38.05 F
London
November 22, 2024
PI Global Investments
Gold

President Macron looks to regulate illegal gold mining in French Guiana


Workers in these areas would be held to sustainable mining rules, Macron said, including an existing ban on mercury, a toxic metal small-scale and illegal miners use in extraction which leaks into rivers, oceans, forests and spreads to human populations.

Illegal miners in the territory release around 1.3 kg of mercury for each kilogram (2.2 lb) of gold extracted, World Wide Fund for Nature (WWF) data showed.

The program would bar illegal miners, many from neighboring countries, from entering these areas and limit their activities motivated by rising gold prices, Macron added.

Gold, a safe-haven asset which tends to rise in times of geopolitical risk, has added over 10% in value from a year ago, nearing $70 per gram.

Last year, Macron said an estimated five metric tons of gold had been extracted from the territory, most illegally, and 35 kg (0.04 tons) were seized by authorities.

Macron said seized gold would now be sold to return funds to the territory, notably through projects linked to remedying the impacts of illegal mining.

Macron said he is also looking to boost cooperation with Suriname and Brazil on breaking up illegal supply chains and improving military coordination, with the goal of finalizing a strategy by the 2025 United Nations Climate Change Conference.

(Reporting by Sarah Morland; Editing by Richard Chang)





Source link

Related posts

York: Menfulness wins gold at the charity film awards

D.William

Here’s What You Need to Know

D.William

Israeli swimmer Anastasia Gorbenko wins gold at LEN European Aquatics Championships

D.William

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.