Arcadium Lithium‘s (NYSE: ALTM) Fenix Mine became the first operation in Argentina to release an Initiative for Responsible Mining Assurance (IRMA) report.
Released on Wednesday, IRMA reports measure performance against a standard for best practices for mining. Fenix’s overall achievement level is still pending final assessment.
Auditors gathered and reviewed relevant information related to the report during the assessment period. Meanwhile, Arcadium collaborated and supported the process.
However, SCS Global Services, the independent audit firm, determined that assessing Fenix’s performance against this chapter required additional testimonies and more in-depth interviews. The IRMA surveillance audit at the Fenix Lithium Mine has yet to evaluate this chapter, along with all critical items. The surveillance audit must take place within 12–18 months after the initial audit report’s publication.
“We began the IRMA process with clear objectives: to help drive transparency in our industry, foster better engagement with community and Indigenous stakeholders, and gain insights to improve every aspect of our operations,” said Paul Graves, president and CEO of Arcadium Lithium.
“The publication of the Fenix audit report is an important milestone in our ongoing commitment to these goals.”
The Fenix audit took place over three years, beginning on February 15, 2022, when the company announced the independent, third-party audit.
During this period, the company invested time in continuous improvement throughout the review process. Arcadium Lithium, IRMA, and SCS Global Services agreed to publish the audit report rather than further delay the disclosure of valuable information on social responsibility, environmental responsibility, business integrity, and planning for positive legacies.
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Report describes profile of Fenix operation
The Fenix audit took place over three years, beginning on February 15, 2022, when the company announced the independent, third-party audit. During this period, the company invested time in continuous improvement throughout the review process.
Rather than further delaying the disclosure of valuable information on social responsibility, environmental responsibility, business integrity, and planning for positive legacies, Arcadium Lithium, IRMA, and SCS Global Services agreed to publish the audit report.
“The report describes the unique profile of our Fenix operation at the Salar del Hombre Muerto in Catamarca, Argentina, where we have been producing lithium for more than 27 years,” said Paul Graves, president and CEO of Arcadium Lithium.
“It reflects our team’s desire and efforts to build a positive legacy and pursue opportunities for continuous improvement.”
Including Fenix, 22 industrial-scale mines worldwide participate in the IRMA independent assessment system. After completing an initial self-assessment, each mine hires a third-party audit firm—trained and approved by IRMA—to conduct a detailed independent evaluation.
Furthermore, this involves on-site visits to the mine and nearby communities. After releasing the initial audit, auditors conduct a surveillance audit to assess the mine’s performance. Three years later, the operation undergoes a full audit again.
Several prominent mining companies have engaged with the Initiative for Responsible Mining Assurance (IRMA). For instance, Anglo American plc (LON: AAL) has participated in IRMA’s multi-stakeholder governance. Additionally, companies like Albemarle Corporation (NYSE: ALB), Eramet (EPA: ERA), Gerdau S.A. (NYSE: GGB), and SQM (NYSE: SQM) have been associated with IRMA, reflecting a commitment to responsible mining practices.
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