WGC promotes refining transparency

The World Gold Council (WGC) is pushing for more openness in the gold refining process, asking its members to share the names and locations of their refining partners. This move, announced in October 2026, follows a 2023 commitment by 33 members to publish such information at least once a year.

Standardizing reporting for gold producers

The new initiative includes a common declaration model for gold doré producers, who extract gold from mines. This model aims to create standardized reporting practices, making it easier for all participants in the gold supply chain to share and understand information.

Transparency supports responsible sourcing

The WGC argues that identifying refineries helps buyers and investors track the journey of gold, which supports efforts to source gold responsibly. This transparency also helps maintain gold's status as a trusted investment.

Some producers resist sharing refining details

Not all gold producers are willing to disclose their refining partners. An investigation by SWISSAID in 2023 found that some companies, like B2Gold and Barrick, either considered the information unimportant or faced legal restrictions on sharing it.

Reasons for keeping refining relationships private

Producers have cited concerns such as competition, security, and reputation risk as reasons for keeping refining relationships confidential. SWISSAID suggests that revealing these links could lead to public pressure on refineries and their mines, possibly affecting business relationships.

Some companies begin to disclose refining details

Despite resistance, some producers are starting to share information. Newmont, for example, now lists refineries in its sustainability reports, and B2Gold has disclosed where doré from its mines is sent. Some of these disclosures happened before the WGC's 2023 commitment.

Refinery market is concentrated in a few countries

Most commercial relationships between miners and refineries involve facilities in Switzerland, South Africa, or India, according to SWISSAID's mapping. However, new refineries in West Africa, like one in Burkina Faso and another under development in Mali, could shift this trend.

Guinea mandates local refining for gold

Guinea has issued a decree requiring all gold to be refined in approved local facilities to a minimum purity of 95.5% before export. This rule includes a 90-day transition period ending in October 2026. Companies like PDI Gold are exploring options to comply, including on-site refining at their mining sites.