THE Rand Refinery produces gold that meets the highest ethical standards, a company official has said.
REPORT BY OUR STAFF
Company Secretary, Ramani Naidoo made the comment in the wake of assertions made by the Minerals Marketing Corporation of Zimbabwe (MMCZ) that the country was losing over US$50 million worth of gold every month to smuggling activities.
MMC said local producers were taking the precious mineral to South Africa where they got a better price.
“Rand Refinery is unequivocally committed to producing gold that meets the highest ethical standards and which can be certified as ‘responsible’ or ‘conflict-free’. Our certified gold’s entire chain-of-custody is independently audited,” said Naidoo.
The Rand Refinery, established in 1920 is the leading integrated single site precious metals refining and smelting complex in the world and is the only London Bullion Market Association (LBMA) accredited precious metals refiner in Africa.
“In addition to being regulated by the South African Precious Metals Act of 2005, we are subject to the terms and conditions of our various licences which are issued by the South African Diamond and Precious Metals Regulator,” said Naidoo.
Rand Refinery is one of only five international LBMA Referees globally, and the only one in the southern hemisphere. Its shareholders are major mining companies which are all independently listed on the Johannesburg Stock Exchange as well as on various international bourses.
Naidoo pointed out that the firm also complies with The World Gold Council Chain of Custody Standard, Section 1502 of the United States of America’s Dodd-Frank Act, the Organisation for Economic Cooperation and Development (OECD) Guideline on Responsible Sourcing, Guidelines published by the Responsible Jewellery Council (RJC) and Guidelines of the Electronic Industry Citizenship Coalition (EICC).
“Rand Refinery’s reputation is inextricably linked with our business model and is the source of our licence to operate,” said Naidoo.