PRESS RELEASE: Yamana, a global precious metals mining company, is the first to license Emergent's blockchain technology supply chain solution, which traces the provenance of conflict-free gold from mines to refineries, and through to vaults. The solution uses blockchain technology to administer smart contracts among the parties involved in the delivery of gold-bearing material, including miners, refineries, logistics providers and insurance companies.
Yamana, Emergent and leading industry and blockchain technology partners developed the solution in an effort to simplify and automate supply chain traceability of the conflict-free gold it delivers to refineries. This new platform will provide refiners with a transparent and irrefutable system by digitally collecting and maintaining information for each lot of gold-bearing material that is refined. In addition, the platform consolidates existing high standards of diligence among supply chain participants.
“Yamana is committed to mining metals ethically and responsibly. One element of this is our commitment that all of our gold can be verified as conflict free,” said Peter Marrone, Yamana's chairman and CEO. “While our conformance with the conflict-free gold standard is independently attested to each year, we see significant efficiencies, value and potential for greater assurance by tracking title and provenance of gold on a blockchain data network throughout the gold value-chain. We began working with Emergent in early 2016 and the platform they have developed proves provenance, assuring buyers and investors that the gold they buy is from responsible sources. A digitised supply chain process will improve efficiency and transparency.”
Emergent's Responsible Gold platform is the only permissioned blockchain that tracks responsibly sourced gold from its origin to vault. Miners, including Yamana and other supply chain participants, will use Emergent's mobile application that scans smart chips in tamper-proof seals and records transfer of custody and other data on the Responsible Gold blockchain.
Andrew Parsons, chief administrative officer at Emergent, commented: “We are delighted to be working with Yamana on this initiative. We have created a connected record across each stage of the supply chain that is immutable, irrefutable, auditable and transparent.
"Our platform was developed by the world's top minds in blockchain technology and delivers absolute confidence that all the gold in our ecosystem is 100% responsibly sourced. Financial institutions, corporations, jewellers and individual investors are all set to gain as we drive demand for conflict-free gold.”
Emergent Technology is also launching G-Coin, a digital token backed by physical gold sourced from the Responsible Gold supply chain platform. Yamana has also made an investment and is a founding partner in Emergent. Yamana expects G-Coin will enhance and expand the benefits of the Responsible Gold platform by providing a credible investment product to investors and individuals.
G-Coins will be available as a means of exchange and a new investment class in the June quarter of 2018.
Marrone stated: “A digital gold currency – G-Coin – that is 100% backed by responsible gold is both economically and socially responsible. Our decision to invest in Emergent was heavily influenced by the responsible gold supply chain ecosystem backing G-Coin. Promoting the use of or investment in responsible gold is important to Yamana. It reinforces our commitment to respect human rights and discourage unlawful armed conflict in areas where precious metals are mined. Responsible gold is emerging as a new asset class, which we are proud to support and advocate to buyers of and investors in gold alike.”
Want to gain deeper insight and engage with leaders on topics like this? Join us at the Future of Mining conference in Sydney 14-15th May 2018. Click here to learn more