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Royal Canadian Mint's Responsible Metals Program

The Royal Canadian Mint opposes all activities that deny basic human rights and is opposed to all activities which finance or contribute to abuses of human rights. This includes the mining and trading of conflict minerals within the gold and/or silver sector.

We are committed to advancing responsible business practices and promoting the responsible sourcing of precious metals used in our processes and products. All of our customers and suppliers of precious metals are required to participate in our Responsible Metals Program. The program is designed to meet the Organisation for Economic Co-operation and Development (OECD) Due Diligence Guidance on Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas – Gold Supplement, the London Bullion Market Association (LBMA) Responsible Gold Guidance and Responsible Silver Guidance, and the Electronic Industry Citizenship Coalition and the Global e-Sustainability Initiative (EICC GeSI) Conflict-Free Sourcing Initiative requirements.

Our Responsible Metals Program is designed to address the specific risks identified in Annex II of the OECD Due Diligence Guidance on Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas.

These risks are recognized as having significant adverse impacts that may be associated with extracting, trading, handling and exporting minerals globally - especially from conflict-affected and high-risk areas. These include the risk of conflict, severe human rights abuses, money laundering and mineral fraud. Our program also seeks information relating to emerging risks in the area of environmental, social and governance.

A copy of our Responsible Metals Program Guidance can be found below.

Annex II risks are as follows:

  • Serious abuses associated with the extraction, transport or trade of minerals
  • Direct or indirect support to non-state armed groups
  • Public or private security forces
  • Bribery and fraudulent misrepresentation of the origin of minerals
  • Money laundering
  • Payment of taxes, fees and royalties due to governments

Further information on the Annex II Risks can be found here as part of the OECD Due Diligence Guidance.

Responsible Metals Program

The Royal Canadian Mint Responsible Metals Program incorporates the following five (5) step process aimed at identifying and validating the chain of custody of all incoming gold or silver-bearing refining deposits:

  1. Establish strong management systems

    Our corporate Responsible Metals Program and Anti-Money Laundering/Anti-Terrorist Financing and Know Your Customer (“KYC”) programs, are consistent with the requirements set forth by the LBMA's Responsible Gold Guidance and Responsible Silver Guidance. We have also established an internal management structure to support supply chain due diligence. This structure enables communication and implementation of program requirements and monitoring of the supply chain due diligence program. We have identified and recorded all suppliers and maintain records containing supply chain information for each deposit.  A targeted training program is in place to inform employees of their obligations under the Responsible Metals Program. Our refinery has communicated the Responsible Metals Program requirements to all suppliers, and has engaged with them to ensure that materials we receive for processing have been sourced responsibly and not from illegal mining operations located in internationally designated conflict areas.

  2. Identify and assess risks in the supply chain

    We have identified and assessed the risks for each of our suppliers.  Each supplier is required to undergo our KYC due diligence process and is subject to a risk assessment.  The risk assessment encompasses risk indicators related to geography, nature of business, delivery channels, ownership, organizational structure, and other risk factors that the we deem relevant.

    The supplier due diligence process includes collecting and verifying the suppliers' business and financial details, verifying that the supplier and/or its beneficial owners are not on any economic, money laundering, or terrorist financing watch lists, or listed as Politically Exposed Persons and obtaining trade reference information. 

    All shipments of material received for processing are subject to inspection and validation that the material shipped conforms to the suppliers' previously established material type and amounts deposited are consistent for that customer.

  3. Design and implement a management strategy to respond to identified risks

    We have developed a response strategy to address identified risks. This strategy includes either (a) accepting the new supplier's application for services or continuing business with an existing supplier with treatment measures implemented to mitigate against the identified risk; or (b) suspending and/or terminating the new supplier's application, or suspending and/or terminating the relationship with the existing supplier should we deem that treatment measures would not sufficiently mitigate against the identified risk(s).

  4. Arrange for an independent third party audit of the supply chain due diligence

    Our Responsible Metals Program is audited annually by an LBMA accredited audit firm. These audits are conducted based on the LBMA Responsible Gold Guidance and Responsible Silver Guidance audit requirements. The most recent audit reasonable assurance report is available below.

  5. Report publicly on supply chain due diligence.

    Our assurance report is available online together with its Responsible Metals Guidance. The report can be found below.

Whistleblowing  

As part of our commitment to responsible sourcing, we have an established whistleblowing service that allows for confidential and anonymous reporting of alleged wrongdoing through a third party provider.

In Closing

We are committed to meeting our social responsibilities, and encourage our precious metal refining customers and suppliers to do their part in ensuring that their materials are not sourced from illegitimate mining operations in internationally recognized conflict areas.

For more information on the Royal Canadian Mint Responsible Metals Program
Email: compliance@mint.ca


Responsible Metals Program Guidance


Compliance Report 2020


Assurance Report 2020