New global standard looms: PH miners weigh costs, compliance after years of TSM investment
Philippine mining companies are assessing the potential cost of a new global responsible-mining standard and whether years of investment in existing sustainability systems would carry over under any future shift.
The Chamber of Mines of the Philippines (COMP) will convene industry executives on Oct. 26 to discuss the Consolidated Mining Standard Initiative (CMSI), which aims to bring major existing sustainability frameworks under a common global standard.
“CMSI represents an important development in the evolution of responsible mining standards internationally. It seeks to bring together major existing industry sustainability frameworks and establish a more coherent global approach to responsible mining performance,” COMP chairman Michael Toledo said in an Oct. 5 letter to members.
“For Philippine mining companies, it is important to understand what this development could mean for us.”
At issue is how CMSI would treat investments already made under Towards Sustainable Mining (TSM), the framework currently used by COMP members.
Philippine miners completed their first full cycle of TSM external verification covering 2023 to 2025, while the protocols have recently been revised to better reflect local operating conditions.
The industry is seeking clarity on whether that work would be recognized under any future transition, as well as on CMSI’s governance and assurance requirements, mine-site reporting rules and treatment of different national regulatory and operating environments.
COMP is also assessing the potential impact on staffing, resources and other organizational requirements, and what the standard could mean for expectations from investors, international customers and financial institutions.
“We believe these are matters that merit the attention not only of sustainability professionals but also of company heads and senior management, given their potential strategic, operational and financial implications,” Toledo said.
COMP stressed that it has made no decision to replace TSM.
“At this stage, therefore, your Chamber is not approaching CMSI as a decision to transition from TSM,” Toledo said. “Rather, we believe that our members should have the opportunity to hear directly from MAC about CMSI, understand its potential implications, and assess what it could mean for their companies and for Philippine mining as a whole.”
Mining Association of Canada President Pierre Gratton will brief Philippine companies on CMSI’s direction, governance and implementation at the Manila meeting.
Source: Bilyonaryo