LBMA Launches Inaugural Sourcing Advisory
Earlier this month, LBMA issued our first Sourcing Advisory.
When developing the Sourcing Advisory, a question we found ourselves asking was whether it could be perceived as both a prescriptive and definitive guidance on the vulnerabilities and concerns raised in the highlighted countries.
The simple answer is that it shouldn't be, and here's why...
Both the OECD Due Diligence Framework and the Responsible Gold Guidance make it clear that the onus for due diligence falls squarely on Refiners, and that such checks should be commensurate with the size and complexity of their respective supply chains. It is important to recognise that the Sourcing Advisory does not mean that LBMA only had eyes on - and concerns about - the issues raised in the document, to the exclusion of others.
The Sourcing Advisory’s primary goal is to raise awareness among Refiners and Approved Service Providers to ad hoc sourcing threats and vulnerabilities. By sharing market intelligence, raising awareness of supply chain risks, and supporting proactive due diligence monitoring and risk mitigation, the Sourcing Advisory is expected to contribute to the overall strength of the Responsible Sourcing Programme.
The first issue focuses on Brazil, the Democratic Republic of Congo, Sudan, the United Arab Emirates, and Zimbabwe. Going forward the advisories will become a semi-regular communication product from LBMA, as required.
Let us know what you think!
Ask Responsible Sourcing
Beginning in February, we are introducing an additional component to our monthly newsletter: the opportunity for readers to pose whatever burning questions they may have about all facets of responsible sourcing.
Responsible Sourcing-related questions can be submitted using this form or scanning the QR code. Questions will be published (on an anonymised basis) with answers appearing in the February Newsletter.
There are no wrong questions but please note this newsletter is published the last Thursday of each month, so send your questions well in advance to ensure there is enough time to give them the appropriate consideration.
We look forward to hearing from you.
Sustainability & Responsible Sourcing Summit 2024: ASM and Supply Chain Climate Plans
Registration is now open for the Sustainability & Responsible Sourcing Summit 2024, to be held at Hilton London Tower Bridge from Wednesday, 20 to Friday, 22 March 2024.
This event, hosted by LBMA and World Gold Council, is an opportunity for industry players and stakeholders across the precious metals value chain to explore the role of responsible sourcing beyond the lens of ethical sourcing, with discussions also covering the rapidly developing sustainability agenda.
The agenda will explore collaboration and convergence of climate plans and actions in the gold supply chain. There will be discussion around structural change in the ASM sector, in particular a progress update on LBMA’s efforts to improve ESG standards and sourcing practices in this sector. Participants will also have the opportunity to hear about efforts by industry members to adapt to the evolving sustainability landscape.
The agenda includes confirmed sessions on:
- Collaboration and Convergence on Gold Supply Chain Climate Plans and Actions;
- Structural Change in the ASM Sector;
- Adapting to the Evolving Sustainability Landscapes.
More thought-provoking topics, not to mention expert speakers, are still to be announced, so don’t miss out on your spot at the Sustainability & Responsible Sourcing Summit.
Head of Responsible Sourcing, LBMA
Responsible Sourcing News
Asia and Middle East
- Ministry cracking down on illegal Tbong Khmum gold mines, citing risks to public. The Phnom Penh Post
- Saudi Arabia ups mineral resource estimates to $2.5 trillion - minister. Reuters
- Saudi Arabia discovers massive gold reserves in Makkah region. The Times of India
- Brazil probes Mercado Libre sales of mercury used by illegal gold miners. Reuters
- Pictured: Inside Brazil's war on illegal gold mining. The Telegraph
- Brazil's Indigenous Yanomami Again Face Illegal Mining-linked Crisis. Barron’s
- Panama’s High Court Prizes Ecosystems Over Copper Mining. The Impact? Forbes
- Platinum-palladium catalyst helps produce environmentally friendlier chemical feedstock. Mining.com
- Mining Industry Sees a Way to Navigate Narco Crisis in Ecuador. Bloomberg
- Supreme Court denies Alaska's bid to revive the copper and gold Pebble Mine proposal blocked by EPA. The Independent
- Mineral-rich Arctic region of Nunavut gains control over its resources. Mining Weekly
- Fraud rocks global recycling and metals industry. Financial Times
- Deep-sea mining: Norway approves controversial practice. BBC
- Mali Continues Search for Bodies in Collapsed Illegal Gold Mine. Bloomberg
- Gold Riches Fuel Sudan Militia’s War to Rule Nation, UN Says. Bloomberg
- Senegal's gold rush: More wealth, but at what cost? DW
- Galamsey’s Deadly Grip: Children Caught in the Crossfire of Illegal Gold Mining. BNN