World Gold Council working to lure artisanal miners across globe away from ‘illicit actors’

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

World Gold Council working to lure artisanal miners across globe away from ‘illicit actors’

The World Gold Council estimates up to 20 per cent of the world’s supply of the precious metal is produced by “artisanal” miners whose activities are vulnerable to exploitation from “illicit actors” such as terrorists and mercenary organisations like the notorious Wagner Group.

During his visit to Kalgoorlie-Boulder this week, the council’s chief strategy officer Terry Heymann said the London-headquartered organisation wanted to bring these small-scale miners into the formal gold supply chain and make them less likely to work with “informal and illicit markets”.

Artisanal and small-scale mining involves individuals usually working by themselves and mainly by hand or with some mechanical or industrial tools.

“This is very different from the large-scale professional mines . . . (it’s) not really happening in Australia, it’s much more of an issue in other parts of the world, but it’s an issue that we care about deeply and we’re doing a lot of work in how to support responsible artisanal and small-scale gold mining,” Mr Heymann said.

“A number of my colleagues this week are in Ghana, where the Ashanti King is actually convening a conference to address this issue, which is how do we support access to the formal markets for small-scale and artisanal gold mining?

“Why is that important?

“Because if they don’t have access to the formal markets, they go to the informal and illicit markets.

“And that’s a real challenge for the gold industry, one that we’re actively involved in and doing a lot of work on.”

Mr Heymann said a report it held in partnership with former British deputy prime minister Dominic Raab highlighted the dangerous nature of these “illicit actors”.

“(Mr Raab’s) findings, unfortunately, are really stark . . . without access to the formal market, these illicit, informal and sometimes ******** miners are forced to work with illicit actors, and that then gets into supplying gold funding for terrorist groups, mercenaries, with the Wagner Group as an example.”

The Wagner Group is a Russian-based private military company which has been involved in conflicts across the globe, including the current war in Ukraine.

Notoriously, in June 2023 the group’s then-leader Yevgeny Prigozhin launched an “armed mutiny” against the Russian military — but it ended before the Wagner Group’s planned march on Moscow.

Mr Prigozhin died in a plane ****** in Russia in August 2023.

Mr Heymann said the issue was extremely important for the whole gold sector.

“It’s a different part of the gold sector to where most of the people investing in gold are going to be getting their gold from,” he said.

“(And) it’s not something the industry can do by itself, and this is why we are calling on governments around the world, particularly those involved in the G20, who can really group together and make a difference on this to take action, to be part of this coalition of the willing to actually drive change.

“My boss, the CEO of the World Gold Council, was meeting with the secretary-general of the Organisation for Economic Co-operation and Development last week, who is *********** — Mattias Cormann — and he pledged OECD support to us.

“The OECD has been hugely involved in this, and I think it’s that level of support we need — of the OECD, of national governments in Australia, in the US and Canada, big mining nations using their ability and their leverage to bring together different groups of people who can really address this issue.”

This is the hidden content, please

• Sign In
• or
• Sign Up

#World #Gold #Council #working #lure #artisanal #miners #globe #illicit #actors

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up