EY CaSS becomes recommended LBMA Responsible Gold Auditor

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EY CaSS Belgium becomes recommended service provider of the London Bullion Market to conduct Responsible Gold Guidance (Conflict Minerals) audits.

In recent years, there has been an increasing international focus on “conflict minerals” emanating from mining operations in conflict areas. Armed groups engaged in mining operations are believed to subject workers to serious human rights abuses and are allegedly using the sale of conflict minerals to finance regional conflicts. Governmental, industry and social issue-focused groups, such as the OECD, have been working to raise awareness and several legislative initiatives have been taken.

The London Bullion Market (LBMA), the over-the-counter market for trading of gold and silver, has developed the Responsible Gold Guidance. This framework is mandatory for all gold refiners wishing to sell into the London Bullion Market, and is intended to assure investors and consumers that all London gold stocks are conflict-free based upon an audited, conflict-free process. The LBMA Responsible Gold Guidance consolidates already existing high standards of refiners’ due diligence and is based on the OECD Due Diligence Guidance.

Any Refiner applying to be a LBMA Good Delivery accredited Gold Refiner must implement the LBMA Responsible Gold Guidance and pass an audit prior to becoming a member of the Good Delivery List. The LBMA accredits auditors and assurance providers to enable them to conduct these Responsible Gold Audits. In this regard, EY Cleantech and Sustainability Services has now been formally listed as LBMA’s Recommended Service Provider to conduct Responsible Gold Guidance audits.

For more details, contact the EY Cleantech and Sustainability Services team.