08.02.24: Global Legal Action Network (GLAN), with co-claimant the London Mining Network, have today filed a landmark legal action at the UK High Court against the London Metal Exchange (LME or Exchange). They 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.
The case details the LME’s trading of metal from environmentally devasting Grasberg Mine mine in West Papua, Indonesia. If successful, this case will force the LME to revisit the rules under which it lists metal for trading on its Exchange. 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; in sum: to access capital. In this case specifically, the mine’s American and Indonesian operators would have to cease exploitative mining practices which harm the environment and indigenous communities if they want their products to remain listed on the Exchange.
Read the full press release here: Press Release, London Exchange to be taken to High Court for trading in dirty metals in unprecedented legal action, Feb 2024
