False Alibi

LBMA standards not enough to ensure Africa gold business transparency, says SwissAid

By David Whitehouse

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Posted on March 30, 2023 06:58

© An employee uses a hammer to clean a gold ingot during the refining process at AGR (African Gold Refinery) in Entebbe
REUTERS/Baz Ratner. — An employee uses a hammer to clean a gold ingot during the refining process at AGR (African Gold Refinery) in Entebbe REUTERS/Baz Ratner.

Standards laid down by the London Bullion Market Association (LBMA), the global authority for precious metals, are insufficient to prevent gold refineries from hiding the existence of human rights and environmental issues at African suppliers, new research says.

The report, Out of the Shadows, is authored by Marc Ummel and Yvan Schulz of the SwissAid foundation. It examines 116 industrial gold mines in Africa and their relationships with 16 refineries around the world, with the survey being carried out between January 2021 and February 2023.

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