AMY Joins Apple, BMW, Samsung and others as the 33rd full-time member of the responsible cobalt initiative
Larry W. Reaugh, Chief Executive Officer of RecycLiCo Battery Materials (“RecycLiCo Battery Materials” or “AMY” or the “Company”), (TSX.V: AMY | OTC.US: AMYZF | FSE: ID4), is pleased to announce that the Company has been accepted as the 33rd full-time member of the Responsible Cobalt Initiative (“RCI”), an industry group set up to tackle risks in the cobalt supply chain.
RecycLiCo Battery Materials recognizes the vulnerability and insecurity of the cobalt supply chain and will help face challenges, share responsibility, and take joint actions with other RCI members and stakeholders to achieve a win-win solution in the cobalt supply chain.
The RCI organization includes enterprises such as, Apple Inc., Daimler AG, BMW Group, Contemporary Amperex Technology Co Ltd. (“CATL”), LG Chem Ltd., Samsung SDI, Renault Group, and Volvo car corporation.
RecycLiCo Battery Materials plans to contribute their expertise in lithium-ion battery recycling as a conflict-free and environmentally friendly alternative to the traditional cobalt supply chain. AMY would also like to develop their Blockchain initiative to help map and track the life cycle of lithium-ion batteries in order to establish the provenance of battery metals such as cobalt. “Responsible sourcing of cobalt, given the DRC’s dominant place in global cobalt production, is becoming a key consideration for socially responsible companies,” said Larry Reaugh, CEO of RecycLiCo Battery Materials. “AMY’s recovery process, ratified by a blockchain digital ledger, will give companies the certainty they’re looking for that their cobalt is responsibly sourced.”
Coupled with the spike in demand, supply insecurity for cobalt is exacerbated by the fact that 97% of cobalt is mined as a by-product of copper and nickel mines, making cobalt vulnerable to copper and nickel market fluctuations. In addition, 60% of the global production of cobalt is contributed by the Democratic Republic of Congo, where political violence, government royalties, and child labour are making cobalt production uncertain for the growing cobalt supply chain. Currently, cobalt trades at $81,200/tonne.
About Responsible Cobalt Initiative
The Responsible Cobalt Initiative aims to:
- Have downstream and upstream companies recognize and align their supply chain policies with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas and the Chinese Due Diligence Guidelines for Responsible Mineral Supply Chains in order to increase transparency in the cobalt supply chain and improve supply chain governance.
- Promote cooperation with the Government of the Democratic Republic of the Congo and affected local communities to take and/or support actions that address the risks and challenges in the cobalt supply chain.
- Develop a common communication strategy to communicate progress and results effectively to impacted communities, miners, and the public; and
- Harmonize working objectives and plans with other stakeholders.
About RecycLiCo Battery Materials
RecycLiCo Battery Materials is a diversified specialty and critical metal company focused on capitalizing on its patented intellectual property through low cost production or recovery of electrolytic manganese products throughout the world, and recycling of spent electric vehicle lithium-ion rechargeable batteries.
Interest in the Company’s patented process has adjusted the focus of RecycLiCo Battery Materials toward the examination of applying its patented technology for other purposes and materials. RecycLiCo Battery Materials aims to capitalize on its patented technology and proprietary know-how to become the industry leader in recycling spent electric vehicle lithium-ion batteries and recovering 100% of the cathode metals such as: Lithium-Cobalt, Lithium-Cobalt-Nickel-Manganese, Lithium-Cobalt-Aluminum and Lithium-Manganese (Please see the Company’s March 23, 2018 Company’s Business Plan (“CBP”) for further details).
On behalf of Management
RecycLiCo Battery Materials
Larry W. Reaugh
President and Chief Executive Officer
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