Cobalt is an essential raw material for superalloy, cemented carbide, diamond tools, batteries, anticorrosive and magnetic materials. It is widely applied in fields like aerospace, electronic appliances, machinery manufacturing, automobiles, chemical industry, agriculture, ceramics, etc.
On December 21, 2018 the Responsible Minerals Initiative (RMI) released the first formal version of the Cobalt Reporting Template (CRT). The RMI (previously known as the Conflict-Free Sourcing Initiative) developed the first Conflict Minerals Reporting Template (CMRT), which became the standard reporting template for companies who needed to comply with the Dodd-Frank 1502 conflict minerals legislation.
The release of the CRT prompted companies to think about the research and development of their cobalt supply chains. Many companies’ natural first step was to apply their conflict minerals methodology to cobalt. It is important to note that cobalt due diligence has unique characteristics that require it to be run separately from conflict minerals due diligence programs.