An initiative has launched, inviting stakeholders to provide feedback on a draft consolidated standard, governance model, assurance process, and related reporting policies. Participants have a 60-day window to submit their comments.
The initiative aims to create a sustainable society by promoting responsible practices in the production, sourcing, and recycling of metals and minerals. It seeks to simplify the current mining standards landscape and improve environmental, social, and governance practices across the metal and mineral value chain, from extraction to refining.
The proposed standard is designed for broad adoption among mining companies of all sizes, commodities, and locations. It is applicable to any facility committed to responsible mining practices globally.
Once finalized, the standard is expected to be adopted by members of the International Council on Mining and Metals (ICMM), the World Gold Council, and the Mining Association of Canada, as well as participants in The Copper Mark. This extensive adoption could lead to the largest implementation of a voluntary mining standard to date, involving nearly 100 mining companies across about 600 sites in around 60 countries.
The draft standard encompasses 24 performance areas that address various aspects of responsible mining. It builds on existing standards from each partner and categorizes performance levels into three tiers:
Foundational Practice: This level signifies basic compliance with industry standards, serving as a starting point for facilities to improve over time.
Good Practice: This tier meets industry standards and international norms, providing a benchmark for responsible mining companies.
Leading Practice: This advanced level showcases best practices and is achievable by a minority of companies with exceptional performance.
Stakeholders are also encouraged to provide input on the proposed governance model. This model suggests creating an independent entity to oversee the development, promotion, and maintenance of the standard. This entity will implement the assurance process, grievance mechanism, and reporting policy, ensuring public disclosure of outcomes. The governance structure will feature a diverse, independent board representing various stakeholders in the mining sector, promoting consensus-based decision-making. The Copper Mark, along with its current board, is expected to transition into this independent entity.
The initiative has been supported by two advisory groups: one composed of industry representatives and the other including diverse stakeholders such as NGOs, investors, Indigenous groups, downstream customers, and multilateral organizations. These groups have worked together to shape the draft standard and oversight system.
The development of the consolidated standard follows ISEAL’s Codes of Good Practice, ensuring a transparent process with two rounds of public consultation. The current consultation began today and will run until December 16, 2024, with a follow-up consultation anticipated in 2025. To encourage global participation, consultation documents are available in Arabic, English, French, Japanese, Portuguese, Russian, Simplified Chinese, and Spanish.
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