financial assurance

Today we began public consultation for the Draft Standard for Responsible Mining and Mineral Processing, and the Draft Chain of Custody Standard. Public consultation runs through 26 January 2024. For more information on how to comment, please click through to each standard.

The Draft Standard for Responsible Mining and Mineral Processing is an update of the 2018 IRMA Standard for Responsible Mining – the strongest voluntary mining standard in the world, and the only one equally governed by a multistakeholder coalition. The updated draft:

• Addresses the entire mining process: Mineral Exploration & Development, and Processing in addition to Mining.
• Adds new chapters on Gender Equality / Gender Protections; Physical Stability; Land and Soil
• Improves chapters on Financial Transparency and Anti-Corruption; Free, Prior, and Informed Consent (FPIC); and Indigenous Peoples
• Improves how the standard addresses specific topics including greenhouse gas emissions and energy; recycling materials and circularity; operational health & safety; responsible sourcing; human rights; cultural heritage

The new Chain of Custody Standard Draft is designed to provide baseline requirements for tracing material coming from any IRMA-audited mine through the downstream processing of minerals into products, all the way to the end consumer.

Transparently reviewing and updating IRMA Standards ensures they are accountable to all sectors, stakeholders and Indigenous rights holders, and allows for the incorporation of changes in best practice to provide a global responsible mining benchmark. We review every 5 years using the ISEAL Standard Setting Code of Good Practice as a reference.

To provide comment, IRMA is reaching out to a wide and diverse set of stakeholders and Indigenous rights holders, including affected local communities, workers and their unions, nonprofit organizations, mining and minerals processing companies, purchasing and investment companies, governments and international organizations, scientists and researchers. Anyone can provide input. Comments will be confidential on request. All comments will be considered carefully – a summary of comments and IRMA’s responses will be provided after the consultation period ends.