The Copper Mark, Mining Association of Canada (MAC), International Council on Mining and Metals (ICMM), and the World Gold Council have joined forces to consolidate their unique responsible mining and metals standards into a unified global framework.
The initiative was announced this week and comes in response to feedback from various stakeholders expressing a desire for a less complex standards framework. The unified standard aims to be transparent while encouraging broader industry participation.
The non-profit mining organizations will create a multi-stakeholder oversight system to meet the expectations of investors, civil society, customers, policymakers and mining companies.
The partnership aims to draw on the strengths of each organization’s existing standard to establish a practical and implementable global standard applicable to any mine operator, irrespective of commodity, geography or size.
An independent, multi-stakeholder governance body and a credible assurance process will oversee the implementation of the standard, with specific details to be defined and developed as part of this collaborative effort.
Developing a new standard is challenging but given their experience in the industry, all partners involved are fully geared to conducting a robust and thorough process in pursuit of this ambitious objective.
Collaboration between @CopperMark, @theminingstory and two industry bodies of which we are a member – the @ICMM_com and the @GOLDCOUNCIL – is underway to develop a consolidated standard for responsible #mining. Read more here ➡️ https://t.co/H5s4R2PI5x#GoldFields #goldmining https://t.co/AUgXUzkAfu
— Gold Fields (@GoldFields_LTD) November 28, 2023
The ICMM, a beacon for mining with principles, unites a third of the global metals and mining industry, fostering collaboration to set standards for responsibly produced minerals.
The Mining Association of Canada is the national organization for the Canadian mining industry whose members are significant producers of various metals and minerals worldwide.
“A consolidation of several of today’s standards into one can simplify the landscape for customers, investors, civil society and the mining industry itself,” Mining Association of Canada President Pierre Gratton said.
“MAC brings to this exercise a commitment to building a new standard that drives performance improvement, is fully transparent and embraces the views and perspectives of impacted communities.”
Read more: Mining Association of Canada releases Towards Sustainable Mining subscription service
Proposed standard is still in first drafts
Adding to the alliance, the Copper Mark introduces an assurance framework aimed at promoting responsible practices in the transition minerals industry. Over 20 per cent of globally mined copper already adheres to the Copper Mark’s rigorous site-level assessment process, affirming responsible production practices for copper, nickel, zinc, and molybdenum.
Meanwhile, the World Gold Council, a membership organization, champions gold’s role as a strategic asset, shaping a responsible and accessible gold supply chain. Its expertise contributes to industry progress, policy shaping and setting standards for a sustainable gold market.
“Recognizing that many of our members produce other metals as well as gold, and additionally, report across a number of different responsible mining standards and reporting frameworks, we believe that it is appropriate to explore the potential in developing a single, global framework that covers all commodities,” World Gold Council Chief Executive David Tait said.
The proposed standard is still in the first steps but could boast the broadest coverage of any voluntary, responsible mining standard, with more than 80 mining companies initially adopting it. This involves around 700 operations across nearly 60 countries.
To ensure a balanced perspective, the development process involves multi-stakeholder and industry advisory groups. These groups will be crucial to provide insights into the proposed standard governance model.
The group will engage stakeholders via a public consultation anticipated to be launched in 2024 to gather feedback on the draft standard.
Natalia@mugglehead.com
