New Joint Due Diligence Standard for Copper, Lead, Nickel and Zinc
On February 9th, 2021 a new due diligence standard for copper, lead, nickel and zinc was released by the Copper Mark, the International Lead Association, the International Zinc Association, the Nickel Institute, the Responsible Minerals Initiative, and with financial support from the International Copper Association.
The new standard was created to “enable responsible supply chain management in copper, lead, nickel and zinc industries.”
According to the official release “The Standard takes into account the risk profile of copper, lead, nickel and zinc (the principal covered metals) supply chains and is designed to enable effective due diligence for producers and/or traders of these metals. It intends to build on existing standards and looks to provide flexibility for multi-metal producers to include materials intended for the production of metal products other than of principal covered metals at their site(s) as needed.”
Producers and traders of these metals will be required to implement the five-step due diligence process defined in the OECD Guidance, and will have to follow principles of continual improvement, accountability, engagement, inclusivity, transparency, and more.
This is a global standard that will impact companies extracting, producing, and trading the principal materials, and it officially comes into effect in 2023.
While there will be challenges for those companies who need to comply with the new standard, we believe that this is a step in the right direction for the metals and minerals industry. At Peer Ledger, we support companies in responsible supply chain management and due diligence. Our MIMOSI Connect platform is a highly flexible blockchain traceability tool that enables companies to capture important metrics along their supply chain and comply with standards. We believe that supply chain transparency is not only good for the planet but good for business. We are excited to support more companies in their adoption of responsible supply chain management.
References
The Copper Mark, Multi-metal Coalition Publishes Joint Standard to Respond to LME Responsible Sourcing Rules. Retrieved from https://coppermark.org/multi-metal-coalition-publishes-joint-standard-to-respond-to-lme-responsible-sourcing-rules/
The Copper Mark, Joint due diligence standard for Copper, Lead, Nickel, and Zinc. Retrieved from https://coppermark.org/copper-mark-requirements/due-diligence/
The OECD, OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas. Retrieved from https://www.oecd.org/corporate/mne/mining.htm