The World Gold Council has launched its responsible gold mining principles, a framework aimed at consumers, investors and the downstream gold supply chain.
The principles set out expectations as to what constitutes responsible gold mining and addresses key environmental, social and governance issues for the sector.
It comes off the back of increased consumer pressure regarding environmental, social and governance consideration, with the principles aimed at becoming widely recognised across the industry.
Companies implementing the principles will be required to obtain external assurance from a third party, independent assurance provider.
The initiative intends to provide further confidence to purchasers of gold that is responsibly mined and sourced.
Newmont Goldcorp chief executive officer Gary Goldberg, who oversaw the initiative on behalf of the board of the World Gold Council, said adherence to the principles was crucial to responsible gold mining.
“Given the Members’ sustained focus on improving environmental, social and governance performance, the formalisation of the Responsible Gold Mining Principles is a natural evolution of our daily working practices,” he said.
“It is my hope that these principles will be widely adopted, not only by member companies, but by the industry more broadly.”
World Gold Council chief financial officer Terry Heymann said the aim of the framework was to reinforce trust in gold and the industry.
“Consumers, investors and the downstream gold supply chain will be able to know, with confidence, that their gold has been responsibly sourced,” he said.
“The Principles incorporate feedback from more than 200 organisations and individuals over two rounds of consultation and are designed to support the efficient operation of the gold market.”