Standard-setting for Responsible Mining
The Initiative for Responsible Mining Assurance is aiming to set a new scheme of self-regulation as standard for Responsible Mining.
Targeting an industry-wide approach to improving and harmonizing social and environmental responsibility standards that could lead to vast improvement in the performance of the mining sector in a somewhat holistic manner but more so often puzzles commodity purchasers which mining firms to trust to be responsible.
Notable areas covered by the standard include on the environmental side, water quality and usage, waste management, noise and air pollution, biodiversity, and the use of toxic materials.
Social responsibility standards include human rights, labor terms, safety and emergency preparedness, community engagement, and issues of consent and heritage.
The standard involves a 60-day review and public comment period to incorporate feedback. Now the challenge lies in this new implementing body to maintain credibility across stake holder groups in honestly assessing and providing measures to environmental and social responsibility and translating that into financial and reputational value for mining companies. It is to serve the purpose of promoting environmentally and socially responsible mining.