London gold body plans expansion to bring in more artisanal metal
The world's most important certifier of gold refineries said on Wednesday it wants to recognise firms that gather and refine gold dug up by small-scale miners in developing countries.
The move by the London Bullion Market Association (LBMA) aims to bring more gold into mainstream trade to try to improve conditions for small-scale miners.
Around 15-million to 20-million small-scale or artisanal (ASM) miners produce roughly 700 t of gold a year worth some $37-billion at current prices, mostly in Africa and South America - about 20% of all the gold mined globally.
LBMA-accredited 'good delivery' refineries which supply the world's biggest banks and jewellers typically avoid this gold because of the risk of human rights abuses, pollution or criminality at mines and in the supply chain.
Working conditions for many miners are bleak and much of their gold is sold to people including smugglers and drug dealers who may have little concern for their wellbeing.
The LBMA said in a report on Wednesday that a study it commissioned to encourage the use of ASM gold recommended that it create another 'good delivery' list to accredit aggregators and refineries that responsibly collect gold from small-scale miners and resell the metal in bulk.
This should encourage LBMA-accredited refiners to source gold from these companies, providing a better regulated and more transparent supply chain.
"We are going to bring together a task force from across the industry and discuss how to get this going," LBMA chief executive Ruth Crowell said.
Crowell also said the LBMA would work with governments in countries with large numbers of small-scale mines, such as Ghana and Ivory Coast, to encourage better regulatory frameworks and support for artisanal mining.
The LBMA accredits around 70 gold refineries. Its data show that these in 2020 processed around 5 600 t of gold, of which 16 tonnes came from small-scale mines.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sweet-Orr, established in 1871, is a global leader in superior protective workwear, known for quality, innovation, and performance.
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
