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While gold struggles to lay claim to the carbon reduction To bolster its risk assessment abilities, the Mint has created
applications of metals such as lithium, nickel and cobalt, it a new enterprise risk committee and appointed its first chief
does have superior carbon credentials over other investment risk officer. A review of the Mint’s Human Rights Policy was
products. also launched with a revised policy expected to be published
“The greenhouse gas emissions of the data centre’s mining this year.
cryptocurrencies is beyond belief,” Ward said. “The S in ESG is coming more to the fore and we are very
While the Mint’s initiatives can benefit miners, the obligation selective about who we take gold from,” Ward said. “Customers
flows both ways. Ward said the Mint’s work extended all operating mine sites in high or very high-risk jurisdictions are
the way back up the value chain to the mine gate with its required to meet our very stringent requirements. We have a
counterparty due diligence work assessing the environmental third party conduct onsite assessment within six months of
impact of clients’ mining operations. starting the business relationships and ongoing reporting to
ensure responsible mining is occurring.”
“We go above and beyond the requirements to prove the gold
we refine has been responsibly sourced,” Ward said. “We Further transparency initiatives are also being assessed but
carry out annual audits of clients and choose only the most it may be some time before technology offers a solution to
responsible miners.” questions of provenance in gold.
Those assessments carry through social and governance “The challenge is that gold is infinitely recyclable so there is no
issues. way of knowing where it has come from,” Ward said. “There
is a lot of work going on to make gold traceable but because
The Mint stated in the sustainability report it had closed
it can be melted and repurposed, it is much more difficult
“a number of customer accounts due to changes in the
than say diamonds. It will be when there is something at the
customer’s applicable risk profile”.
molecular level that it will be truly is traceable, but no one has
“This included ceasing to accept overseas scrap metal from
nailed that yet.”
non-accredited LBMA sources as part of efforts by The Perth
Mint to further strengthen and improve our counterparty due
diligence practices and performance.”

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