EITI (Extractive Industries Transparency Initiative)’s Post

African gold, worth billions, is being siphoned off through illicit channels, perpetuating a cycle of exploitation and undermining regional economies. The SwissAid report exposes the alarming scale of smuggled gold, destined for UAE and eventually Europe, highlighting the need for stringent regulations and transparency in the industry. It's crucial for destination countries to strengthen their gold sourcing standards, ensuring that the metal's origin is traceable and conflict-free. Africa's rich resources must benefit its people, not fuel illicit networks. #AfricaGold #IllicitMining #GoldSmuggling #StopTheExploitation https://lnkd.in/e392M5Qk

There are one million artisanal miners in Burkina Faso, mostly #gold miners. The large majority of the sector is informal, with a variety of issues that range from gender inequality, #mercury usage, vulnerability to corrupt actors and vulnerability to conflict. The country is a major gold producer, with much of the gold smuggled by intermediates out of the country. Lack of #traceability sustains smuggling. A tragedy at a mine site in 2022 killed 59 people. Clear laws that deem #asm legal and that differentiate it from LSM are needed. Formalization, delivering stable predictable business relatiinships that enhance the dignity and productivity of work while catalyzing sustainable development, is a massive opportunity. Simply banning exports doesn’t support development, it only encourages continued smuggling. The country has significant conflict challenges, Islamic insurgents as well as a Wagner Group contingent that arrived in January. Conflict of course gets in the way of formalization, and bad actors can also impose taxes of sorts on artisanal mining as a source of funding. Recognizing the significant challenges in the country, there may be areas where formalization is practical and can deliver significant social impacts, but this is only true if legal frameworks support the facts on the ground, not if coercive approaches like export bans are in place. #sustainabledevelopment #conflict #humanrights #mining https://lnkd.in/gW-V867b

𝐅𝐨𝐜𝐮𝐬 𝐌𝐢𝐧𝐞𝐬 | 𝐌𝐢𝐧𝐢𝐧𝐠 𝐒𝐭𝐚𝐭𝐬: 𝐓𝐨𝐩 𝐅𝐢𝐯𝐞 𝐝𝐞𝐬𝐭𝐢𝐧𝐚𝐭𝐢𝐨𝐧𝐬 𝐨𝐟 𝐈𝐯𝐨𝐫𝐢𝐚𝐧 𝐑𝐚𝐰 𝐆𝐨𝐥𝐝 🚀 Exciting insights! Our latest research reveals that Switzerland is the top destination for Ivorian raw gold, accounting for nearly 70% of exports. 🇨🇭 Here's the breakdown: 1. Switzerland: 68.6%🇨🇭 2. South Africa: 18.8% 🇿🇦 3. Australia: 10.2% 🇦🇺 4. France: 2.3% 🇫🇷 5. United Arab Emirates: 0.1% 🇦🇪 Reminder: The value of gold exports reached 1,427 billion XOF in 2023—a remarkable 126% increase! This represents 12% of total exports. Stay ahead in the industry with our comprehensive analysis. 📊 🔍 Source: Statistical Yearbook of Ivorian Customs. #FocusMines #MiningTrends #Mining #Exports #Mines #Gold #GoldTrade #MarketInsights #IvoryCoast #CôtedIvoire

#Gold 🪙 Vs #Africa 🌍 • Each year, between 321 tonnes and 474 tonnes of gold produced through artisanal and small-scale mining (ASM) are not declared in Africa (corresponding to a value of between USD 23.7 billion and USD 35 billion at the price of gold on 1 May 2024). • This vast majority of African gold that is not declared at the production stage or for export is declared for import into non-African countries. • More than 435 tonnes of gold was smuggled out of Africa in 2022, representing more than a tonne a day. • The vast majority of African gold is shipped to a few countries. The #UAE, #Switzerland and #India were the three main countries importing gold from Africa between 2012 and 2022. In 2022, almost 80% of African gold imported abroad went to these three countries, with over 47% going to the UAE alone. These percentages are even higher if we correct In other words, gold originating from clandestine African circuits acquires a legal existence when it enters the international market (in particular via the #UAE). Report - Comparison of #gold production in Africa and trade in African gold SWISSAID & UAE signed a deal worth $6 billion to build and operate a port, airport and economic zone on the country’s Red Sea coast.. Reports- George Sandeman ,BBC

#Gold worth tens of billions smuggled to the #UAE each year. Analysis by Swissaid, found that a total of 435 tonnes of gold, mostly mined by small-scale miners and worth more than $30 billion, was smuggled out of Africa in 2022. #preciousmetals #commodities https://lnkd.in/d62C6-bb

Gold Refineries in Tanzania: Current Status and Future Demand. #tanztrust #mining #gold #tanzania Tanzania is one of Africa's leading gold producers, with the precious metal being a major contributor to the country’s economy. The nation has several gold refineries that play a crucial role in adding value to the raw gold extracted from Tanzanian mines before it reaches global markets. More from the Tanz Trust Article: https://lnkd.in/dB4VYc8w #goldmining #miningindustry

In front of me are 13 gold bars, each weighing 1kg at a 995.0 purity. With gold prices at approximately $74,361 per kilogram today, their total value is about USD 966,693 $. These bars symbolize a journey that begins in African mines and impacts the global economy. Gold has held intrinsic value for thousands of years, symbolizing wealth and stability. In many West African households, grandmothers have always kept a nugget of gold for hard times. The tradition of gold in African families dates back to ancient Kemet through Mansa Musa, where mining fed communities and gold trade flourished. Today, Dubai, where I currently reside, is a major global hub for gold. Imports from Africa to Dubai have soared from 86.3 tonnes in 2012 to 204 tonnes in 2022, highlighting the significant role African miners play in the global market. These miners seek fair prices and aim to minimize middlemen. UAE authorities have enforced strong compliance regulations, boosting demand for ethically sourced gold and fostering a more direct and transparent supply chain. Fair pay through transparency and digitization for African producers and miners is central to our mission at Exportunity. Ensuring ethical exports of gold enhances national revenue and supports sustainable development. As we innovate and improve the gold trade, how can we enhance transparency and support ethical sourcing to keep this wealth within our communities? How can we promote domestic African gold consumption to ensure prosperity? #SustainableTrade #EthicalMining #GoldIndustry #AfricanMiners #FairTrade #Traceability #GlobalGoldMarket #DigitalTransformation

#RUIDAInFocus  China’s #Gold Industry Sees Growth in 2024 According to the China Gold Association, data revealed at the 2024 China International Gold Congress shows positive growth in the first half of the year. Domestic raw gold production reached 179.634 tons, marking a 0.58% year-on-year increase. Meanwhile, overseas mining production from Chinese gold companies saw a significant rise, producing 34.399 tons of gold, up by 19%. On the consumer side, demand for gold bars and coins surged, with consumption reaching 213.635 tons, a remarkable 46.02% increase. #Gold #GoldMarket #ChinaGold #MiningIndustry #PreciousMetals #GoldDemand #MarketInsights #ChinaMarket #SeasonalDemand #Options #Futures #Metals #Chemical #Oil #Agricultural #Energy #InterestRate #StockIndex #ForeignExchange #FinancialDerivatives #FinancialServices #GlobalMarkets #Futures #Options #CommodityTrader #Producer #Consumer #Utility #Shipowner #AssetManager #InstitutionalInvestor #Government #Regulator #AssociationBank #CommodityBroker #Exchange #Insurance #Alternative #FinanceProvider #ShipBroker #Transport #Storage #Logistics #FreightForwarder #TechnologyProvider #AdvisoryFirm #DataProvider Source: China Gold Association

Africa finds itself at the crossroads of a significant transformation in the global gold trade. The relocation of Russian gold trading to Hong Kong, strategic alliances such as Mali and Russia's gold refinery agreement, and the surge in gold prices are reshaping the continent's role in this crucial industry. That's the reason why us Africa Investment Portalhave continued to encourage you to invest in the mining and mineral development sector. For more information contact us on info@africaninvestmentportal.com. #investinyourfuture #investmentopportunity #investinafrica