Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Bullion has fallen six days in a row and is set for a weekly loss of more than 4%.
The Brazilian Institute of Mining (Ibram) joined forces with the Ministry of Justice and Public Safety and some of the largest mining companies operating in the South American country to develop a special security plan for the municipalities that host gold mining operations.
In a media statement, Ibram said that the main goal of the plan is to avoid cargo theft by organized crime.
The agreement signed between the government and the miners contemplates the preparation of studies and diagnoses that would lead to the formulation of strategies to confront the activities of organized crime impacting gold and precious metals operations.
The work will be carried out by the National Secretariat of Public Safety (SENASP) together with communities and local authorities. The idea is that the strategies developed incorporate defence mechanisms against criminal activities, and encourage the exchange of information between mining companies and municipal authorities, states and federations.
“Mining companies represent a strategic sector of the Brazilian economy and an important part of the trade balance,” Ricardo Cappelli, Minister of Justice and Public Safety, said at the event where the agreement was signed. “Security is one of the pillars for Brazil to attract investments.”
Also involved in this joint effort are other sectors, such as banks and cash/valuables-in-transit companies.
The new protocol will focus on some 50 Brazilian municipalities where gold and diamonds are extracted, and whose total population adds up to 700,000 people.
The pact also involves the dissemination of security and prevention measures for the residents of these areas.
“It only takes a few seconds for criminals to put an end to the efforts of long-term investments made by mining companies in their projects, which generate several benefits for the country and Brazilians,” Ibram’s vice-president, Fernando Azevedo, said. “This situation should not continue in the national territory.”
