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Zhejiang Huayou Cobalt

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Zhejiang Huayou Cobalt
603799 (China: Shanghai)[1]
Company typeLt PTD
603799 (China: Shanghai)[2]
IndustryMining
Founded2002; 22 years ago (2002)[3]
Headquarters
Tongxiang Economic Development Zone, Zhejiang
,
China
Key people
Chen Xuehua (President & CEO)
ProductsCobalt
RevenueCNY 4.89 billion (USD 710 million) (2015)[4]
Increase CNY 69.24 million (2015)[4]
Number of employees
3120 (2015)[4]
Websitewww.huayou.com

Huayou Cobalt Co., Ltd primarily operates as a supplier of cobalt and its associated products, such as cobalt tetroxide, cobalt oxide, cobalt carbonate, cobalt hydroxide, cobalt oxalate, cobalt sulfate, and cobalt monoxide. The company is headquartered in the Tongxiang Economic Development Zone of Zhejiang, China.

Throughout its history, Huayou Cobalt has focused on various aspects, including research, development, and manufacturing, with a particular emphasis on new energy Li-ion battery materials and advanced cobalt materials. The company has also organized its operations into four business units, which are Resources Development, New Materials Manufacturing, New Energy Manufacturing, and Recycling. These units collectively contribute to various aspects of the industrial ecosystem related to new energy lithium batteries, including cobalt and nickel mineral development, refining processes, Li-ion battery cathode material production, as well as reusing and recycling.

History

Huayou Cobalt Co., Ltd was founded in the year 2002.


In 2006, Huayou established its first cobalt mine and smelter in Congo.


Quzhou Huayou Cobalt New Material Co Ltd founded on May 30, 2011 with a registered capital of 700 million yuan($101 million) (the registered capital was increased to 1.2 billion yuan in January 2016).Cite error: A <ref> tag is missing the closing </ref> (see the help page). Congo DongFang International Mining, a subsidiary of Huayou Cobalt, sources cobalt from primitive "artisanal" mines in the Democratic Republic of the Congo, where there are few worker protections and child labor has been employed.[5][6] Apple Inc. said that approximately 20% of the cobalt in Apple's batteries were sourced from Huayou Cobalt.[5]

In response, Huayou Cobalt admits to having "insufficient awareness of supply chain management", and did not know that buying artisanal cobalt would increase child labor.[7]

In 2016, Apple said that starting in 2017, they will treat cobalt as a conflict mineral, and require all cobalt suppliers to agree to outside supply-chain audits and risk assessments.[7] After a 2017 Sky News follow-up that showed that child labor continued to be utilized,[8] Apple said it stopped buying cobalt mined by hand in DRC entirely.[9][10]

In June 2018, Signify, together with Fairphone and Huayou Cobalt, co-founded the Fair Cobalt Alliance.[11]

In Jan 2019, Ford initiated the project with IBM, LG Chem and Huayou Cobalt to ensure the mineral used in lithium-ion batteries had not been mined by children or used to fuel conflict. The typical electric car battery requires up to 20 pounds of cobalt, and by 2026, demand for cobalt is expected to multiply eightfold.[12]

In March 2023, Ford Motor Co., PT Vale Indonesia Tbk, and Zhejiang Huayou Cobalt Co. have agreed to invest in the Pomalaa Block High-Pressure Acid Leaching (HPAL) Project, creating a three-party collaboration to advance more sustainable nickel production in Indonesia and help make electric vehicle batteries more affordable. The project is expected to produce up to 120 kilotons per year of contained nickel in the form of mixed hydroxide precipitate (MHP), a lower-cost nickel product used in EV batteries with nickel-rich cathodes. The project will have an equity investment of an undisclosed amount from all three companies. The collaboration will help support Ford's plan to deliver a 2 million EV production run rate by the end of 2026 and further scale over time.[13]

See also

References

  1. ^ "Zhejiang Huayou Cobalt Co. Ltd".
  2. ^ "603799.CN | Zhejiang Huayou Cobalt Co. LTD. Financial Statements - WSJ".
  3. ^ "Huayou Cobalt".
  4. ^ a b c "Zhejiang Huayou Cobalt Co Ltd".
  5. ^ a b "The cobalt pipeline: Tracing the path from deadly hand-dug mines in Congo to consumers' phones and laptops". The Washington Post.
  6. ^ "Apple and Microsoft Linked To Child Labor in Cobalt Supply Chains".
  7. ^ a b "Companies respond to questions about their cobalt supply chains". The Washington Post.
  8. ^ "Meet Dorsen, 8, who mines cobalt to make your smartphone work". Traders then sell it mostly to exporter Congo Dongfang International, a subsidiary of Zhejiang Huayou Cobalt, which supplies most of the world's largest battery makers.
  9. ^ "Apple cracks down further on cobalt supplier in Congo as child labor persists". The Washington Post.
  10. ^ "The Dark Side of Congo's Cobalt Rush". The New Yorker. 2021-05-22. Retrieved 2022-08-25.
  11. ^ "Fair Cobalt Alliance".
  12. ^ "Ford,Huayou Cobalt,IBM, RCS are using blockchain tech for transparency of the metal".
  13. ^ PT VALE INDONESIA AND HUAYOU SIGN NICKEL AGREEMENT WITH FORD MOTOR CO. SUPPORTING GROWTH OF THE GLOBAL SUSTAINABLE EV INDUSTRY
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