- Write by:
-
Friday, June 4, 2021 - 14:33:33
-
436 Visit
-
Print
Mining News Pro - US-based Responsible Minerals Initiative (RMI), multi-industry initiative focused on delivering guidelines and rules for better traceability and responsibility along the mineral supply chains, has launched an Environmental, Social & Governance (ESG) Standard to further improve conditions for workers, the environment and communities.
As economies start to re-emerge from covid-crisis mode, mining companies are feeling increased pressure from shareholders and institutional investors to give ESG factors the centre stage.
The Responsible Minerals Assurance Process (RMAP) ESG standard seeks to help miners navigate expectations by providing a set of criteria applicable to mineral processors, smelters and refiners, including those integrated with mine sites.
RMI, which counts with more than 400 member companies, identified for major areas for miners to focus on — environment, social obligations, occupational health and safety provisions, and governance requirements
The environmental criteria cover the impact from operations on the environment and biodiversity as well as on communities adjacent to companies’ operations.
Occupational health and safety provisions address company hygiene, safe operation of equipment, personal protection requirements and access to first aid and canteens.
Social obligations are related to range of labour practices such as age of employment, fair working hours, minimum wages and overtime, including women’s rights and under-represented communities.
Under governance requirements, the new ESG standard provides guidelines to ensure that businesses are duly registered, adhere to laws and regulations.
Leah Butler, vice president of responsible sourcing at the Responsible Business Alliance (RBA), said the new standard will help companies navigate current frameworks, such as those set up by the London Metals Exchange (LME).
Unifying individual efforts
The LME, the world’s biggest market for industrial metals, introduced in 2019 responsible-sourcing standards covering all metals traded on the bourse.
The move forced producers to probe their supply chains and demonstrate compliance with due-diligence guidelines drawn up by the Organization for Economic Co-operation and Development (OECD).
Miners, including Anglo-Russian Polymetal (LON: POLY), have long complained about the lack of standards when it comes to ESG.
Chief executive Vitaly Nesis said there were many cases where investors were led to believe that a certain company was advanced in terms of ESG only to later discover that “it’s not true.”
“In the cases where you need to measure actual relationships with the workforce or the host communities . . . rating agencies frequently lack a robust analytical framework,” Nesis said in an October interview.
A new conflict minerals regulation came into full force across the European Union this year. It focuses on four minerals commonly referred to as “3TG” – tin, tantalum, tungsten and gold – which have been found to occasionally finance armed conflict or have been mined using forced labour.
The EU is currently evaluating whether existing schemes to certify that refiners are sourcing gold responsibly conform with the rules that came into effect in January.
If the bloc accepts existing accreditations, it will be simpler for gold importers to show they comply with the regulation.
Short Link:
https://www.miningnews.ir/En/News/614594
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
China’s Tianqi Lithium said on Thursday it has formally requested that a proposed joint venture between lithium company ...
Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new ...
The Democratic Republic of Congo’s government notified Apple Inc. of concerns that the company’s supply chain may be ...
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
No comments have been posted yet ...