"Investor Brief: Indigenous Peoples and the Consolidated Mining Standard Initiative", May 2025

The Investor Brief, published by the Tallgrass Institute Center for Indigenous Economic Stewardship, critically evaluates the proposed Consolidated Mining Standards Initiative (CMSI) and its effectiveness in safeguarding Indigenous Peoples' rights. The brief highlights significant shortcomings, including the lack of mandatory Free, Prior, and Informed Consent (FPIC), weak governance, and insufficient mechanisms for meaningful Indigenous participation and protection across performance areas. These gaps pose substantial legal, financial, and reputational risks for investors relying on the CMSI as a responsible mining benchmark.

The brief emphasizes that, in its current form, the CMSI falls short of international standards such as IRMA, IFC PS7, OECD Due Diligence Guidance, and UNGPs. Without substantial reforms that embed enforceable protections for Indigenous communities, reliance on the CMSI could reinforce industry accountability weaknesses and expose investors to human rights violations and related legal and market risks.

As such, the Tallgrass Institute recommend investors on the CMSI to:

1. Embedding FPIC as non-negotiable criteria – FPIC should be required at the “Foundational” level, not an aspirational or procedural step.
2. Ensuring Indigenous Peoples’ Rights are integrated across all Performance Areas – Companies should be required to assess impacts on Indigenous culture, livelihoods, and governance in all relevant areas.
3. Strengthening land tenure protections – CMSI must require explicit recognition of Indigenous land rights, including customary tenure systems.
4. Implementing meaningful Indigenous Peoples participation in governance – CMSI should integrate a more equitable governance model, ensuring dedicated Indigenous Peoples’ seats on decision-making bodies.
5. Mandating transparent, culturally sensitive assurance processes – Assurance providers should be required to conduct on-the-ground consultations to identify and interview affected Indigenous Peoples and provide clear, evidence-based compliance reports.

The full briefing can be accessed here.