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Pressure mounts on Swiss refinery Valcambi over questionable gold origins

Section: Daily Dispatches

From the Swiss Broadcasting Corp.
Bern, Switzerland
Sunday, August 16, 2020

Industry associations are calling on Switzerland's largest gold refinery to clarify the origins of its gold purchased from Dubai traders.

According to the German-language paper Sonntags Zeitung, a rift has emerged between the Swiss Association of Traders and Manufacturers of Precious Metals and the Ticino-based refinery Valcambi.

... Dispatch continues below ...


Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System

Company Announcement via Globe Newswire
Thursday, July 2, 2020

VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.

The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:

In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...

... For the remainder of the announcement:

The row concerns a report by the NGO Swissaid released in July, which alleges that Valcambi is sourcing gold from dubious sources in Dubai. The refinery's purchases from the Kaloti Group are particularly concerning because of alleged links to gold from conflict regions in Africa.

Although the association doesn't name a specific company, Cédric Leger, the CEO of the association, leaves little doubt.

"The association asked for clarification of the situation by letter," said Léger. "And only an answer that removes all doubts about wrongdoing is acceptable from our point of view. A simple denial is not enough for us."

In the letter sent on July 31, Léger asks Valcambi CEO Michael Mesaric to confirm or refute the allegations and also explain what corrective measures it will take if necessary.
High salaries aren't what they seem in Switzerland

Mesaric confirmed to Sonntags Zeitung that the company received the letter but rejected the allegations.

The United Arab Emirates is now the most important country of origin of Swiss gold imports. Some 40% of the world's gold now makes its way through Dubai. According to Swissaid, half that is from Africa and much of it is mined illegally.

"It cannot be ruled out that the gold from Dubai is of dubious or potentially illegal origin or comes from regions that are higher risk," warns association president Leger. Another Swiss refinery, Metalor, decided several years ago to no longer process gold from Dubai. ...

... For the remainder of the report:

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