Business Maverick: Gold worth billions smuggled out of Africa

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Business Maverick: Gold worth billions smuggled out of Africa By Reuters reuters

can be legally imported, tax-free.A DMCC spokesman said it has a robust regulatory framework that includes strict responsible sourcing rules. These are aligned with the international benchmark for responsible sourcing laid out by the Organisation for Economic Cooperation and Development .

Often, miners must surrender a cut of their output, as commission, to the people who control a pit, let out the equipment, or buy and sell the. NGOs such as Global Witness and Human Rights Watch have documented child labour, corruption and links to conflict at some of these mines. At one mine in Zimbabwe visited by Reuters, people said they had to hand over some of their find before they would even be allowed out of the pit.n governments.

Some, including Ivory Coast, are taking gradual steps to regulate their informal mining operations. Ghana and Zambia have sent security forces into mining areas to halt operations so miners can be registered and regulations put in place. Ghana, concerned that a rush of mainly Chinese-led ventures is harming the environment, has arrested hundreds of Chinese miners and expelled thousands in the past six years.

In Sudan, one of the continent’s biggest producers, the government has unveiled a $3 billion plan for private banks to work with the central bank to buyfrom small-scale miners, offering prices that would make it less attractive to sell on the black market.gold

 

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