Gold industry market development organisation, the World Gold Council (WGC), on Tuesday launched the exposure draft of its Responsible Gold Mining Principles, which establish a new framework with clear expectations for investors and downstream users as to what constitutes responsible gold mining.
The Responsible Gold Mining Principles are intended to be a credible, comprehensive framework through which gold mining companies can provide confidence that their gold has been produced responsibly.
Working with its members, the WGC has set out principles that it believes address the key environmental, social and governance issues for the gold mining sector.
Issues covered under the principles include ethical conduct, safety and health, human rights, labour rights, community collaboration, environmental stewardship, water and energy consumption, climate change, supply chain transparency, engagement and accountability.
The first draft was issued for consultation in 2018. This exposure draft incorporates feedback from stakeholders including governments, civil society, supply chain participants and investors.
The WGC wants further input before the final version is published.
Once finalised, implementing companies will be expected to disclose their conformance, which will be “externally assured.”
To support consistent assurance, the WGC also released a draft assurance framework.
WGC CFO Terry Heymann noted in a statement that the principles are intended to reinforce trust in gold and gold mining by enabling stakeholder confidence around the gold production process.
“In releasing this exposure draft and the accompanying assurance framework, we are seeking further input to ensure that the principles meet this goal and that stakeholders understand how credible independent assurance will be conducted,” he commented.
The consultation process for both the principles and the accompanying assurance framework will run until April 26.
Feedback can be provided through an online survey or direct engagement.