Due to on-going challenges and complexities, the company will concentrate the sourcing of precious metals from large industrial mines.
Neuchâtel, Switzerland, June 17, 2019 – Metalor Technologies SA, a leading Swiss-based supplier of precious metals and advanced materials, announced today its decision to stop all artisanal mines and mine collector’s business to concentrate the sourcing of precious metal in the industrial mining sector. Despite putting in place all required due diligence measures and a strict verification process, the increasing resources to secure compliance and the challenging conditions at the mining regions have forced Metalor to re-assess its approach to artisanal mining. As a result of this decision, Metalor will cease its operations in Colombia, after having already announced its decision to stop any business relationship with collectors/aggregators of gold doré in Peru.
“Metalor has successfully been doing business in Latin America for more than two decades with the clear objective of keeping its standards in terms of responsible sourcing and compliance. However, the on-going complexity in the supply chain, makes it increasingly challenging for Metalor to continue to serve the artisanal mines with this objective in mind,” said Antoine de Montmollin, CEO of Metalor. “Metalor regrets this carefully considered decision, but will not compromise when it comes to promoting a more sustainable gold value chain”.
Need of a concerted effort to work in difficult areas The company has been evaluating whether it should continue, and under which conditions to work with artisanal mines in support of the formalization process (*) in the mining sector, whose benefits are evident for the population, but for which the desired regulatory and legal conditions as well as a clear governance on the obligations from all participants are not yet sufficiently achieved. In this respect, Metalor depends on the state authorities and agencies to ensure proper implementation of the formalization process.
Metalor strongly believes that only a concerted and structured dialogue with all stakeholders, governments, development organizations, NGOs, local communities and experts can lead to a successful formalization process and a more sustainable gold value chain.
Until the required elements are in place, Metalor will stop all artisanal mines and mine collector’s businesses. In the meantime, Metalor will continue serving its long term industrial mine customers and will secure a smooth transition for the other clients.
About Metalor Technologies SA Metalor Technologies SA. is a world supplier of precious metals and advanced materials. The company uses Swiss precision technology to develop high purity metals, products and solutions which are used in a large number of applications across many industries.
The company was founded in the Canton of Neuchatel in 1852 by Martin de Pury as a company specialized in the melting of gold and the manufacture of watch cases. Today, Metalor is part of the Tanaka Precious Metals Group, a world leader in precious metals applications since 1885.
Metalor recorded revenues of CHF 296 million in 2018, divided equally among its three business groups: Metalor Refining, Metalor Advanced Coatings and Metalor Electrotechnics. Headquartered in Neuchatel, the Group has 17 subsidiaries and operates refineries in Europe, USA and in Asia. It employs 1,500 people worldwide, of which 280 in Switzerland.
Media contact :
Jose Camino Metalor Technologies SA
Jose.camino@metalor.com
+41 32 720 62 65
(*) The formalization process in the mining sector means the introduction of a regulatory framework whereby informal artisanal miners be allowed to legally mine and trade the mineral they extract, incentivizing miners to enter the legal economy, gradually improve working conditions, decrease insecurity, and promote equitable development respecting the environment.
