WGC Launches New Framework for Responsible Gold Mining

SEATTLE (Scrap Monster): The World Gold Council (WGC) has launched a new framework outlining principles of responsible gold mining. The Responsible Gold Mining Principles (RGMP) are being developed in collaboration with world's leading gold mining companies and other key industry stakeholders.

The world gold trade body expects that the new principles will define a credible platform, that ensures that gold by mining companies are produced in a responsible manner. It consolidates all existing standards and instruments under a single framework. According to WGC, RGMP is the first single coherent framework that defines every aspect of responsible gold mining.

RGMP has undergone rigorous consultation and review process during its development stage. It considered comments submitted by more than 200 organizations and experts. Those who submitted the comments include government authorities, international organizations, civil society, supply chain participants and investors.

WGC has developed an Assurance Framework, in order to provide a consistent approach to assurance mechanism. The Framework will assess both processes and performance, in order to ensure that the gold they deal with is responsibly mined and sourced.Companies implementing RGMP must obtain external assurance from a third party, independent assurance provider. The implementing companies need to make public commitment to align with the RGMP.

The full implementation of the framework may take some time. The implementing companies are required to report on their progress during the first and second years.