The London Metal Exchange (LME) faces a lawsuit brought by campaigners on Thursday over the trading of “dirty metals,” whose mining they claim sparks environmental disasters in Indonesia.
The LME denies the allegations.
London Mining Network, comprising green and human rights campaigners, is filing the “landmark” legal action at the High Court along with NGO grouping Global Legal Action Network, a statement said.
Photo: Reuters
The pair “argue that, by enabling the global sale of ‘dirty metals,’ the exchange is in breach of UK anti-money laundering and proceeds of crime legislation.”
“If successful, this case will force the LME to revisit the rules under which it lists metal for trading on its exchange, the statement said.
“This in turn will force metal producers to adapt their mining practices if they want to keep being able to access this platform which is essential for them to reach customers and to sell their products,” it said.
The lawsuit highlights the LME’s trade in metals from the Grasberg mine in Papua, eastern Indonesia, which has had “environmentally devastating” consequences and harmed “indigenous communities.”
West Papuan community leader Adolfina Kuum said the “case is about our fight against those who profit from the destruction of our people’s rivers, our forests and way of life. Our communities are experiencing the life-threatening effects of mining, we have no choice but to take up this fight because if we remain silent who will speak for us?”
The lawsuit said forests and rivers were disappearing as a result of mining of “dirty metals.”
It said “sedimentation resulting from toxic mining waste is causing widespread health problems for the community,” and that heavy metal pollution was causing “skin diseases and other health conditions” in the community.
The global mining industry faces regular criticism over its environmental and social impact.
“The environmental harms in West Papua highlighted in this case are symptomatic of a deeper systemic problem across the world,” the statement said.
Global Legal Action Network said it has “identified similar problematic patterns with mining corporations operating in Brazil, Peru, Guinea and the Russian Federation to name only a few.”
The LME said that it would rebut what it describes as a “misconceived” lawsuit.
“Over and above its existing regulatory requirements, the LME’s brand-listing requirements reflect the international consensus on best practice in respect of ethical and sustainability issues,” it said.
The exchange added that it has “undertaken extensive discussion” with the industry regarding the inclusion of “further environmental requirements” in its listing regulations.
Hon Hai Precision Industry Co (鴻海精密) yesterday said that its research institute has launched its first advanced artificial intelligence (AI) large language model (LLM) using traditional Chinese, with technology assistance from Nvidia Corp. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), said the LLM, FoxBrain, is expected to improve its data analysis capabilities for smart manufacturing, and electric vehicle and smart city development. An LLM is a type of AI trained on vast amounts of text data and uses deep learning techniques, particularly neural networks, to process and generate language. They are essential for building and improving AI-powered servers. Nvidia provided assistance
GREAT SUCCESS: Republican Senator Todd Young expressed surprise at Trump’s comments and said he expects the administration to keep the program running US lawmakers who helped secure billions of dollars in subsidies for domestic semiconductor manufacturing rejected US President Donald Trump’s call to revoke the 2022 CHIPS and Science Act, signaling that any repeal effort in the US Congress would fall short. US Senate Minority Leader Chuck Schumer, who negotiated the law, on Wednesday said that Trump’s demand would fail, while a top Republican proponent, US Senator Todd Young, expressed surprise at the president’s comments and said he expects the administration to keep the program running. The CHIPS Act is “essential for America leading the world in tech, leading the world in AI [artificial
DOMESTIC SUPPLY: The probe comes as Donald Trump has called for the repeal of the US$52.7 billion CHIPS and Science Act, which the US Congress passed in 2022 The Office of the US Trade Representative is to hold a hearing tomorrow into older Chinese-made “legacy” semiconductors that could heap more US tariffs on chips from China that power everyday goods from cars to washing machines to telecoms equipment. The probe, which began during former US president Joe Biden’s tenure in December last year, aims to protect US and other semiconductor producers from China’s massive state-driven buildup of domestic chip supply. A 50 percent US tariff on Chinese semiconductors began on Jan. 1. Legacy chips use older manufacturing processes introduced more than a decade ago and are often far simpler than
Gasoline and diesel prices this week are to decrease NT$0.5 and NT$1 per liter respectively as international crude prices continued to fall last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$27.9 per liter at CPC stations and NT$27.7 at Formosa pumps, the companies said in separate statements. Global crude oil prices dropped last week after the eight OPEC+ members said they would
RSS