World Gold Council launches responsible mining framework
The World Gold Council has launched the Responsible Gold Mining Principles, a framework that set out clear expectations for consumers, investors and the downstream gold supply chain as to what constitutes responsible gold mining.
The principles recognise that environmental, social and governance issues are becoming increasingly important to consumers, and therefore aim to 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.
“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 environmental, social and governance 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,” Gary Goldberg, CEO of Newmont Goldcorp, who oversaw this initiative on behalf of the Board of the World Gold Council, said:
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.”