LBMA Responsible Gold Forum Paris 1/5/2012 Terry Heymann – World Gold Council 1 World Gold Council Conflict-Free Gold Standard Presented by Terry Heymann | 1 May 2012 LBMA Responsible Gold Forum Agenda 2 World Gold Council | World Gold Council Conflict-Free Gold Standard 1. The World Gold Council 2. Global Gold Mining 3. The World Gold Council Conflict-Free Gold Standard • Development & Consultation • Features • Structure 4. Other schemes 5. Conclusions
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LBMA Responsible Gold Forum Paris 1/5/2012
Terry Heymann – World Gold Council 1
World Gold Council Conflict-Free Gold Standard
Presented by Terry Heymann | 1 May 2012
LBMA Responsible Gold Forum
Agenda
2 World Gold Council | World Gold Council Conflict-Free Gold Standard
1. The World Gold Council
2. Global Gold Mining
3. The World Gold Council Conflict-Free Gold Standard
• Development & Consultation
• Features
• Structure
4. Other schemes
5. Conclusions
LBMA Responsible Gold Forum Paris 1/5/2012
Terry Heymann – World Gold Council 2
Introducing the World Gold Council
3
• The gold industry’s market development organisation
• Recognised global authority on gold and its uses
• Active in the investment, jewellery, official and technology sectors
• Offices in London (head office), New York, Beijing, Shanghai, Tokyo,
Mumbai and Chennai
• 9 of the world’s top 10 gold mining companies in membership
Offices
London
(Head Office)
New York Tokyo Beijing
Shanghai
Mumbai
Chennai
World Gold Council | World Gold Council Conflict-Free Gold Standard
World Gold Council members
4 World Gold Council | World Gold Council Conflict-Free Gold Standard
• 23 members representing over 60% of global corporate gold production
• 70% share of market capitalisation
Associate Members China National Gold Corp., Franco-Nevada Corp., Hutti Gold
Mines Co., Mitsubishi Materials Corp. and Royal Gold Inc.
LBMA Responsible Gold Forum Paris 1/5/2012
Terry Heymann – World Gold Council 3
Global Gold Mining
5 World Gold Council | World Gold Council Conflict-Free Gold Standard
Global mine production is geographically diverse...
6
Africa
20%
North
America
14%
Asia
19%
Russia
and
others
13%
Oceania
12%
Latin America
20%
Other
3%
Top 5 gold producers: China (13%), Australia, US, Russia and South Africa, Based on 2010 survey. Totals may not equal 100% due to rounding, Source: GFMS
World Gold Council | World Gold Council Conflict-Free Gold Standard
LBMA Responsible Gold Forum Paris 1/5/2012
Terry Heymann – World Gold Council 4
The Conflict-Free Gold Standard
7 World Gold Council | World Gold Council Conflict-Free Gold Standard
The Conflict-Free Gold Standard: Objectives
8
• Responsibly undertaken, mining and its related activities can play an
important role in achieving sustainable development and alleviating
poverty reduction
• The Conflict-Free Gold Standard provides a mechanism through which
gold producers can demonstrate that their gold has been extracted in a
manner that does not fuel conflict or the abuse of human rights typically
associated with such conflicts
• Conformance with the Standard will be externally assured
World Gold Council | World Gold Council Conflict-Free Gold Standard
LBMA Responsible Gold Forum Paris 1/5/2012
Terry Heymann – World Gold Council 5
En
d 2
011 /
Sta
rt 2
012
Conflict-Free Gold Standard: Development Process
9
Consultation on
Exposure Draft
and draft Assurance
Framework
Ensure alignment
with s.1502 rules
and OECD gold
supplement
Member
implementation
support
Steering
Committee
established
Dodd-Frank
signed into law
Finalisation of
OECD Guidance
Published draft
World Gold Council
conflict-free standards
Consultation exercise
• Engagement with
governments, NGOs
and industry
participants
• Roundtables in
London, New York
and Johannesburg
Marc
h 2
010
Ju
ly 2
010
May 2
011
Ju
ne 2
011
H2 2
011
Stress tests at
site level (Ghana
and Mexico)
Marc
h 2
012
Published
Exposure Draft
On
go
ing
wo
rk
World Gold Council | World Gold Council Conflict-Free Gold Standard