World Gold Council report reveals exploitation threat in ASGM
Mon Nov 18 2024
The Rt. Hon Dominic Raab, in partnership with the World Gold Council, has published a new report examining the systemic threats from the illicit trade of gold through artisanal and small-scale gold mining (ASGM).
The Silence is Golden report finds the ASGM industry, responsible for an estimated 20% of annual gold supply and about 80% of gold mining employment, is being targeted by criminal gangs, armed groups, and corrupt officials, presenting a real and present danger to international security.
The report notes the top fundamental challenges that plague ASGM are:
In response, it outlines four strategic objectives with 24 practical actions for governments, international organisations, NGOs, mining companies and economic development organisations. These include prosecuting and disrupting criminal perpetrators and sustaining a coordinated and focused international effort across G7 and G20 countries to tackle these pervasive issues.
“Governments, international organisations, and the gold sector must work together to prosecute criminals, prevent illicit profiteering and integrate responsible ASGM into the legal and viable supply chain,” said Rt. Hon Dominic Raab, former Deputy Prime Minister of the United Kingdom, the report’s author. “It will now require coordinated and sustained international attention and action to prevent the illicit flows from gold from bankrolling the war in Ukraine and enabling Al Qaeda and Islamic State to regroup in Africa.”
“Without viable economic alternatives, the poorest and most marginalised of our world’s citizens are forced into artisanal gold mining, taking place within hazardous conditions and of little economic gain for their families,” added David Tait, CEO, World Gold Council. “Our partnership with Dominic Raab is a call to action to both redirect illicit gold away from the world’s bad actors and improve the lives of those working in the sector, offering actionable ways that governments and international agencies can contribute to positive change, both environmental and economic for the millions impacted globally.”
ASGM, as defined in the report, is gold mining conducted by individuals or small enterprises with limited capital investment and production. While this practice spans 80 countries, it is particularly focused in Africa, Asia and Latin America. The majority of ASGM operates outside of formal legal frameworks, within the shadow economy, making it especially susceptible to serious risks and challenges including evasion of tax revenue for governments, lack of basic safety standards that can cause mercury poisoning and other maladies, and safety concerns for the miners and their communities.
Source: https://www.globalminingreview.com/