Beyond Traceability: Leveraging Opportunities and Innovation in Chain of Custody Standards for the Mining Industry

Organisations are increasingly adopting the Chain of Custody (CoC) standards in the mining industry to enhance the traceability of minerals. It ensures that the minerals they have received are from credible sources and accompanied by verifiable information. However, unlikeother industries such as timber, where the effectiveness and benefits of CoC standards are mainly explored, this study subtly shifts the focus towards identifying strategic opportunities and innovation areas within the CoC standards that could extend beyond traceability. Four CoC standards were selected, and their provisions examined. It was found that implementing these requirements could not only enhance transparency but also support broader sustainability goals across the entire value chain. The study also identifies several challenges that could act as barriers to the CoC system, and these are seen as opportunities for innovative approaches to enhance the effectiveness of the standards. These are labelled as transformative innovation areas, and while they do include blockchains and analytical proof of origin technologies, this study also seeks to advocate for solutions that are more pragmatic and scalable. By identifying opportunities and areas of innovation, the findings will help improve the practical implementation of the standards and suggest areas for future evaluations of effectiveness that could consider aspects beyond traceability, such as sustainability and transparency.