All 33 World Gold Council members committed to publishing the names and locations of their refining partners on an annual basis, therefore providing transparency in the gold supply chain.
On Wednesday, the council made an announcement that all of its member companies will publicly disclose information about their operations primarily generating revenue from gold production.
All members have also pledged to participate in the Gold Bar Integrity (GBI) program, sharing essential production data regarding the gold they have produced with their refining partners in a confidential manner. This proactive approach ensures that gold is integrated into the GBI program right from its source, marking a significant advancement in the digitization of the gold supply chain.
The program is an initiative aimed at ensuring transparency and ethical practices within the gold supply chain. It serves as a digital ledger where gold producers confidentially provide core data on the gold they have produced to their refining partners. This data is shared “at source,” meaning it originates directly from the point of production.
GBI’s primary purpose is to establish a robust and verifiable record of responsibly mined gold, promoting ethical sourcing and responsible mining practices.
By digitizing this critical information and making it accessible, GBI enhances the traceability of gold throughout the supply chain, providing assurance to stakeholders, investors and customers that the gold they are associated with or investing in adheres to ethical and sustainable standards.
“Pursuing enhanced supply chain transparency is good for the companies who produce, the communities who benefit from employment, training and skills and investors and consumers, who can be assured their gold has been responsibly produced and responsibly traded,” said David Tait, CEO of the World Gold Council.
“The responsible gold mining industry should be rightly proud of the positive impact they have on the communities and countries where gold is mined.”
Initiative establishes reliable ledger of responsibly sourced gold
This initiative will establish a reliable and auditable ledger of responsibly sourced gold within the gold industry. This, in turn, will open up substantial avenues for innovation in new product development and enhance gold’s appeal as a trusted asset class for both existing and prospective investors and customers.
In 2012 the World Gold Council established the Conflict-Free Gold Standard, a framework that empowers gold producers to provide assurance that their activities do not contribute to unlawful armed conflicts. Despite this achievement, the council and its member organizations remain committed to advancing transparency in the gold industry.
Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), with operations in Nevada, Nicaragua and Washington, has been a member of the world gold council. As a member the company must follow the Responsible Gold Mining Principles (RGMPs) set by the World Gold Council (WGC).
These principles define what responsible gold mining should entail and cover environmental, social and governance aspects as a commitment to ethical and sustainable practices in the industry.
A few other members of the council include Barrick Gold (TSX: ABX) (NYSE: GOLD), Agnico-Eagle Mines Limited (TSX: AEM) (NYSE: AEM), Kinross Gold Corporation (TSX: K) and Newmont Corporation (TSX: NEM) (NYSE: NGT).
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