Responsible sourcing standard recognised
A new standard that supports responsible sourcing of lead and other metals has been conditionally approved by the London Metals Exchange (LME).
The joint due diligence standard helps producers of metals traded on the LME demonstrate compliance with the Exchange’s responsible sourcing requirements.
ILA’s Dr Steve Binks, Director of Regulatory Affairs, welcomed the move. He said: “We are delighted that the LME has recognised the joint due diligence standard. This is a significant milestone and will help lead metal producing facilities demonstrate that they are meeting internationally recognised standards for responsible sourcing.”
The standard allows sites to be assessed by either the Copper Mark Assurance Process or the Responsible Minerals Assurance Process. It is accompanied by a due diligence tool helping brands implement the LME responsible sourcing policy as well as shared training resources – including frequently asked questions, and animated training modules available to support implementation. The Standard is available in English, Spanish, Chinese, Japanese, Russian.
The decision by the LME to recognize the joint due diligence standard is a testament to the robust framework established by the standard and is a product of the extensive and valuable collaboration between the ILA, Copper Mark, the International Zinc Association, the Nickel Institute and the Responsible Minerals Initiative.