South Africa’s Rand Refinery enters strategic partnership with Ghana's Gold Coast Refinery
In a major advance that enables local refining of artisanal and small-scale (ASM) gold and elevates West Africa's responsible sourcing standards to a new high, South Africa’s Rand Refinery, as Africa's leading London Bullion Market Association (LBMA) good delivery accredited refiner, has entered a strategic partnership with Ghana's Gold Coast Refinery to provide technical, operational and commercial supervision.
As an LBMA-accredited refinery, Rand Refinery enforces strict, audited compliance to eliminate conflict gold, combat money laundering, and ensure environmental and social responsibility throughout its supply chain.
In a media release to Mining Weekly, Rand Refinery CEO Dean Subramanian hailed the signing of the agreement as a momentous occasion and declared that Rand Refinery, as the leading LBMA good delivery accredited refiner on the continent, stood ready to support the aspirations of the Ghana government for local refining, through the partnership with the Accra-based Gold Coast Refinery, which has a refining capacity of more than 80 t/y of gold and scope to grow.
Gold Coast Refinery, which was established in 2016, has signed an agreement with the government-owned Ghana Gold Board (GoldBod) to meet responsibly mined and sourcing standards while refining up to 1 000 kg of ASM gold dore a week.
The GoldBod is the sole entity authorised to buy, sell, and export gold from small-scale miners in Ghana.
Subramanian expressed strong commitment to working with Gold Coast Refinery and Goldbod to implement the necessary framework and to ensure that the material sourced meets international responsible sourcing requirements.
Interestingly, the Rand Refinery, which turns 106 later this year, prioritises sustainability through its "People, Planet, Product and Provenance" framework, which goes all out to ensure Africa’s gold benefits local communities and reduces environmental impact.
Through these strategic partnerships, South Africa's illustrious Rand Refinery will further strengthen the footprint that it has on the African continent, as the preferred refining partner that supports and enables local ASM refining while ensuring ethical sourcing and transparency.
“We’re committed to supporting and developing Africa’s ASM sector as a key enabler of country economic growth,” Subramanian emphasised in the release dated Tuesday, January 20, the day the LBMA reported an all-time high gold price of $4 747.80/oz.
The good delivery lists for gold maintained by LBMA ensure that only bars that meet good delivery standards are acceptable in the physical settlement of a London gold transaction.
The high level of consistency within the London market is maintained by ensuring the quality of metal traded. Both refiners and vaults are required to implement the good delivery rules relating, for example, to a bar’s assay, weight and markings.
