Gold loses some luster after Trump’s decisive win
Gold’s slide is a marked turnaround for a commodity that had surged by more than 30% in the year leading up to the US vote.
Mining associations, whose members or participants include almost 100 companies, have launched a 60-day public consultation on a program aimed at providing a consolidated standard for the sector’s environment, social issues and governance (ESG).
Companies around the globe have been under increasing pressure from shareholders and consumers to meet stricter ESG standards. Other groups that set environmental and social standards include the Initiative for Responsible Mining Assurance.
The new program, called the Consolidated Mining Standard Initiative, aims to simplify the current mining standards, making them applicable to any production facility committed to ESG, and bring together a wider range of mining companies, its developers said in a statement.
The program is led among others by the Copper Mark, a voluntary global program created in 2019 in line with the United Nations Sustainable Development Goals to promote responsible practices in the copper, molybdenum, nickel and zinc production chains.
It also includes the Mining Association of Canada and the International Council on Mining and Metals, whose members are major metals and mining groups, and the World Gold Council, an industry body grouping global gold miners.
Once finalized, the standard is expected to be used by members of these three associations and participants of the Copper Mark for responsible production, sourcing and recycling of metals.
“This broad adoption would give the Standard the widest coverage of any voluntary mining standard to date with implementation anticipated to include almost 100 mining companies across approximately 600 operations in around 60 countries,” the statement said.
The Copper Mark, according to the statement, will evolve into an independent entity overseeing maintenance of the program subject to the first consultation, running until Dec. 16, and another shorter consultation in 2025.
(By Polina Devitt; Editing by Paul Simao)
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