London Platinum and Palladium Market and the Initiative for Responsible Mining Assurance Increasing Value for More Responsible Business Practices
Oct 27 – The Initiative for Responsible Mining Assurance (IRMA) and the London Platinum and Palladium Market (LPPM) announced a new, non-exclusive collaboration to advance responsible sourcing in the platinum group metals (PGM) value chain. This partnership strengthens shared approaches to assurance and supports the mutual members of both organizations.
As two key entities focused on the responsible production of PGMs, IRMA and LPPM are committed to best practices and to advancing transparent and effective systems that are responsive to the needs of mining-affected stakeholders and rightsholders. This collaboration comes at a time of increasing global scrutiny, regulatory requirements, and rising stakeholder expectations for responsible mining and sourcing.
“The London Platinum and Palladium Market is delighted to have the opportunity to work with the Initiative for Responsible Mining Assurance, through the LPPM’s Responsible Sourcing Committee,” said John Cullen, Chair of the LPPM. “We look forward to the collaboration yielding benefits for all our members and the entire PGM Industry.”
“Working with LPPM illustrates IRMA’s collaborative approach to improving mining practices,” said Aimee Boulanger, IRMA Executive Director. “Learning from each other will help us achieve our vision to increase value for the efforts of mining companies who respect the human rights of affected communities, provide healthy and supportive workplaces, minimize environmental harm, and leave positive legacies.”
The two organizations have prioritized three key areas of collaboration:
- Maintaining a regular, constructive dialogue on the metrics for best practices that drive more responsible mining practices
- Jointly listening to member needs, seeking to support and bring reputational and financial value to companies improving practices
- Exchanging knowledge to improve the approach of how we measure performance through audits that are trusted
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LPPM is a trade association that oversees and promotes the trading of platinum and palladium in London, with a primary focus on market quality and the responsible sourcing of PGMs. IRMA is a non-profit that works to better protect communities and the environment by creating financial value for mine sites whose performance is independently and transparently audited against the IRMA Standard for Responsible Mining.