CONFLICT FREE GOLD

Conflict Free Gold bars      OECD Due Diligence Guidance      LBMA Responsible Gold Guidance      Responsible supply chain of gold

CONFLICT FREE GOLD

Auric Gold sells gold bars which are produced by gold refineries whose raw materials are sourced from conflict-free regions and suppliers.

Conflict free gold is a term which has evolved from 2010 during the creation and development of certain regulatory legal frameworks to prevent natural mineral resources from being used to contribute, directly or indirectly, to armed conflict, gross human rights violations, terrorist financing, money laundering and hinder economic and social development.

A large number of minerals resources such as Gold and Tin, Tungsten and Tantalum (“the 3T's”) are located in areas of high conflict and high risk and this provides an overwhelming incentive to armed groups exploit them and trade in them. 

The most prominent regulations related to Gold are:

  • Dodd-Frank Wall Street Reform and Consumer Protection Act

  • OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, including supplement on Gold

  • The LBMA Pro-Active Monitoring Program

  • LBMA Responsible Gold Guidance

The Dodd-Frank Wall Street Reform and Consumer Protection Act

In 2010, the United States Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of which, section 1502 addresses the exploitation and trade of Tin, Tungsten and Tantalum (“the 3T's”) and Gold by armed groups, which is helping to finance conflict in the Democratic Republic of Congo (DRC) and contributing to an emergency humanitarian crisis.

In August 2012, The Securities and Exchange Commission adopted a rule mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act to require companies to publicly disclose their use of conflict minerals that originated in the Democratic Republic of the Congo (DRC) or an adjoining country.

http://www.sec.gov/News/Article/Detail/Article/1365171562058#.VPbmM_msWSo

Organisation for Economic Co-operation and Development (OECD)

OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas

The mission of the Organisation for Economic Co-operation and Development (OECD) is to promote policies that will improve the economic and social well-being of people around the world.

In areas and countries where natural mineral resources are exploited, the trade and investment in such resources provides a unique opportunity for income generation, enhancing livelihoods and uplifting standards of living and local development and creating financial prosperity and growth.

The OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, adopted on 15 December 2010, provides step-by-step management recommendations endorsed by governments for global responsible supply chains of minerals in order for companies to respect human rights and avoid contributing to conflict through their mineral or metal purchasing decisions and practices. The Guidance was amended on 17 July 2012 to include a reference to the Supplement on Gold.

The Due Diligence Guidance may be used by any company potentially sourcing minerals or metals from conflict-affected and high-risk areas, and is intended to cultivate transparent, conflict-free supply chains and sustainable corporate engagement in the minerals sector.

http://www.oecd.org/daf/inv/mne/GuidanceEdition2.pdf

The London Bullion Market Association (LBMA)

The London Bullion Market Association is a London-based trade association whose membership consists of over 140 companies including refiners, fabricators, bullion banks and traders as well as those providing storage and secure carrier services.

The LBMA's main role is the maintenance and publication of the “Good Delivery” lists for gold and silver. The Good Delivery list is a list of gold and silver refineries who have been accredited by the LBMA as being capable of producing gold and silver bars acceptable for trading on the London Bullion Market, the world's largest institutional Over The Counter (OTC) market in gold and silver bullion. 

In 2004, the LBMA introduced the compulsory Pro-Active Monitoring Program which reviews the assaying competence of such accredited refiners every three years.

From 1st January 2012, it became mandatory for all Good Delivery refineries to comply with the LBMA Responsible Gold Guidance. The Guidance is based on the OECD Due Diligence Guidance as well as Swiss and US KYC, Anti-Money Laundering and Combating Terrorist Financing regulations. It is to combat serious abuses of human rights, avoid contributing to conflict, comply with high standards of anti-money laundering and tackle terrorist financing practices.

Version 5 of the LBMA Responsible Gold Guidance consolidates and formalises already existing standards of refiners' due diligence.

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