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Stakeholder Newsletter: November 2023

28 November 2023

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Folks,

In just a week, like many of you, our ICMM team will be heading to COP28. Frankly, I can’t help but feel a sense of complicity in being part of a system that has fallen so short of meeting the goals of the Paris Agreement. Clearly, we – and ICMM first and foremost - must think differently about the future.

In this critical moment, every sector holds the responsibility to understand its role in the broader system. We must go beyond immediate boundaries to unearth solutions to stubborn sources of emissions. In a recent piece for the World Economic Forum, I emphasised the part mining and metals must play – as the base products in almost every industry – to help our customers and suppliers decarbonise while achieve net zero Scope 1 and 2 emissions. But we have to go further, especially as the demand for minerals and metals is set to soar. We must increase transparency and collaboration across our value chains to reduce Scope 3 emissions. This is a message that I will be sharing with all who will listen in the halls of Expo City Dubai. Find out about where we’ll be at COP28 here.

Today I’m also pleased to share a critically important journey we’ve started with the Copper Mark, Mining Association of Canada and World Gold Council. Together, we are working towards consolidating our individual voluntary responsible mining standards into a single global responsible mining standard, and multi-stakeholder oversight system.

At ICMM, our overarching objective is to help raise the standards of responsible mining, represented by our Mining Principles. As a requirement of membership, these Principles, and their accompanying site-based Performance Expectations have instigated significant positive change across our membership and many others beyond.

Sustaining and expanding this positive change is imperative, reaching every corner of the global mining industry to cultivate a safe, just and sustainable world enabled by responsibly produced metals and minerals. Key to this is having a multi-stakeholder governed standard for responsible mining that drives continuous improvement at scale. I look forward to sharing more about this work in the coming months.

If you will be at COP28, please reach out!

Warmly,
Ro


Features

ICMM publishes new resource to advance water stewardship in the mining and metals sector 

ICMM has published a Water Stewardship Maturity Framework, a practical tool designed to help mining and metals companies enhance their stewardship of shared water resources in ways that are socially equitable, environmentally sustainable and economically beneficial. 

Martin Preece, Interim CEO of Gold Fields, said: “ICMM’s Water Stewardship Maturity Framework will help companies like ours to advance sustainable water management. Water Stewardship is one of our six key ESG priorities, as water is a critical resource we share with our host communities and host countries. The self-assessment and verification process carried out by all our mines, gives us the confidence that we are managing water responsibly and helps us build trust with our stakeholders, particularly host communities.” 

Read more here.

Collaboration underway to develop consolidated standard for responsible mining   

The Copper Mark, Mining Association of Canada, ICMM and the World Gold Council are working towards consolidating their individual voluntary responsible mining and metals standards into a single global responsible mining standard and multi-stakeholder oversight system.  

This collaboration responds to feedback from investors, civil society, customers, policy makers and mining companies for a less crowded and complex standards landscape, that is more transparent, robust and encourages wider industry participation to drive impact at scale.

Read more here.

Why contract transparency is so important in the rush to secure critical minerals 

To meet demand for the minerals critical to the clean energy transition, the world requires an acceleration in mining developments and increased production; however, this runs the risk of contracts between companies and host countries being hastily agreed on, and vulnerable to corruption or other illegality.  

The critical metals rush is no excuse for a drop in standards, which starts with mineral resource governance. Written by ICMM and EITI, this paper seeks to sure up expectations of a responsible industry by setting out both organisations’ commitments around contract transparency, the benefits and challenges it presents, and considerations for good practice. 

Read more here.

Why tackling scope 3 emissions will help win the climate change war 

“On average, scope 3 emissions – which cover those outside a company’s direct operational control –represent 75% of a company’s emissions profile. A far better approach to reduce such emissions would be for every company in the product’s value chain that needs to be decarbonized to work together.” 

Read Rohitesh Dhawan’s article in the World Economic Forum’s Agenda on why tackling scope 3 emissions makes climate and business sense. Read it here.

The story of modern mining in Chile 

Following a trip to Chile to visit ICMM members Antofagasta Minerals and Teck Resources, ICMM CEO Rohitesh Dhawan wrote in El Mercurio about the once-in-a-generation opportunity for people and the planet to prosper through responsibly produced metals and minerals, and how Chile can play a central role in the transition to a low carbon future. 

Ro follows this up with a more personal reflection about how pisco sours, palm trees and baby toys are an unlikely trinity in showcasing mining with principles, but they tell the story of modern mining in Chile and hold important lessons for the future of our industry everywhere here


Upcoming Events

Resourcing Tomorrow 
London, U.K. • 28 – 30 November  

The ICMM team will be speaking at Resourcing Tomorrow, with Ro Dhawan participating in keynote panels on building trust in our sector and securing mining’s future workforce, Hayley Zipp discussing whether mining can be a defender of the natural environment, and Aidan Davy discussing the latest updates on the Global Industry Standards on Tailings Management. Register here

COP28 
Dubai, UAE • 30 – 12 December 

ICMM will be at COP28 in Dubai, taking part in the many vital conversation on how we can effectively tackle the global challenge of climate change. Will you be there? Let us know by replying to this email or get involved here

COP28: UNCTAD & Government of UAE’s Trade Day  
Blue Zone • 4 December

For Trade Day, Ro will be speaking at the UNCTAD and the UAE hosted session on how trade policies can enable an international trade and investment environment that will help to secure energy transition-related value chains while increasing mineral-rich countries' benefits by and create socio-economic development opportunities.

COP28: Climate Action’s Sustainable Innovation Forum
Climate Action Innovation Zone • 4 December

Ro will be speaking at this session on ‘Harnessing Critical Minerals’, tackling questions around strategies and challenges around securing critical minerals to avoid supply challenges in the clean energy transition.

COP28: Future Minerals Forum’s Minerals in the Energy Transition
Blue Zone • 5 December

Ro will be speaking on the role of minerals in the energy transition in the Middle East.

COP28: Citizens Corporation’s Future Mobility Hub
DMCC • 5 December

John Lindberg will be speaking at the Citizens Corporation ‘Future Mobility Hub’ on promoting partnerships among professionals from different industries, with the aim of shaping the future of transportation and mobility in a sustainable and innovative ways.

COP28: Extractive Industries Transparency Initiative (EITI) and Government of Philippines’ Sustainable mineral supplies for the energy transition: why responsible mining matters
Blue Zone • 6 December

Ro will be speaking at this session on the growing awareness that the transition to net-zero requires and the implications for local communities and other stakeholders in minerals-producing countries.

COP28: World Gold Council @ World Climate Foundation’s gold and climate change workshop: what is a critical mineral?
Conrad Dubai • 8 December

Christian Spano will be participating at a workshop on transparency in the gold industry and the important role of gold in sustainability.

Find out information about all of the events the ICMM team is participating in at COP28 here.


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