In October 2019, the London Metal Exchange (LME) finalized its requirements on responsible sourcing for Brands. Starting 2023, LME Brands must be compliant with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas (OECD Guidance).
To support Brands in this effort, The Copper Mark, the International Lead Association (ILA), the International Zinc Association (IZA) and the Nickel Institute signed an agreement to develop a joint, OECD-aligned, Due Diligence Standard. Compliance of Brands with this Due Diligence Standard will be assessed using The Copper Mark’s Assurance Process. The Due Diligence Standard will be accompanied by a joint tool helping Brands implement the LME responsible sourcing policy as well as shared training resources.
The four organizations recognize that many companies produce multiple metals. With this collaboration, the commodity associations expect to significantly reduce administrative burdens, minimize costs and provide a mechanism for Brands to meet LME requirements using a single framework.
Facilitated by The Copper Mark, a working group has been established to develop the joint Due Diligence Standard. The group also includes other interested commodity associations, multi-metal company representatives, along with OECD and LME. Through the working group, the commodity associations implement a clearly defined roadmap to ensure copper, lead, nickel and zinc brands will be able to rely on the shared framework to respond to the LME before June 2022. It includes four main phases:
- Phase 1 – 2019 / early 2020: Development of the roadmap and formation of the working group.
- Phase 2 – 2020: Development of the joint Due Diligence Standard and Tool.
- Phase 3 – Early 2021: Pilot implementation of the joint Due Diligence Standard.
- Phase 4 – 2021 / early 2022: Independent third-party OECD Alignment Assessment and application for approval by LME as Track A “OECD-aligned external standard”.
The four organizations are committed to ensure meaningful participation of interested stakeholders in this process. To this end, the development of the joint Due Diligence Standard will include a public consultation period in Phase 2.
For any questions on the joint Due Diligence Standard, please contact The Copper Mark at [email protected].
For any questions on the agreement, please contact: