The World Gold Council, an industry association composed of some of the biggest gold miners in the world, launched guidelines to address key environmental, social and governance issues for the gold mining sector.
"The principles are a framework that set out clear expectations for consumers, investors and the downstream gold supply chain as to what constitutes responsible gold mining," the industry association said Sept. 12. These include corporate standards for governance, safety and labor as well as community engagement and the environmental impact of mining projects.
The principles will consolidate existing standards and instruments under a single framework as the importance of ESG considerations is increasing for consumers, the council said.
The companies implementing the guidelines will have to secure compliance from independent assessors, which will provide further confidence to buyers that the gold is responsibly mined and sourced.
Newmont Goldcorp Corp. CEO Gary Goldberg, who oversaw the initiative, said adherence to ESG principles "should be a key part of any responsible gold mining business," and the principles are a "natural evolution of our daily working practices."
Terry Heymann, CFO of the World Gold Council, said the organization is looking to strengthen trust in the gold mining industry.
"Consumers, investors and the downstream gold supply chain will be able to know, with confidence, that their gold has been responsibly sourced," Heymann said.
