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World Gold Council launches Responsible Gold Mining Principles

The World Gold Council, the market development organisation for the gold industry, has launched its Responsible Gold Mining Principles.

The principles are a framework that set out clear expectations for consumers, investors and the downstream supply chain as to what constitutes responsible gold mining.

The Council, working with its Members, the world’s leading mining companies, has set out the Principles that it believes address key environmental, social and governance issues for the mining sector.

It is the Council’s aim that the Principles will become a credible and widely recognised framework through which gold mining companies can provide confidence that their product has been produced responsibly.

The Council recognises that ESG considerations are becoming increasingly important to consumers.

The Principles are intended to recognise and consolidate existing standards and instruments under a single framework.

Companies implementing the Principles will be required to obtain external assurance from a third party, independent assurance provider.

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This will provide further confidence to purchasers of the commodity that the product they buy is responsibly mined and sourced.

Gary Goldberg, CEO of Newmont Goldcorp, who oversaw this initiative on behalf of the Board of the Council, says:

“Adherence to strong Environmental, Social and Governance principles should be a key part of any responsible mining business and, as such, the Members of the council have collaborated, along with key industry stakeholders, to develop the Principles.

“Given the Members’ sustained focus on improving ESG performance, the formalisation of the 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.”

The principles can be accessed here

Terry Heymann, CFO of the Council, says:

“It is our aim that the Principles reinforce trust in gold and the 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.”