Two years ago, the World Gold Council (WGC), on behalf of its members and in partnership with leading gold refiners, created the Conflict-Free Gold Standard. Member companies such as Newmont publicly committed to abide by the standard, and the WGC recently released a video about the changes participants made to ensure their gold mining operations did not unintentionally fuel conflict.
Implementation of the standard required that Newmont put mechanisms in place to ensure that the sourcing of materials and services to produce our gold, as well as the gold entering and leaving our facilities, could be independently verified as meeting requirements of the standard.
Application of the standard was a valuable learning experience for Newmont, our suppliers and the independent assuror, Bureau Veritas, as it forced close examination of our entire supply chain. The standard is enforced through appropriate disciplinary measures up to and including termination of employment or contracts.
Adherence to the standard is achieved through a comprehensive management system for our employees and suppliers, and is subject to external assurance to ensure we maintain compliance with relevant legislation and standards published by the World Gold Council, London Bullion Market Association, and the Organisation for Economic Co-operation and Development (OECD).