Nonprofit organisation the Initiative for Responsible Mining Assurance (IRMA) and trade association the London Platinum and Palladium Market (LPPM) have announced a new, non-exclusive collaboration to advance responsible sourcing in the platinum group metals (PGM) value chain.

In a media release, the IRMA and the LPPM note that this partnership strengthens shared approaches to assurance and supports the mutual members of both organisations.

As two key entities focused on the responsible production of PGMs, the IRMA and the LPPM note that they are committed to best practices and to advancing transparent and effective systems that are responsive to the needs of mining-affected stakeholders and rights holders.

They explain that this collaboration comes at a time of increasing global scrutiny, regulatory requirements and rising stakeholder expectations for responsible mining and sourcing.

"The LPPM is delighted to have the opportunity to work with the IRMA, through the LPPM's Responsible Sourcing Committee," says LPPM chairperson John Cullen.

"We look forward to the collaboration yielding benefits for all our members and the entire PGM industry."

“Working with the LPPM illustrates the IRMA’s collaborative approach to improving mining practices,” adds IRMA executive director Aimee Boulanger.

“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, minimise environmental harm and leave positive legacies.”

The two organisations have prioritised three key areas of collaboration.

This includes 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; and exchanging knowledge to improve the companies approach to measuringperformance through audits that are trusted.