Illegal gold mining in Peru's Madre de Dios province has damaged the environment and had a negative impact on indigenous communities (Keystone) - Click to enlarge A report by the NGO Society for Threatened Peoples (STP) has accused Swiss gold refiner Metalor of procuring gold from controversial suppliers in Peru. Metalor denies the charge. The reportexternal link, released on Thursday to time with the opening of the Baselworld Watch and Jewellery Fair, says that in all likelihood, Metalor continues to procure illegally mined and sold Peruvian gold, which is linked to tax evasion and environmental destruction. The refiner’s main supplier, the Peruvian export company Minerales del Sur (Minersur), delivered more
Topics:
Anand Chandrasekhar considers the following as important: Business, Featured, Jose Ramon Camino, Metalor, Minersur, newslettersent, PAMP, STP, SUNAT, Swiss Markets and News
This could be interesting, too:
Marc Chandler writes Sterling and Gilts Pressed Lower by Firmer CPI
Ryan McMaken writes A Free-Market Guide to Trump’s Immigration Crackdown
Wanjiru Njoya writes Post-Election Prospects for Ending DEI
Swiss Customs writes Octobre 2024 : la chimie-pharma détermine le record à l’export
Illegal gold mining in Peru's Madre de Dios province has damaged the environment and had a negative impact on indigenous communities (Keystone) - Click to enlarge
A report by the NGO Society for Threatened Peoples (STP) has accused Swiss gold refiner Metalor of procuring gold from controversial suppliers in Peru. Metalor denies the charge.
The reportexternal link, released on Thursday to time with the opening of the Baselworld Watch and Jewellery Fair, says that in all likelihood, Metalor continues to procure illegally mined and sold Peruvian gold, which is linked to tax evasion and environmental destruction.
The refiner’s main supplier, the Peruvian export company Minerales del Sur (Minersur), delivered more than 47 tons of the precious metal to Metalor between 2012 and 2017. STP says that Minersur only has the right to sell gold from the Puno region, but manages four concessions in Huepetuhe, one of the main illegal gold mines located in Madre de Dios.
According to the accusations, the company exports more gold to Switzerland than officially produced in Puno, raising the suspicion that it is palming off illegal gold from Madre de Dios to Metalor.
“We have not been contacted by the NGO. We do not get even a gram of gold from Madre de Dios and all our shipments from Peru are approved by the customs and tax body SUNAT,” Jose Ramon Camino, general counsel for Metalor, told swissinfo.ch.
Dubious Dubai
The STP report also accused Swiss gold refiners of laxness concerning imports from the United Arab Emirates (UAE), which it deems to be a hub for conflict gold from African countries. It pointed fingers at the Swiss refiner PAMP, which obtained gold from Dubai-based companies Kaloti and Al Etihad Gold.
According to STP, Kaloti had underreported gold sourced from Sudan and Liberia, and had also procured some from the conflict-ridden Democratic Republic of Congo (DRC) between 2012 and 2014.
The report accused audit firm Ernst & Young Switzerland of conducting an improper third-party verification for PAMP, which could have allowed conflict gold funnelled through UAE to enter the company’s supply chain.
Tags: Business,Featured,Jose Ramon Camino,Metalor,Minersur,newslettersent,PAMP,STP,SUNAT