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Report

10 Sep 2015

Author:
Berne Declaration (Switzerland)

A golden racket - The true source of Switzerland's "Togolese" gold

At least 7 tonnes per year of this artisanal gold never makes it onto the books in Burkina Faso and is instead smuggled overland to Lomé, Togo. Among the primary Burkinabé “comptoirs d’achat” (trading intermediaries) in control of this illicit trade is SOMIKA...[that]...denies any wrongdoing. Once in Lomé, the gold is purchased by Wafex Sàrl, a subsidiary of an agglomeration of inconspicuous companies...called Ammar Group. Wafex in turn exports the gold to Switzerland using Ammar Group’s Geneva-based arm, MM Multitrade SA, where it ends up in one of Switzerland’s “big four” refineries, Valcambi SA. Valcambi then refines and sells on the bars or ingots crediting the equivalent value in troy ounces of gold onto MM Multitrade’s account at Arab Bank in Geneva...Valcambi, who profits from this dirty trade, waxes lyrical about its “ethical, moral and social standards”. In its compliance reports, the refinery claims to be acting “in strict accordance with” the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas and its Supplement on Gold, and the London Bullion Market Association’s (LBMA) Responsible Gold Guidance. It claims to have the “highest traceability standards” over its entire supply chain and every single lot of material processed. And yet, it continues to purchase and refine gold originating from mines run on what the International Labour Organisation terms the “worst forms of child labour”...We contacted all companies for comment: Valcambi and Ammar Group declined our requests for meetings and did not respond to questions sent by email; Arab Bank and KPMG refused to comment...[MM Multitrade responded]...The Berne Declaration is not calling for a boycott of artisanal gold from Burkina Faso...[Refers to Goodyear, Crédit Suisse, Arab Bank, KPMG, Metalor, Argor-Heraeus, Decafin].       

Part of the following timelines

Valcambi "purchases gold extracted by children" in Burkina Faso, smuggled via Togo, says Berne Declaration - company responds

Valcambi achète de l'or extrait au Burkina Faso et trafiqué via le Togo, affirme la Déclaration de Berne; l'entreprise répond

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