04 Jun Responsible Minerals Initiative launches new ESG standard for mining sector
US-based Responsible Minerals Initiative (RMI) has launched a new environmental, social and governance (ESG) standard which seeks to further improve conditions for workers, the environment and communities across the mining sector.
The Responsible Minerals Assurance Process (RMAP) ESG Standard seeks to help miners navigate expectations by providing a set of criteria right through the supply chain, from mineral processors to smelters and refiners.
RMI – which counts more than 400 member companies – identified four major areas of focus for mining companies: environment, social obligations, occupational health and safety provisions and governance requirements.
“The RMI’s ESG Standard offers the most comprehensive set of environmental, social and governance requirements globally for facilities sourcing and processing minerals,” said Responsible Business Alliance vice president of responsible sourcing Leah Butler.
“This Standard will help companies meet government, investor, customer and regulatory requirements, such as the expectations set by EU due diligence frameworks and the London Metals Exchange (LME).”
In 2019, the LME – the world’s biggest market for industrial metals – introduced responsible sourcing standards covering all metals traded on the exchange, compelling producers to apply additional scrutiny to their supply chains to demonstrate compliance with the new standards.
In addition, strong ESG compliance is becoming increasingly important to both institutional and retail shareholders in mining companies, particularly as economies start to re-emerge from COVID-crisis mode.