World Gold Council moves to combat conflict gold

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Council releases draft of standards for mining and refineries.

The World Gold Council (WGC) announced June 17 that it had produced a draft of standards designed to combat conflict gold.

The draft standards may be viewed on the World Gold Council website and interested parties have been asked to provide their feedback on the draft by September 1.

Presently the WGC are testing them with the help of leading gold mining companies and refineries. A spokesman for the WGC, David Schraeder said of the standard: “There are two aspects. The Conflict-Free Gold Standard sets out a process through which companies can determine if the gold they are using fuels war and associated human rights abuses. If the metal is produced in a conflict zone, or the mine does not operate in a transparent and responsible manner, the standard will not certify the gold as “conflict-free,” he explained.

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“The [second] Chain of Custody Standard sets out a process through which companies can determine whether the gold they are using complies with the above standard. The standard outlines the documentation that should be provided as the metal changes hands from one party to the next, as well as the management system needed. We are reinforcing that our members are committed to the responsible production of gold,” Schraeder said.

To view the standards, follow this link: http://bit.ly/lwfveS

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