Gold with respect for nature and people. Both miners and processors are looking for a responsible and sustainable way21. 04. 2023
Much of the gold sold in Brazil so far has come from illegal sources. Fortunately, the extraction of precious metals is now at the forefront of social interest. The public and the mining companies themselves are thinking about how to make their production more sustainable and respectful of the environment, workers, and indigenous peoples.
Ibram, a lobby group for the mining industry, estimates that approximately half of the 100 tonnes of gold mined annually is produced illegally, and even the Central Bank of Brazil is unaware of whether its reserves are coming from “legitimate” sources. The current President, Luiz Inácio Lula da Silva, wants to attempt to solve this problem. His aim is to end the deforestation of the Amazon rainforest while preventing the killing of indigenous people who are dying due to introduced diseases or directly at the hands of illegal loggers.
The situation is similar in many developing countries, where a significant portion of the world's precious metal production is mined. Governments and institutions are often influenced by various lobbying and power groups. Brazil is a sad example of this.
Less impact on nature and human life
Modern technology and a responsible approach to mining and processing of metals are part of the standard for the main suppliers of IBIS InGold. This is why the Swiss PAMP Refinery and the Royal Mint are market leaders. Both companies have set visions for how to approach mining from an environmental and human rights perspective.
In addition to mining with respect for nature and recycling of necessary materials, the Royal Mint strives for equality in the workplace. They declare that everyone can find a job in their ranks, regardless of age, race, gender or sexual orientation. They oppose human trafficking and exploitation. They also monitor this in their supply chain and are active in the fight against modern slavery.
Enviro‑Tek, a subsidiary of MKS PAMP GROUP, the Swiss Refinery from which the popular Lady Fortuna ingots originate, takes care of the processing of mining by‑products. According to their opinion, regular research and consultation with experts should help make mining more environmentally responsible.
Other refineries and mining companies are making similar efforts to improve socially and environmentally. Some are addressing, for example, the responsible handling and safe disposal of by‑products of mining, while others are taking a stance on the issue by pledging ethical behaviour and transparency.
More sustainable even with Czech technology
Monitoring bodies and professional groups are also working towards a more sustainable approach. The World Gold Council seeks to make its defined principles of responsibility a widely accepted framework of values for mining companies. The development of new technologies, such as glycine metal leaching, wherein metal is extracted from ore by chemical reactions, may also contribute to improving the situation. This technology from the Czech Republic has been adopted by Barrick Gold and is likely to be adopted by other miners.
IBIS InGold not only thinks about its clients, but also about the environment and its employees. They look for the same preferences from their suppliers. We are pleased to say that the refineries and mints that IBIS InGold works with are helping to make mining and the world a better place than it was before.
Recommended by us
Why are Croatia’s gold purchases important?
Croatia joined the euro area and Schengen on 1 January 2023. In December last year, they bought almost two tonnes of gold. This is a major milestone for the country, not only because they have not given much thought to the precious metal in the past.