The World Gold Council, whose members comprise the world’s leading gold mining companies, today unveils its “Exposure Draft” of the Conflict-Free Gold Standard. The objective of the Standard is to create absolute trust that the gold produced under its guidelines neither fuels armed conflict, nor funds armed groups, nor contributes to human rights abuses associated with these conflicts.
The Standard has been developed in close collaboration with World Gold Council members, who have approved and agreed this “Exposure Draft” and are committed to implementing the final Standard once available. This reinforces our Members’ commitment to the development of a truly sustainable gold mining industry.
The World Gold Council received input from a wide range of stakeholders including: NGOs, Governments, investors, media and academics, following the publication of a first draft in June 2011. The “Exposure Draft”, issued today, allows for further comment from interested parties before the final version is published. Consequently, we are requesting further input from interested parties by 30th June
2012.
Implementation of the standard must be capable of being audited by external assurance providers and the World Gold Council and its Members will continue to work to ensure that it complements and integrates with other industry frameworks.
The Standard is underpinned by a declaration of principles which include commitments to certain behaviours such as respecting human rights and ensuring payments are not made, directly or indirectly, to illegal armed groups.
Ian Telfer, Chairman of the World Gold Council and Goldcorp commented, “Responsible gold mining is an important contributor to both economic growth and social development in gold-producing countries. We believe that, where it is responsibly undertaken, gold mining and its related activities can play a crucial role in achieving sustainable development and alleviating poverty in developing countries as well as contributing to sustained economic growth in developed countries.”
Pierre Lassonde, Chairman of Franco-Nevada Corporation and the World Gold Council Board Member responsible for leading the development of the Standard, continued, “I’ve been proud to lead the development of the Conflict-Free Gold Standard. The supply chain for gold is highly complex, and this Standard represents a major step forward towards eradicating gold that fuels conflict from the legitimate
supply chain. It is essential that we combat any misuse of gold. This has been the driving force of this Standard which will apply to conflict-affected areas globally. Our Members are committed to implementing the Standard, following the formalisation of the Exposure Draft, throughout their businesses.”
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