Freeport-McMoRan Inc. (FCX) announced the Copper Mark has been awarded to its first three sites: the Cerro Verde mine in Peru; the El Abra mine in Chile; and the Atlantic Copper smelter and refinery in Spain.
The Copper Mark is a new, comprehensive assurance framework that promotes responsible production practices and demonstrates the industry’s contribution to the United Nations Sustainable Development Goals. It is the first and only framework developed specifically for the copper industry and enables each site to demonstrate to customers, investors, final manufacturers and other stakeholders their responsible production performance.
FCX initially signed a letter of commitment in September 2020 to commence the application process for six of its operating sites, with the first three being awarded today. The company has plans to validate all of its operating sites against the Copper Mark requirements.
To receive the Copper Mark, copper producers must be assessed independently against a comprehensive set of environmental, social and governance (ESG) criteria on a site-by-site basis. The framework currently is focused on copper producers at the beginning of the supply chain, but it intends to include fabricators in the coming years with the goal of establishing a chain of custody for the entire supply chain.
The Copper Mark was originally founded and developed by the International Copper Association (ICA), of which FCX is a member, in conjunction with various stakeholders including financial institutions, commodities exchanges, Nongovernmental Organizations, Original Equipment Manufacturers, and copper fabricators. The Copper Mark now is an independent entity and builds on the advice of its multi-stakeholder advisory council.