Stakeholder Sectors

Sulfidic tremolitite (platinum-palladium ore) Credit: James St. John via Wikimedia Commons under CC-by-2.0Sulfidic tremolitite (platinum-palladium ore) Credit: James St. John via Wikimedia Commons under CC-by-2.0Mining

How IRMA Benefits the Mining Sector

A new resource for the mining sector is now available on the IRMA website.

IRMA acknowledges the challenges mining companies face, such as the fact that governments have not always required certain standards, the market didn’t previously value them, and that companies often operate in complex regions. By using IRMA, mining companies can tell a transparent and truthful story about the materials we rely on every day, highlighting ongoing efforts and progress.

How IRMA Benefits Mining Operators describes how IRMA offers a robust solution by providing a comprehensive, independently verified standard and assessment system that allows mining companies to receive credit for the positive work they are already doing, while also identifying areas for improvement.

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How IRMA Benefits Downstream Purchasers

A new resource for the downstream purchasing sector is now available on the IRMA website.

Downstream purchasers, as customers of mined materials, have a significant interest in how those materials are extracted and processed. Current and emerging regulations, as well as the expectations of consumers, investors, and affected stakeholders – as well as companies’ own business needs to address risk
and build resilience – are driving companies to increase visibility over their supply chain and expect more responsible performance at every stage. By using IRMA, downstream purchasers can leverage a transparent and truthful story about the materials we rely on every day.

How IRMA Benefits Downstream Purchasers describes how IRMA provides a credible system for demonstrating that materials have been extracted to a widely accepted standard that meets a broad range of ESG metrics and safeguards, providing unprecedented visibility into individual mine performance. Included are IRMA’s benefits to purchasers and our value proposition.

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Stewart Investors logoStewart Investors logoPress Release

Stewart Investors is 1st investment manager to join IRMA

EDINBURGH, United Kingdom and SEATTLE, United States — Stewart Investors, an active long-only equity specialist and a global leader in sustainable investing, has become the first investment management firm to become a member of the Initiative for Responsible Mining Assurance (IRMA), an organization addressing the global demand for more socially and environmentally responsible mining.

With a global presence, IRMA’s members include both civil society and corporate entities from across the globe, representing the mining industry, consumer-facing brands, labor unions, NGOs, and mining-impacted communities, including Indigenous rights holders. Board members include: Anglo American, Mercedes-Benz, Human Rights Watch, IndustriALL Global Union, Batani Foundation, and Mining Affected Communities United in Action (MACUA).

As the first investment firm to become a member of IRMA, Stewart Investors joins a network of nearly 100 members committed to a common vision: a world where the mining industry respects the human rights and aspirations of affected communities, provides safe, healthy and supportive workplaces, minimizes harm to the environment, and leaves positive legacies.

“Stewart Investors is strongly aligned with IRMA’s mission and looks forward to continuing to learn from its expertise as the first investment manager to become a member. Responsible mineral sourcing is a strategic imperative for companies and investors across sectors, and we see membership and collaboration with IRMA as an exciting opportunity to bring stakeholders together and leverage collective action to drive progress,” said Chris McGoldrick, Senior Investment Analyst, Stewart Investors

Stewart Investors became involved with responsible mineral sourcing in 2020 when discussions with companies, particularly in the electronics sector, led the investment team to commission research on conflict minerals in the semiconductor supply chain. Since then, Stewart Investors has engaged with over 30 companies on the issue and led an ongoing collaborative engagement initiative with over 160 investor supporters representing US$6.59 trillion of assets under management to encourage best practices in mineral due diligence and disclosure.

“We welcome Stewart Investors as the first investment manager in IRMA’s membership. Its team has already taken an active leadership role in the industry, leveraging a broad investor network to advocate for more responsible mining. This membership signals that investors are adding their voice to the chorus of consumer-facing brands encouraging mining companies to assess through IRMA. We commend the firm’s engagement and commitment to work with the other stakeholders to drive positive change in an industry upon which we all rely,” said Rebecca Burton, Deputy Director, Initiative for Responsible Mining Assurance

IRMA is a system in three parts. It is a voluntary, global mining standard describing best practices to protect people and the environment, an assurance process to independently and transparently measure mines against that standard, and an organization that works to build value for all stakeholders involved in and impacted by mining. IRMA is unique in that its governance provides civil society and workers equal power to the mining industry and other corporate actors. This unique model contributes to its credibility, which in turn provides a range of benefits for mines assessed in the system.

Investment managers have a unique role in IRMA’s membership, as they can directly encourage mining companies to be assessed and also recommend consumer-facing brands in their portfolios to encourage their suppliers to engage.

About Stewart Investors
Founded in 1988, Stewart Investors is an active, long-only equity manager focused on sustainable investing. Based in Edinburgh, the firm also has offices in London, Frankfurt, Singapore, New York, Hong Kong, and Sydney. For more information, visit: www.stewartinvestors.com

About IRMA
IRMA is a nonprofit organization working to protect people and the environment directly affected by mining by creating financial value for industrial-scale mining operations independently assessed against IRMA’s best practice Standard for Responsible Mining. For more information, visit: responsiblemining.net

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At the Unki audit. Credit: Michelle SmithAt the Unki audit. Credit: Michelle SmithBlog

Community perspectives on IRMA: The Unki Mine audit

In late June the Zimbabwe Environmental Law Association (ZELA, an IRMA member) published Community success stories: Tracking service delivery and environmental issuesa blog explaining the Shurugwi Development Trust’s experiences with the independent audit of Anglo American’s Unki platinum group metals mine in Zimbabwe. We excerpt it below:

Through meetings facilitated by the Zimbabwe Environmental Law Association (ZELA), Unki mine embarked on a third party-audit process against the IRMA standard in 2019 that involved the Shurugwi community, [achieved] IRMA 75 in the audit report. In 2022, a surveillance audit for Unki Mine was done, communities shared their concerns with the audit firm SCS Global. This was after the mine publicly audited against the Initiative for Responsible Mining Assurance (IRMA) [voluntary] standard for Responsible Mining in 2019.

ZELA, which is the only Zimbabwean member of the IRMA Civil Society Organisations global working group on worker and community engagement rights participated in development of data collection tools for communities such as the Community impact survey, IRMA Audits and Communities, sample letter to mining company, tools that can be used to monitor service delivery, engage with mining companies and government. The IRMA processes have enhanced Unki Mine’s relationship with the community, through the community engagement forum which meets quarterly to discuss the company’s mining operations in the community.

Benefits of the Unki IRMA processes and audit to the Shurugwi Community

  • There is now great improvement in the relationship and trust between the company and the community.
  • There is now an active quarterly community engagement forum meeting where 2 people were selected from each of the surrounding villages to represent the community. The relationship is promoting access to information which is enshrined in Section 62 of the Constitution of Zimbabwe.
  • In addition to the Community Engagement Forum, there is an emergency and response Coordinator which includes village chairpersons.
  • The IRMA audit report is a source of information, assists in identifying gaps and strengths to improve our engagements with government through evidence gathering on mining operations and their impact on communities’ wellbeing, rights and the environment.
  • The IRMA audit reports assist us in carrying out our advocacy work and provides us with information to participate in national, regional and international dialogues such as Alternative Mining Indaba.
  • Unki mine funded 4 partners – Technoserve, World vision, Zvandiri and Apostolic Women Empowerment Trust (AWET) – to implement community development projects.
  • The company is capacitating women with knowledge on their health and empowering them to stand for their rights. It also encourages women in the apostolic sect to register and go for hospital deliveries.  In support, AWET also trains behavior change facilitators (BCFs) on safe motherhood.
  • Unki mine promoted hygiene in the community, building Double Blair Ventilated Improved Pit Latrines in ward 19 and part of ward 18 (now ward 4).
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RIA Conference Vancouver 2024RIA Conference Vancouver 2024Finance

IRMA at Responsible Investment Association

In May IRMA  presented at the annual conference of the Responsible Investment Association in Vancouver, British Columbia, Canada. Launched more than 30 years ago, the RIA’s vision is to align capital with sustainable and inclusive development as codified in the Paris Agreement and the UN Sustainable Development Goals. Today, the RIA today serves the needs of investment institutions, financial planners and industry service-suppliers collectively managing more than C$44 trillion in assets. The RIA serves as a secretariat for Climate Engagement Canada, a finance-led initiative to drive dialogue between finance and industry to promote a just transition to a net zero economy.

IRMA participated as part of the Critical Minerals and Mining: Balancing Net-Zero Ambitions with Social Responsibilities panel. IRMA board and secretariat members also hosted a side session to introduce IRMA to Vancouver-based colleagues, and to talk about the issues of climate, energy transition, materials needed from mining, Indigenous rights and the role investors serve.

Given Canada’s large support for mining and mine finance, Canadian investors have the potential to play a major role in encouraging mining companies to pursue the IRMA Standard. IRMA’s strategy includes an effort to engage the RIA and its institutional members.

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Mining Engagement with IRMA - March 2024Mining Engagement with IRMA - March 2024Mining

IRMA Mining Engagement – March 2024

As of March 2024, 82 mining companies are now engaged in IRMA representing 104 sites:

61 sites are self-assessing under the IRMA Standard (39 have made this public), the first step before an independent audit;

24 are piloting the draft IRMA exploration (IRMA Ready) or mineral processing standard self-assessments

19 are in the independent assessment system: 13 audits are underway (USA, South Africa, Senegal, Mozambique, Brazil, Chile, Argentina) and 6 completed audits have been published (Zimbabwe, Mexico, Chile)

They encompass 30 countries.

Details and maps of the mining sector’s engagement with IRMA are available here.

 

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Credit: Rainforest Foundation NorwayCredit: Rainforest Foundation NorwayFinance

Investors managing US$2.7T identify IRMA as ‘Key Initiative’

Thirty investment institutions with over US$2.7 trillion in assets under management have endorsed a statement calling for responsible mining practices in the nickel supply chains of the electric vehicle industry, with new signatories still joining after the initial February 20 launch.   

Led by the Dutch Association of Investors for Sustainable Development (VBDO) and Rainforest Foundation Norway, the statement uniquely specifies the Initiative for Responsible Mining Assurance (IRMA) as key to advancing responsible nickel mining

Consistent with the IRMA Standard, the statement calls for upstream suppliers to commit to the adoption of free, prior and informed consent (FPIC), independent third-party auditing, multi-stakeholder consultations, fair compensation to affected rights-holders, effective grievance procedures and a commitment to report publicly on the implementation of these actions. 

The list of signatories includes pension funds and asset managers well-recognized in the sustainable investing space including PGGM, Storebrand, and Triodos Investment Management.

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Unki on-site audit discussion. Credit: IRMAUnki on-site audit discussion. Credit: IRMAMining

Recording of the IRMA Deep Dive for Mining Companies

Thursday, December 14th, IRMA hosted a dedicated webinar for mining companies to learn more about the Initiative for Responsible Mining Assurance. It was simultaneously interpreted in Spanish, Russian, Portuguese, Indonesian, French, and Chinese.

Given our service to multiple sectors, we’re aware investors and companies who purchase mined materials are increasingly asking for mines to be independently assessed in IRMA system. Just as we seek to provide value to these sectors, as well as civil society, communities and labor unions, we’re equally committed to serving the mining sector.

The webinar was an open and candid discussion between representatives of mining companies that have been IRMA-audited, purchasing companies engaged in IRMA, and the key IRMA Secretariat staff who are dedicated to serving the mining sector. It highlighted the tools and training we’re developing to help mining companies better understand the standard and our assessment process. It also addressed common questions, hesitations, doubts and even frustrations, all with the aim of ensuring IRMA is responsive and useful to the mining sector.

The slides (English-only) are here. The webinars are available on our youtube channel and embedded below in Spanish, Russian, Portuguese, Indonesian, French, English and Chinese.

Spanish

Russian

Portuguese

Indonesian

French

English

Chinese

NOTE: At one point both interpreters talk simultaneously for a few minutes.

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Unki on-site audit discussion. Credit: IRMAUnki on-site audit discussion. Credit: IRMAMining

IRMA: a deep dive session for mining companies

On Thursday, December 14th, IRMA is hosting a dedicated webinar for mining companies to learn more about the Initiative for Responsible Mining Assurance.

Given our service to multiple sectors, we’re aware investors and companies who purchase mined materials are increasingly asking for mines to be independently assessed in IRMA system. Just as we seek to provide value to these sectors, as well as civil society, communities and labor unions, we’re equally committed to serving the mining sector.

This will be an open and candid discussion between mining company representatives, purchasing companies engaged in IRMA, and the key IRMA Secretariat staff who are dedicated to serving the mining sector. In particular, we’ll highlight the tools and training we’re developing to help mining companies better understand the standard and our assessment process.

We’ll also address common questions, hesitations, doubts and even frustrations, all with the aim of ensuring IRMA is responsive and useful to the mining sector.

Our draft agenda is as follows:

  • An introduction to IRMA, including addressing some of the most common questions we receive from mining companies
  • Short presentations from representatives from purchasing and finance, sharing their motivations for participating
  • Insights from mining companies who have undertaken third-party assessments, sharing their experience and learnings
  • A Q&A session with attendees

Register here for the session, taking place from 10:30AM – 12PM Eastern on December 14th. In case you’re not able to make this date, please register in any case, as a recording will be shared.

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