London Metal Exchange Recognizes RMIs All Minerals Standard

About RMI

The Responsible Business Alliance’s (RBA) Responsible Minerals Initiative (RMI) is an essential resource for companies whose objective is to source minerals ethically from regions affected by conflict or high-risk areas. RMI provides companies with the necessary tools to comply with regulations while ensuring that the minerals used in their products are responsibly sourced. By supporting the RMI, companies can contribute to the global effort towards promoting ethical and sustainable practices in the mineral industry.

Global Responsible Sourcing Due Diligence Standard for Mineral Supply Chains – All Minerals

The Responsible Minerals Initiative (RMI) introduced a new standard “The Global Responsible Sourcing Due Diligence Standard for Mineral Supply Chains — All Minerals” in 2021 focused on restructuring its approach to due diligence. The new standard is aligned with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas and together with RMI’s Responsible Minerals Assurance Process (RMAP) helps organizations conform with the:

1. EU’s Conflict Minerals Regulation.
2. EU’s Battery Regulation.

The London Metal Exchange (LME) recognized the standard by April 2023 as the global centre for industrial metals trading.

Scope of All Minerals Supply Chain Due Diligence

• Companies: Businesses that meet the criteria for a processor, integrated processing, mining operation, upstream trader, or exporter fall under the scope of this All-Minerals Supply Chain Due Diligence. However, Artisanal and Small-scale Mining (ASM) entities are not eligible for these standards.
• Minerals and materials: During the assessment period, all covered minerals and materials processed by in-scope companies, regardless of their origin, location, or type, are included. Covered minerals include mined ores, metals, intermediates of any mineral except tin, tantalum, tungsten, cobalt, mica, and their intermediates, industrial metals, minor metals, and precious group metals.

Critical factors to a successful all minerals supply chain due diligence

• 1. It is crucial for organizations to develop a strong and effective supply chain management system.
• 2. Identify and evaluate risks associated with upstream mineral activities such as extraction, trading, handling, and export.
• 3. Design and implement a strategy to address the possible risks that have been identified like identifying a point of contact for reporting risk findings, adopting a risk management plan, etc.
• 4. It is recommended to conduct audits of due diligence practices using independent third-party services.
• 5. Generate an annual report to present the results of the supply chain assessment.

For detailed information on this latest LME-recognized All Mineral Supply Chain Due Diligence Standard, click here.