Voluntary Modern Slavery Statement 2020
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THE PERTH MINT Voluntary Modern Slavery Statement 2020 This voluntary Modern Slavery Statement is made on behalf of Gold Corporation group of companies trading as The Perth Mint. Voluntary Modern Slavery Statement 2020 Voluntary Modern Slavery Statement 2020 Contents Our commitment 5 Our structure, operations and supply chains 6 Policies and governance 9 Modern slavery risk assessment and mitigation activities 10 Comprehensive due diligence 14 Looking forward 15 Approval 16 The Perth Mint 2 The Perth Mint 3 Voluntary Modern Slavery Statement 2020 Voluntary Modern Slavery Statement 2020 Our commitment The Perth Mint is committed to However, our strong commitment respecting human rights and to our corporate social responsibility opposes slavery in all its forms. and our enduring vision to be the We endeavour to operate our sustainability benchmark for the business activities in a manner precious metals industry means consistent with the United Nations we are voluntarily undertaking Guiding Principles on Business and to make this inaugural modern Human Rights, and with the Voluntary slavery statement describing the Principles on Security and Human risks of modern slavery within our Rights. operations and supply chains as well as the actions we are taking to assess, We seek to give all our employees, address and remediate these risks. and those who conduct work on our behalf, the tools and knowledge We recognise that this is a continuous to identify the risk of modern journey and commit to the ongoing The Perth Mint slavery practices across our business review of our current policies, is committed to operations and to empower them to processes, systems and procedures as take action against it. We expect our well as to working with our suppliers, respecting human customers, suppliers and external customers and stakeholders to identify stakeholders to be alert to possible and rectify any gaps in our current rights and opposes involvement in modern slavery, and to business practices that may cause slavery in all its forms. work to prevent and address it. an increased risk of modern slavery practices across our areas of operation. As a Government Trading Enterprise of the Western Australian Government In preparing this modern slavery governed by the Gold Corporation Act statement the Chief Sustainability 1987, Gold Corporation and its group Officer engaged with relevant officers of companies trading as the Perth across all three of the entities within Mint are not reporting entities for the Gold Corporation Group trading the purposes of the Modern Slavery as The Perth Mint in the processes of Act 2018 (Cth) and are not required to risk assessment and the development submit a modern slavery statement and implementation of relevant risk under that legislation. mitigation actions. The Perth Mint 4 The Perth Mint 5 Voluntary Modern Slavery Statement 2020 Voluntary Modern Slavery Statement 2020 Our structure Our structure, operations The Perth Mint employs some 500 employees and contractors across our Australian based operations, which comprise our precious metals refinery and mint, depository, treasury, shop and exhibition and supporting corporate functions. and supply chains Government of Western Australia The Perth Mint is Australia’s largest, We are a precious metals refining, For the purposes of the fully integrated precious metals manufacturing, minting, marketing, Commonwealth Modern Slavery enterprise providing premium gold, distribution and storage business. Act, 2018, Gold Corporation is the silver and platinum products and Structured as a vertically integrated reporting entity. Holding Company Gold Corporation services to markets throughout the entity we operate across the entire world. precious metals value chain. Our business activities span the entire Management responsibility is based spectrum of the precious metal value on functional and business lines chain from refining of precious metals designed to provide a comprehensive to the delivery of physical products and and cohesive service to our many investment solutions to markets the customers around the world. GoldCorp Australia Western Australian Mint world over. Trading Name The Perth Mint Activities Retail Tourism Precious Manufacturing Gold and Precious Treasury Precious metals Exhibition metal blank and marketing silver refining, metal linked services storage manufacture of investment manufacture investment and numismatic and marketing products coins, other of value-added minted items bullion bars and related products The Perth Mint 6 The Perth Mint 7 Voluntary Modern Slavery Statement 2020 Voluntary Modern Slavery Statement 2020 Policies and governance The Perth Mint adopts the Modern Our commitment to sourcing socially Slavery Act 2018 (Cth) definition of responsible doré and secondary metal modern slavery. extends beyond these accreditations. Our refinery is also certified under Our internal controls include our the Conflict-Free Smelter Program Code of Conduct, Responsible Metals and abides by the responsible gold and Supply Chain Policy and our guidelines and standards set by the Human Rights Policy which require LBMA and the World Gold Council to employees, directors, officers, and all maintain industry best practice. Our operations Our supply chains third parties that conduct business We refine both newly mined and Although over 70% of our gold is with, or on behalf of The Perth Mint secondary gold and silver feed from sourced domestically in Australia, we to act with fairness and integrity, across Australia and beyond. Our do source up to 90 tonnes per year observing high standards of personal precious metals feedstock is sourced from other countries. 90% of the gold and business ethics. from 20+ countries around the globe. we source is from primary producers The Perth Mint is Australia’s only gold in the form of doré or semi-refined We produce a range of gold and silver We produce a range and silver refinery, weight master and bars, we also source up to 30 tonnes investment bullion bars, minted bars assayer accredited by all five of the per year in the form of accredited of gold and silver and coins for investment and collector world leading commodity exchanges – scrap metal. markets, supplying to over 130 investment bullion the London Bullion Market Association countries. We also provide precious Our silver feedstock is sourced from (LBMA), the New York Commodity metals storage and investment accredited suppliers from Australia and bars, minted bars and Exchange (COMEX), the Shanghai programs to over 60,000 customers overseas, both in the form of newly coins for investment Gold Exchange (SGE), the Tokyo across these 130 countries. mined metal and secondary metal. Commodity Exchange (TOCOM) and Our platinum feedstock is sourced in and collector markets, the Dubai Multi Commodities Centre Our Shop and Exhibition operate a its fully refined form from accredited (DMCC). To achieve and maintain retail and tourism function in Perth overseas suppliers. supplying to over these accreditations, The Perth that attracts customers both locally Mint’s standards and procedures are and internationally, with close to In addition to precious metal supply, 130 countries. continuously tested, reviewed and 60,000 visitors in FY20. we also source other goods and scrutinised, including audits of our services from local and international supplier and customer onboarding suppliers. Goods procured include processes to ensure adherence to the chemical reagents, packaging for Human Rights standards prescribed by our products, other consumable the accrediting organisations. items used in our refining and minting processes, and IT equipment. Services procured include precious metal logistics services, facilities management, insurance products and risk management solutions, corporate services including marketing, and equipment maintenance. The Perth Mint 8 The Perth Mint 9 Voluntary Modern Slavery Statement 2020 Voluntary Modern Slavery Statement 2020 Modern slavery risk assessment and mitigation activities Although we strive to eliminate the Precious metal mining and extraction Precious metals investment activities risks of modern slavery practices processes Risks: Investment in precious across our business and supply Risks: In emerging economies, metals can present risks for money chains, the high intrinsic value of our mining operations tend to rely on laundering, terrorism finance, inputs and products, along with the large quantities of unskilled labour, corruption and trade with sanctioned international nature of our operations which may pose various human countries and other conflict means there are risks that require rights risks such as a forced labour, regions. The risk of modern slavery ongoing assessment, mitigation and at bonded labour or debt bondage, child is considerably higher in conflict times risk remediation. labour, excessive working hours, and countries and therefore precious During the FY20 financial year, The deceptive recruitment. metals investment activities may Perth Mint engaged a Big 4 accounting finance modern slavery practices firm to assist The Perth Mint in Precious metal transportation such as forced labour, bonded undertaking a risk review across our activities labour or debt bondage, forced child business, for all entities within our Risks: Metal transportation, particularly labour, excessive working hours, and Risk mitigation Our Whistleblower Policy describes This includes the requirement for structure. Our precious metals supply in emerging economies