The World Gold Council, the market development organisation for the gold industry, has announced the launch of its Responsible Gold Mining Principles. The Principles are a framework that set out clear expectations for consumers, investors and the downstream gold supply chain as to what constitutes responsible gold mining. The World Gold Council, working with its Members, the world’s leading gold mining companies, has set out the Principles that it believes address key environmental, social and governance issues for the gold mining sector.
It is the World Gold Council’s aim that the Responsible Gold Mining Principles will become a credible and widely recognised framework through which gold mining companies can provide confidence that their gold has been produced responsibly. The World Gold Council recognises that ESG considerations are becoming increasingly important to consumers.
The Responsible Gold Mining Principles are intended to recognise and consolidate existing standards and instruments under a single framework.
Companies implementing the Responsible Gold Mining Principles will be required to obtain external assurance from a third party, independent assurance provider. This will provide further confidence to purchasers of gold that the gold they buy is responsibly mined and sourced.
Gary Goldberg, CEO of Newmont Goldcorp, who oversaw this initiative on behalf of the Board of the World Gold Council, said: “Adherence to strong Environmental, Social and Governance principles should be a key part of any responsible gold mining business and, as such, the Members of the World Gold Council have collaborated, along with key industry stakeholders, to develop the Responsible Gold Mining Principles. Given the Members’ sustained focus on improving ESG performance, the formalisation of the Responsible Gold Mining Principles is a natural evolution of our daily working practices. It is my hope that these Principles will be widely adopted, not only by Member companies, but by the industry more broadly.”
Terry Heymann, Chief Financial Officer of the World Gold Council, said: “It is our aim that the Responsible Gold Mining Principles reinforce trust in gold and the gold mining industry. Consumers, investors and the downstream gold supply chain will be able to know, with confidence, that their gold has been responsibly sourced. The Principles incorporate feedback from more than 200 organisations and individuals over two rounds of consultation and are designed to support the efficient operation of the gold market.”
The Principles can be accessed : https://www.gold.org/about-gold/gold-supply/responsible-gold/responsible-gold-mining-principles
About World Gold Council
The World Gold Council is the market development organisation for the gold industry. Its purpose is to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market.
It is a unique organisation that delivers tangible benefits to the gold industry and is an active force within the market, working with a large and diverse set of partners to create access, drive innovation and stimulate demand, while providing a collective voice for its members. The organization provides insights into the international gold markets, helping people understand the investment qualities of gold and its role in meeting the social and environmental needs of society.
The gold market has undergone significant change over the past two decades, becoming larger, stronger and more widely understood. The World Gold Council has been a key player in many of the initiatives that have driven that change, such as the liberalisation of the gold market in China and the rapid rise of demand in the East. The organization has also increased recognition of gold as a financial asset across a wide spectrum of market segments, supported by physically-backed gold product innovations.
The World Gold Council has broad experience and deep knowledge of the factors driving market change. This allows it to operate with insight and act with authority in seeking to resolve industry issues, create pro-gold policies and raise standards across the industry. It concentrates on delivering structural change that has long-term impact and are at scale.