Definitions

The definitions applicable for Disclosure Guidance version 3 (DG3) are the same as those included in the Responsible Gold Guidance version 9 (RGG9) and Responsible Silver Guidance 2 (RSG2). For ease of reference, the type of material categories are repeated here.

Mined Gold (also referred to as primary gold): Gold that originates from Large and/or Medium-scale Mines (LSM) or Artisanal and Small-scale Mines (ASM) and has never been previously refined. This term means any gold or gold-bearing material produced by or at a mine, in any form, shape and concentration, until it is fully refined (995 or greater), fabricated into a gold refinery product (e.g. bar or grain) and sold.

Origin of Mined Gold: The mine where it was extracted, i.e. where the mine is located.

Subcategories of Mined Gold include:

• Alluvial gold: Newly Mined Gold that has been taken from sand and gravel deposits, most often inor near streams, typically as very small but visible pieces of gold. Alluvial gold is usually in the form of ‘dust’, and occasionally nuggets, which is already concentrated in form, easily transported and may be easily melted and/or semi-refined into small ingots (normally of 85% – 92% purity). Alluvial gold in all of these forms requires refining before use as bullion or jewellery, but can ordinarily be directly refined, without further intermediate concentration or processing.
• Gold ore: Rock or gravel that contains an economically valuable concentration of gold. This concentration may be very small by weight, e.g. 1 gram of gold per tonne of ore, and still be economically recoverable in medium-scale and large-scale industrial mining. Gold ore, because of its bulk and weight, is ordinarily not transported far from a mine site for processing.
  
• Gold concentrate: An intermediate material produced from the processing of gold ore to achieve a higher concentration, but that still requires further intermediate processing to produce doré. A gold concentrate would ordinarily be transported to a nearby gold smelter for the creation of doré.
  
• Gold doré: A bar of newly Mined Gold metal alloy, generally originating from extensive processing of ores and smelting at mines to a high concentration (normally of 85% – 90% purity). Mined Gold in this form is not commercial quality and must then be transported to a refinery to be directly refined, without further intermediate processing.

Owned mines: A group of mines owned and operated by the same corporate group.

Mining By-product: Gold obtained from the mining of base metals, for example, from lead, zinc or copper ore, in which gold may be a trace constituent.

Origin of Mining By-product: This is an exception to the Origin of Mined Gold definition above. It is the point at which trace gold is first separated from its parent mineral ore (for example, at the refinery). The Refiner’s due diligence should ensure that false representations are not made to hide the origin of newly Mined Gold through Mining By-products.

Recycled Gold: This term traditionally encompasses anything that is gold-bearing and has not come directly from a mine in its first gold lifecycle. In practical terms, it relates to gold sourced by an LBMA GDL Refiner, or downstream intermediate processor, including end-user, post-consumer products, scrap and waste metals, and materials arising during refining and product manufacturing, and investment gold and gold-bearing products which are returned to a Refiner to begin a new lifecycle. This category may also include fully refined gold that has been fabricated into grain, Good Delivery bars, medallions and coins that have previously been sold by a refinery to a manufacturer, bank or consumer market, and that may thereafter need to be returned to a refinery to reclaim their financial value or for transformation into other products (e.g. 1 kilo bars).

Origin of Recycled Gold: The point in the gold supply chain where the gold is returned to the Refiner or other downstream intermediate processor or recycler.

Subcategories of Recyclable Gold:

• Unprocessed Recyclable Gold: Recyclable Gold still in its original form and/or fabrication scrap, before it has been returned for processing and refining (e.g. bullion bars, pieces of jewellery, ornaments, coins, machine turnings, etc.).
• Melted Recyclable Gold: Recyclable Gold which has been melted as the first recycling process and cast into rudimentary bars or some other form with undefined dimensions and variable fineness.
• Industrial By-product: A material produced while processing another material, not the primary intended product but nevertheless a separate useful material. For example, gold refining often creates low-value by-products such as furnace flue dust, spent crucibles and floor sweepings.
• Mixed Materials: Materials that include multiple sources (e.g. both mined and recycled minerals/metals). Mixing of materials is not common practice and should be deemed a red flag. Due diligence should be conducted on those sources of mixed gold in accordance with the full requirements of the Responsible Gold Guidance (RGG).

Grandfathered Stocks: Gold investment products (e.g. ingots, bars, coins and grain in sealed containers) held in bullion bank vaults, central bank vaults, exchanges and refineries, with a Verifiable Date prior to 1 January 2012, which will not require a determination of origin. This includes stocks held by a third party on behalf of the listed entities.

Verifiable Date: A date which can be verified through inspection of physical date stamps on products and/or inventory lists. The requirements for Grandfathered Stocks with a subsequent date, or without a Verifiable Date, are the same as for other gold-bearing material, i.e. the Refiner must provide the same level of origin and due diligence documentation.