Multi-metal coalition’s joint standard recognised by the London Metal Exchange
Published by Will Owen,
Global Mining Review,
The Copper Mark, the International Lead Association (ILA), the International Zinc Association (IZA), the Nickel Institute, and the Responsible Minerals Initiative (RMI) have announced that their Joint Due Diligence Standard for copper, lead, nickel, and zinc has been recognised as a conditionally approved standard for Track A of Responsible Sourcing Requirements by the London Metal Exchange (LME).
The joint standard – officially launched by the five organisations on 1 January 2021 – has now been confirmed through an independent standard alignment assessment to be 100% OECD-Aligned. Using the joint standard enables producers of LME Brands to demonstrate compliance with the LME’s Responsible Sourcing requirements.
The joint standard takes into account the risk profile of copper, lead, nickel, and zinc supply chains and is designed to enable effective due diligence for producers and/or traders of these metals. It builds on existing standards and looks to provide flexibility for multi-metal producers to include any associated metal products of their site(s) as needed.
The joint standard was developed by a working group including the partner organisations, other interested commodity associations, multi-metal company representatives, as well as OECD and LME. Additional stakeholder input was obtained as part of the public consultation period in September 2020, the results of which have been made publicly available.
The Joint Due Diligence Standard allows sites to be assessed by either the Copper Mark Assurance Process or the Responsible Minerals Assurance Process. It is accompanied by a due diligence tool helping brands implement the LME responsible sourcing policy as well as shared training resources – including frequently asked questions, and animated training modules available to support implementation. The standard is available in English, Spanish, Chinese, Japanese, and Russian.
The decision by the LME to recognise the Joint Due Diligence Standard is a testament to the robust framework established by the standard and is a product of the extensive and valuable collaboration between the Copper Mark, the ILA, the IZA, the Nickel Institute, and the RMI.
Nicole Hansen, London Metal Exchange, comments:
“The LME is delighted to recognise the Joint Due Diligence Standard and the Copper Mark as conditionally approved standards for Track A. The organisations who created the Joint Due Diligence standard have shown great leadership in expanding the OECD Due Diligence Guidance to minerals beyond 3TG, including copper, nickel, lead, and zinc. We see these standards playing a significant role for producers of LME Brands to be in compliance with the LME responsible sourcing requirements.”
Michèle Bru¨lhart, Executive Director of The Copper Mark:
“We are pleased that the Joint Due Diligence Standard have been recognised by the LME as a conditionally approved standard for Track A of Responsible Sourcing Requirements. This is an important step towards enhancing due diligence processes for copper, nickel, lead, and zinc, while sending a strong market signal on the imperatives of promoting responsible production and sourcing practices within global metals supply chains.”
Dr Steve Binks, Regulatory Affairs Director of the International Lead Association:
“We are delighted that the LME has recognised the Joint Due Diligence Standard. This is a significant milestone and will help lead metal producing facilities demonstrate that they are meeting internationally recognised standards for responsible sourcing.”
Hudson Bates, President of the Nickel Institute:
“I would like to congratulate all the organisations involved as well as our member companies for achieving this major milestone. Our joint effort will allow nickel brands listed and traded on the LME to be assessed and show they are compliant with the LME responsible sourcing requirements. The feedback received from independent third parties and civil society during the process of drafting the standard has shown the importance and benefit of transparency and stakeholder involvement.”
Dr. Eric Van Genderen, Director of Environment, Health and Sustainability for the International Zinc Association:
“Having the Joint Due Diligence Standard conditionally approved is great news for IZA member companies. The standard will enable all zinc producers to comply with LME responsible sourcing requirements not only for SHG Zinc, but also for all by-products. The cooperation with other metals associations was very positive and should help to reduce the administrative burden for metal producers.”
Leah Butler, Vice President, Responsible Business Alliance:
“We are pleased to have reached this important milestone with our metal association partners. Conditional approval of the Joint Due Diligence Standard by the LME provides a clear signal to producers, metal purchasers, and downstream companies about the quality and value of this standard in the marketplace. The RMI looks forward to implementing the standard and continuing to support responsible production and sourcing in the lead, zinc, copper, and nickel supply chains.”
Read the article online at: https://www.globalminingreview.com/mining/17122021/multi-metal-coalitions-joint-standard-recognised-by-the-london-metal-exchange/
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