the global battery industry. As the world's leading cobalt producer and trader, Luoyang Molybdenum and its trading company Exxon (IXM) are committed to the responsible mining, processing and use of cobalt. We believe that this innovative initiative will help to enhance the transparency of the entire value chain. The battery industry is growing and expanding rapidly against the backdrop of global energy transformation and China's commitment to carbon neutrality by 2060. We bring all stakeholders together to achieve a transparent and accountable supply chain, which will further enhance end-user confidence in the raw material cobalt. "

Re | Source is also closely related to the "Battery Passport" project of (GBA), the Global Battery Alliance. GBA Alliance members include Eurasian Resources, Umicor, Glencore and so on. The Battery Passport aims to transform the entire value chain to make battery production more responsible and sustainable. Member companies believe that Re | Source and "battery passports" can support each other and jointly enhance sustainability in the broader battery supply chain.

Benedikt Sobotka, CEO of Eurasian Resources Group and co-chairman of the Global Battery Alliance, said:

Eurasian Resources Group is the world's leading cobalt producer with the second largest independent cobalt production plant with a design capacity of 24000 tons per year. We are committed to responsible procurement and processing of cobalt, and to this end we work with excellent public and private partners to create a responsible value chain, global energy transformation and low-carbon economy for the growing battery market. this will be the most important mission of Eurasian resources. Re | Source enables us to take another step towards exploring the great potential of batteries, while enhancing the transparency and sustainability of battery materials throughout the value chain is also the mission of (GBA), the global battery alliance initiated by Eurasian Resources. "

Ivan Glasenberg, CEO of Glencore, said:

Blockchain technology provides us with unprecedented supply chain traceability. Customers need to know and prove the source of cobalt in their products, and we are developing these features through Re | Source. But traceability alone is not enough, it must be part of a broader industry plan to drive the continuous improvement of the entire cobalt supply chain, such as compliance with responsible procurement through the responsible mining initiative (RMI),; Achieve universal and broader ESG (environment, social responsibility, corporate governance) standards through the joint adoption of the cobalt industry responsible assessment framework (CIRAF), the International Council on Mining and Metals (ICMM), and improve artisanal and small-scale mining in the Democratic Republic of the Congo by supporting multi-stakeholders such as the Fair Cobalt Alliance (FCA). "

Marc Grynberg, CEO of Umicor, said:

"I am proud to support the technical solutions developed by Re | Source to ensure traceability of the entire battery industry. Over the years, Umicor has been a pioneer in promoting the sustainable value chain, providing only certified and ethical battery materials. Today, we share our expertise in this innovation alliance and participate in the development of industry-wide traceability pilot technologies, which is an important step towards achieving a sustainable value chain for batteries. "