Societal and other pressures affecting gold
JOHN MULLIGAN Key changes across the mining supply chain has been the growing awareness of the need to ensure industry acts sustainably and responsibly
Apart from the generational shifts in attitude towards gold in some key markets, notably China, a bigger risk facing the gold industry is its perception by society and how it responds and adapts to societal expectations, says international association World Gold Council (WGC) member and market relations director John Mulligan.
“This perception is also increasingly reshaping investment decisions,” he comments.
Mulligan explains that one of the key changes across the mining supply chain, and particularly in the gold mining sector, has been the growing awareness of the need to ensure that the industry acts sustainably and responsibly.
“We, at the WGC, are very mindful of this context and have engaged with members, as well as a range of industry stakeholders, in attempting to clearly define and demonstrate what ‘responsible gold mining’ means in practice.”
Last year, the WGC launched the Responsible Gold Mining Principles framework, which provides gold mining companies and their investors with clear and consistent guidance of what constitutes responsible gold mining.
It also ensures companies can demonstrate their adherence to high environmental, social and governance standards, he adds.
“Through demonstrable performance, and clear and consistent transparency and disclosure on particular risk factors, I think the gold sector might build greater trust and resilience, better equipping the sector to face substantial risks and potential barriers to progress while reinforcing its social licence to operate.”
Mulligan concludes that there has been plenty of positive progress in recent years, such as opportunities for the decarbonisation of the gold supply chain and gold’s potential role as a climate-risk mitigation asset.
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