The Fairmined Initiative has made significant progress in promoting responsible gold mining and sourcing. Recently, the initiative launched a pilot model to support responsible mining: the ‘Fairmined credits’, to expand support for certified mines. On April 24, the model was presented for the first time at a high-profile session at the Organization for Economic Co-operation and Development (OECD) Forum on Responsible Mineral Supply Chains 2023.
La Gabriela Mining organization team – benefited from the Fairmined credits model.
A MODEL FOR ALL STAKEHOLDERS IN THE GOLD INDUSTRY
For the pilot, Fairmined partnered with Fairphone, a renowned manufacturer of sustainable electronics. Fairmined credits allow companies to support responsible gold production regardless of their sourcing practices. Each credit represents one gram of certified gold produced under the strict social and environmental requirements of the Fairmined standard and guarantees miners the Fairmined premium, essential to move forward.
With the purchase of Fairmined credits, Fairphone pays miners a reward of USD 4 per credit, supporting their commitment to responsible gold production and contributing to the development of mining communities. With the first pilot, Fairphone was able to pay a prize of almost 20,000 USD to the La Gabriela mining organization, in Colombia, allowing them to carry on their responsible mining improvement program.
The Fairmined credits’ first collaboration with Fairphone has demonstrated the feasibility of engaging new players in the gold industry to contribute to the transformation of the artisanal and small-scale mining (ASM) sector. The successful implementation of Fairmined credits not only helps to incentivize responsible ASM gold production, but also facilitates the professionalization of small-scale mining operations.
Alliance for Responsible Mining team
A FLEXIBLE MODEL FOR A POSITIVE IMPACT
The Alliance for Responsible Mining (ARM), the organization behind the Fairmined label, was invited to participate in a session at the OECD: “ASM Gold and Cobalt Mineral Credit Systems: Driving Responsible Sourcing”.
The session allowed the participants to talk about new solutions to support ASM in those cases where the creation of traceable supply chains is impossible or ineffective and also to explore ways to integrate companies at the end of the chain in the transformation of the sector. This space brought together all the actors of this new model, paralleling the experience of miners and companies, as well as the vision of NGOs that promote changes in the sector.
ARM showcased its innovative approach to promoting responsible mining practices and demonstrated how Fairmined credits facilitate economic, social and environmental impact within mining communities. ARM’s participation in the OECD session highlighted its role as a leader in driving positive change in the gold industry. The panel was enriched by interventions from the certified Fairmined La Gabriela mine, Fairphone, The Impact Facility and FCA cooperative.
The Fairmined credit pilot with Fairphone and its participation in the OECD session are part of the agenda of the Alliance for Responsible Mining in its task as a catalyst for change in the artisanal and small-scale mining (ASM) sector. Its innovative Fairmined credit model provides a flexible and effective way for companies to support responsible gold production and positive impact on communities within the framework of the SDGs of the 2030 agenda. ARM continues to lead change in the mining sector, paving the way for a more sustainable and ethical future.
Are you interested in knowing more? write to us at info@fairmined.org
