WGC Launches Conflict Free Gold Standard

140 95 Rapaport News

RAPAPORT… The World Gold Council (WGC)  published its Conflict-Free Gold Standard to combat the ‎potential misuse of mined gold to fund armed conflict. ‎

WGC stressed that the standard is an industry-led initiative developed by its member ‎companies, comprised of the world’s leading gold producers and with extensive input from ‎governments, civil society and supply chain participants. ‎

The group explained that the standard aims to promote responsible mining practices ‎throughout the gold mining industry and is available for use by any party involved in the ‎extraction of gold.‎

‎Responsible  gold mining can play an important role in contributing to ‎sustainable development and alleviate  poverty in many of the world’s developing ‎countries, according to WGC. The direct and indirect economic ‎contribution of professional gold mining creates new possibilities for these nations, their ‎communities and individuals, too, however, when there is armed conflict, even the best ‎managed operation will need to ensure that both the gold it ‎produces and its broader activities do not contribute to the conflict, the group stated. ‎

WGC noted that if a company can demonstrate that it is operating in a conflict- ‎or high-risk area and is not supporting unlawful armed conflict, it ‎should be encouraged to continue its operations. Furthermore, the closure or suspension ‎of a major source of employment and government revenue may increase the crisis, ‎WGC added.‎

WGC expects that gold produced to these standards will provide ‎confidence that it has been extracted in a manner that does not contribute to  human rights abuses or breaches of ‎international humanitarian law. ‎ Conformance to the standard will be subject to external assurance, the group noted.‎

Links to the WGC Conflict-Free Gold Standard can be found here.

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