Mining groups start talks on new ESG rules
Mining groups begin two-month talks on new ESG standard. The initiative aims to simplify rules for responsible mining‚ potentially affecting about 100 companies across 600 sites in 60 countries
On 10/17/24‚ mining groups kicked off a 60-day public discussion on a new ESG standard. This effort (called the Consolidated Mining Standard Initiative) tries to make current rules easier and more widely used.
The push comes as companies face more pressure to meet ESG goals. The new standard could affect nearly 100 mining firms with about 600 sites in 60 countries.
Copper Mark‚ a group started roughly 5 years ago is leading this effort. Other big players like the Mining Association of Canada‚ International Council on Mining and Metals‚ and World Gold Council are also involved.
The plan is for Copper Mark to change into a separate group overseeing the new rules. This will happen after the current talks end on 12/16/24‚ and another round next year.
Weʼre aiming to simplify standards‚ making them applicable to any production facility committed to ESG
The mining world has other ESG-related groups too‚ like the Initiative for Responsible Mining Assurance. But this new effort could be the most far-reaching yet
The new rules will cover how companies make‚ get‚ and reuse metals in a responsible way. Its wide use could make it the biggest voluntary mining standard so far
