Seven metals and mining companies joined with the World Economic Forum to accelerate the responsible sourcing of raw materials, according to a release from participating company Glencore PLC.
Under the Mining and Metals Blockchain Initiative, the group will focus on developing a blockchain platform and tracing materials to address supply chain transparency, along with improved reporting of carbon emissions.
Issues related to governance and to a lack of standardization and efficiency will also be addressed by developing case studies and establishing a working group.
The group's other members are Antofagasta PLC, Eurasian Resources Group SARL, Klöckner & Co SE, Minsur SA, Tata Steel Ltd., and Anglo American's De Beers SA unit.
Glencore said Oct. 25 that the members will pool resources and share costs, increase speed to market, and improve industrywide trust that cannot be achieved by acting individually.