In Brief: London Metal Exchange sued over ‘dirty metals’ trade; SFDR review seen as lacking co-ordination

The latest ESG policy and regulatory news

The London Metal Exchange is facing a lawsuit in the UK High Court for its alleged involvement in enabling the trade of “dirty metals”. The case, filed by non-profits the Global Legal Action Network and the London Mining Network, alleges that metals traded on the LME are the proceeds of environmental crimes taking place in the Grasberg mine in Indonesia’s West Papua province. The non-profits argue that the policies set by the LME “do nothing” to prevent these metals being traded on its exchange. The claimants add that the toxic waste derived from the mining activities is being dumped into local rivers, leading to health issues in the indigenous communities that rely on these water ways.