TL;DR
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The World Gold Council has adopted guidance recommending that gold miners publish annual lists linking each doré-producing mine to its refiners and their countries. The framework aims to make supply chains easier to scrutinize, but disclosure is voluntary and does not by itself verify responsible sourcing.
The World Gold Council has adopted new disclosure guidance urging gold miners to publish which refiners receive doré from each producing mine, and where those refiners operate. The recommendation establishes a common format for reporting mine-to-refiner links, but it is not a legal requirement and does not set a first reporting year or deadline.
Under the guidance, companies producing doré—partly refined gold-and-silver bars poured at mine sites—should publish an annual list naming each mine, its state and country, the refiner receiving its doré, and that refiner’s country. Where a mine sends metal to more than one refiner, the council says each recipient should be listed. Companies may publish the information in annual reports, sustainability reports or an equivalent publication.
The recommendation covers the preceding 12 months, but the council has not specified which reporting period should be used for the first disclosure or when companies should publish it. Shipment weights are not required. Companies may also leave out transport firms, routes, traders and exporters, as well as sensitive commercial information or details that could put workers’ safety at risk. Gold shipped as concentrate, carbon fines or low-grade sweepings is excluded.
The framework also addresses toll processing: members should disclose a mine-to-refiner relationship when they retain legal custody of the gold until export. The guidance recommends disclosure across doré-producing companies, rather than creating a binding standard. The source report said the council had not immediately responded to a request for clarification about the first reporting year and deadline.
Public Links From Mines to Refiners
Publishing mine-to-refiner links would give investors, regulators, downstream businesses and other interested parties a clearer view of where mine-produced gold enters the refining system. A shared reporting format could make company disclosures easier to compare and help stakeholders identify relationships that are otherwise difficult to trace through a complex supply chain.
But a disclosure is a traceability step, not proof of responsible sourcing. Naming a refiner does not establish the circumstances in which gold was extracted, whether it financed criminal activity, or how it moved through intermediaries. The guidance also allows several details about shipments and trading relationships to remain private, limiting what the public can infer from the lists.
The distinction matters as scrutiny grows around gold moving from areas linked to criminal activity or political risk into international markets. The framework may make some supply-chain relationships more visible, but it does not itself determine whether a specific shipment is legitimate or resolve concerns about its origin.
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A Pledge Followed by Reporting Guidance
The council’s new framework follows a September 2023 commitment by its members to disclose their refining partners. At that time, 33 members with operating mines collectively produced about 1,300 tonnes of gold annually. They pledged to name refining partners at least once a year for operations whose primary revenue came from gold production, join the Gold Bar Integrity platform and confidentially provide production data to refining partners.
The latest step sets out a common format for public disclosure while allowing exclusions for commercial and security concerns. The guidance does not specify penalties for companies that fail to publish the recommended information. It also does not require shipment weights or cover every form in which gold may leave a mine.
Supply-chain concerns have featured in reporting on Latin American gold. According to the source report, a New York Times investigation found that some gold refined by the Royal Canadian Mint may have come from Colombian cartel-controlled mines. The Mint pledged in April to expand sourcing disclosures and said it had suspended refining material from the supply chain in question. In another case reported by the Times, Venezuelan doré shipped to the United States under a Trafigura agreement with state-owned miner Minerven remained in storage because refiners were unwilling to handle it. Trafigura disputed several points in that account when commenting to The Northern Miner.
Pressure for transparency also reaches beyond mine disclosures. In a September 2025 submission concerning proposed changes by the London Bullion Market Association, Human Rights Watch urged the association to require refiners to identify all mines of origin and suppliers, including those outside the council’s membership and suppliers of recycled gold.
“It gives downstream partners, investors, regulators and other stakeholders more confidence in the integrity of the market while making it harder for opaque or irresponsible practices to hide in complexity.”
— Vivien Glass, the World Gold Council’s head of supply chain integrity
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Deadlines and Enforcement Remain Open
The guidance does not identify a first reporting year or publication deadline, and it does not specify consequences for members that do not follow the recommendation. It is also unclear how consistently companies will report or how the council will track participation. The recommendation is not a legal reporting mandate.
Even if companies publish the requested lists, the disclosures will not necessarily reveal shipment volumes, traders, transport routes or exporters. The framework also does not independently verify a mine’s practices or prove that its gold was not connected to criminal activity. Those limits mean the public records would show selected commercial relationships, not a complete chain of custody.
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Companies Set Their Reporting Timetables
The next step is for gold companies to decide how and when to publish information using the council’s format, while the council may need to clarify the initial reporting period and timing. Companies can place the disclosures in annual or sustainability reports, or an equivalent publication. No specific deadline or implementation schedule has been announced in the source material.
Investors, regulators, downstream businesses and civil-society groups will be able to assess the disclosures as they appear, while broader debates over refiner and supplier transparency continue. The extent of participation—and whether the council later adds reporting expectations or measures for non-compliance—remains unknown.
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Key Questions
What are gold miners being asked to disclose?
The World Gold Council recommends that companies publish an annual list linking each doré-producing mine to the refinery or refineries receiving its metal, along with the mine’s and refiner’s locations. All refiner recipients should be listed when a mine uses more than one.
Is the disclosure guidance mandatory?
No. The council’s framework is a recommendation, not a legal reporting requirement. The guidance also does not specify penalties for companies that do not disclose the information.
When must companies publish their first disclosures?
The guidance recommends annual reporting covering the preceding 12 months, but it does not state the first reporting year or a publication deadline.
Does naming a refiner prove that gold was responsibly sourced?
No. A mine-to-refiner list makes one supply-chain relationship public, but it does not verify a mine’s practices, account for every intermediary or establish that the gold was not connected to criminal activity.
What information can remain undisclosed?
Shipment weights are not required, and companies may omit transport firms, routes, traders and exporters, along with sensitive commercial information or details that could put workers at risk. The guidance also excludes gold shipped as concentrate, carbon fines or low-grade sweepings.
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