HIFAM Technology's policy on "responsible mineral procurement"
This policy is applicable to all organizations of HIFAM Science and Technology. It aims to achieve the goal of HIFAM Science and Technology to establish a responsible mineral procurement supply chain.
In order to reflect the values in the ethical program of HIFAM Science and Technology, HIFAM Science and Technology states that sustainable and responsible mineral procurement is the goal of curbing support for disputes, serious human rights violations or environmental pollution, and minerals originating in disputed areas and high-risk areas.
HIFAM Technology adopts this policy in order to operate a responsible supply chain.
· HIFAM Technology recognizes that in order to establish a responsible supply chain, it is an ongoing process to investigate mineral procurement from dispute areas and high-risk areas. Therefore, HIFAM Technology will try its best to ensure sustainable and responsible minerals in the supply chain within a commercially reasonable scope.
· In order to achieve this goal, HIFAM Technology will develop an investigation procedure for mineral procurement. HIFAM Technology expects its suppliers to be responsible for identifying the source of all imported materials, including minerals.
· HIFAM Technology will communicate to suppliers that HIFAM Technology requires suppliers to conduct reasonable investigation on their own mineral supply chain from dispute areas and high-risk areas. HIFAM Technology will include its supply chain policies and investigation procedures in applicable and monitored commercial contracts, written agreements and supplier evaluation letters signed with suppliers, including sampling inspection of suppliers and obtaining their documents without prior notice when deemed necessary.
· HIFAM Technology will cooperate with its suppliers to implement reasonable management in the supply chain to track the source of minerals from dispute areas and high-risk areas in order to ensure that the products or raw materials sold to HIFAM Technology by suppliers do not contain minerals that are supported by disputes, serious human rights violations or environmental pollution. In addition, if HIFAM Technology finds that suppliers have failed to comply with their supply chain policies and investigation procedures, the first step will be to work with them to make them comply through corrective action plans. HIFAM Technology will not cooperate with suppliers who do not meet its standards.
· Achieving full traceability of minerals requires time, the efforts of all members of the industry and the cooperation of all stages of the supply chain. This is mainly because the manufacturing and marketing methods of metals are very complex and ores from many different origins can be mixed. Therefore, the efforts required for product tracking and investigation are increased. All these are further complicated by the active forces of local geopolitical forces. These reasons make the cooperation of industry scale the most important factor to realize the responsible source identification of the whole society. HIFAM Technology strongly encourages its suppliers to comply with the existing international framework for responsible mineral procurement.
· HIFAM Technology is committed to achieving a responsible mineral supply chain from dispute areas and high-risk areas. Therefore, HIFAM Technology is striving to implement a set of systems and procedures to ensure that the suppliers we cooperate with are responsible suppliers.
Formulated on November 21, 2022
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