ZURICH: The refiner’s main supplier, the Peruvian export company Minerales del Sur (Minersur), delivered more than 47 tons of the precious metal to Metalor between 2012 and 2017. STP says that Minersur only has the right to sell gold from the Puno region, but manages four concessions in Huepetuhe, one of the main illegal gold mines located in Madre de Dios.
According to the accusations, the company exports more gold to Switzerland than officially produced in Puno, raising the suspicion that it is palming off illegal gold from Madre de Dios to Metalor.
The STP report also accused Swiss gold refiners of laxness concerning imports from the United Arab Emirates (UAE), which it deems to be a hub for conflict gold from African countries. It pointed fingers at the Swiss refiner PAMP, which obtained gold from Dubai-based companies Kaloti and Al Etihad Gold.
According to STP, Kaloti had underreported gold sourced from Sudan and Liberia, and had also procured some from the conflict-ridden Democratic Republic of Congo (DRC) between 2012 and 2014.
The report accused audit firm Ernst & Young Switzerland of conducting an improper third-party verification for PAMP, which could have allowed conflict gold funnelled through UAE to enter the company’s supply chain.
