Barrick Gold’s executive chairman John Thornton said the company more than replaced the gold reserves it mined in 2022.

Earlier this month, agents dismantled illicit mines in Canaa dos Carajas, near Vale’s Sossego mine.

By integrating traceability in gold sourcing and processing, Fênix DTVM and Minespider have delivered the first fully traced gold bar.

Spot gold was up 0.8% at $1,980.46 per ounce by 3:25 p.m. EDT, near a one-week high.

Mining companies have to run just to stand still, but expansion capex in the global mining sector as a percentage of profits has halved in a decade.

Currently, gold is sold with paper receipts based on the "good faith" of the seller, making it impossible to trace its origin.

Mali is one of Africa's largest producers of gold, which is its top export.

The proposal would sharply reduce the length of mining concessions to 15 from 50 years.