Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Chicago-based registry and platform Orbex, together with partner OASIS Open, a non-profit standards body that standardized original XML code, announced Tuesday that OASIS Open’s universal business language (UBL) commodities sub-committee has established a new charter dedicated to streamlining emissions data for compliance reporting of commodities and products, including metals.
The initiative, the companies said, marks a significant step toward standardizing how emissions data is aggregated and reported, enhancing resource efficiency in the critical materials sectors.
They said the UBL commodities SC on emissions data aims to address the growing need for data interoperability assuring digital product passports (DPP) can be seamlessly integrated into the procurement processes, capturing environmental attributes of the commodities used in a product, and allowing for automated evaluation and reporting.
The companies said key to the initiative are data standardization — developing and promoting standardized methodologies for collecting, analyzing and reporting emissions data for commodities and end products; and facilitating partnerships among industry stakeholders, including commodity producers, manufacturers, recyclers, policymakers and research institutions, to drive innovation in circularity.
They also plan to advocate for policies that support energy transition, circular economy initiatives, encouraging governments and regulatory bodies to adopt and implement sustainable practices in the commodity sectors.
The technology integration, Orbex said, will promote the use of blockchain and IoT to enhance traceability and transparency in the commodity supply chain.
Last year, Orbex and SA Recycling which has 125 locations — the largest network of scrap metal facilities in the United States — and is one of the world’s largest recyclers first partnered to launch the world’s first marketplace for globally recognized authenticated recycled metals.
As UBL is a standard library of XML-based business documents an XML data interchange format that is native to most large ERP systems like SAP, Oracle and IBM’s Sterling, and aims to provide a universally understood and recognized standard for business communication, Orbex CEO Thomas Buchar told MINING.COM the new emissions reporting standard can help in promoting transparency and accountability in the mining industry and provide stakeholders with reliable data on sourcing and environmental impact.
“Orbex’s new platform can help the mining industry enhance transparency and accountability by providing detailed information on the source of materials and quantifying emissions per unit of product,” Buchar said in an emailed statement.
“This data supports regulatory compliance, improves sustainability reporting, and can attract ESG-focused investors by demonstrating a commitment to ethical and environmental standards … and the general public by showcasing a company’s dedication to responsible mining practices,” he said.
