Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
MKS PAMP, a provider of financial and physical trading services, and precious metals refinery, is leveraging its Provenance solution to promote responsible artisanal and small-scale mining with Breitling as the sourcing partner of its Super Chronomat Origins timepiece – the brand’s first “traceable watch” that informs owners about the origins of its precious materials.
MKS PAMP developed the Touchstone mine supply chain from which Breitling sources its production. Based in Colombia, the Touchstone mine is a success story for the industry with its strong environmental consciousness, the companies said.
“In order to reshape our approach to responsible sourcing to achieve positive social and environmental impact along the value chain while enabling product integrity and traceability, we knew we needed to have the right partners,” Aurelia Figueroa, Breitling’s Global Head of Sustainability said in a media release.
“Putting responsible artisanal & small-scale mining on the map alongside the Swiss Better Gold Association, MKS PAMP has over the years advocated and supported measures to build secure, transparent, and verifiable gold supply chains from responsible artisanal & small-scale miners to market,” Figueroa said.
“Artisanal small-scale mining provides a livelihood to over 40 million people worldwide, which, for the gold mining sector, corresponds to about 20 million miners and represents approximately 20% of the global gold production,” said Diana Culillas, Secretary General, Swiss Better Gold Association.
“Since 2017, we’ve actively collaborated with Touchstone – a mine that creates greater value through sustainability and its commitment to the local community,” said Xavier Miserez, Head of Sales, MKS PAMP. “It was also the only mine to have been immediately accredited Step 2 by Swiss Better Gold. Today, Breitling sources 100% of its annual production.”
Through Provenance, MKS PAMP’s traceability solution that uses blockchain to track & trace the global precious metals supply chain, the company can guarantee the exact source of their product as the material goes through a dedicated batch refining so that there is never any other precious metal from another source that comes into contact – ensuring supply chain transparency.
