“This collaboration is a direct response to the overwhelming demand for a more honest, straightforward, and impactful mining standard, voiced by investors, society, customers, policymakers, and mining companies,” as stated by ICMM.
The goal of the process is to amalgamate the most commendable features of each organization’s standard to form a singular, global standard that is both practical and executable by any mining operator, irrespective of commodity, location, or magnitude. The oversight of the standard’s implementation would be entrusted to an independent, multi-stakeholder governing body and a credible assurance process, both of which will be defined and formulated as part of this endeavor.
At the inception, the proposed standard could possess the broadest scope of any voluntary responsible mining standard, with initial implementation by over 80 mining companies operating approximately 700 sites in nearly 60 countries globally. The involvement of more companies beyond the four organizations will bolster the industry in raising the ESG (environment, social, and governance) performance bar even further.
The development process takes guidance from multi-stakeholder and industry advisory groups, which will play a vital role in offering a balanced perspective on the proposed standard, assurance process, and governance model. Inclusive engagement and consultation are central to this process. Wide-ranging stakeholder engagement and feedback will shape the draft standard through a public consultation anticipated to be initiated by ICMM in 2024.
Although the creation of a new standard poses significant challenges, all partners are fervently dedicated to conducting a meticulous and comprehensive process to achieve this aim, as affirmed by the Council.