Brazilian gold aggregator Fênix DTVM and Minespider, a company offering a traceability platform to make mineral supply chains more sustainable, have completed the first stage of their gold traceability project.
The two companies have integrated traceability in gold sourcing and processing activities and delivered the first fully traced gold bar to Fênix’s client. By the end of 2023, Fênix DTVM plans to aggregate 100% traceable gold with the Minespider traceability platform based on blockchain technology.
Fênix DTVM is part of FNX Group, which was established in 2017 and has quickly grown to become one of the leading gold buyers and centralising companies in Brazil. Fully committed to ensuring sustainability and responsible business practices at every stage of the supply chain, the company goes beyond Brazilian national requirements.
Fênix sources gold only from mines that went under a sustainability certification by Certimine (a product by Minery). Certimine is a certification process, which consists of verifying legal, operational, and environmental aspects of mining companies – based on the international standards and agreements on sustainable mining practices. Only gold sourced from certified mines is documented on Minespider.
Nathan Williams, Minespider Founder & CEO, pointed out the significance of Fênix’s and Minespider’s cooperation:
“Brazil is one of the most important gold markets in the world, and it’s impressive to see one of its leading players taking a significant step towards sustainability. Fênix DTVM’s commitment to fully traceable gold shows the company’s dedication to responsible business practices and transparency in the supply chain. By integrating the Minespider traceability platform, Fênix DTVM shows an example of a gold buyer and centraliser company who not only strives to operate compliantly but give their metals a history, underlying their superior value over anonymous metals.”
Fênix DTVM and Minespider will expand the use of the platform to all supply chains and ensure all gold products are fully traced, certified, and documented. The next phase will include the integration between Minespider’s platform and Fênix’s existing digital infrastructure. The overall goal is to have 100% traceability across all suppliers and operations by the end of 2023 and guarantee that all Fênix’s clients will receive traceable and sustainably produced gold.
Monal Thakkar, founder and managing director of ASHOKA Global, one of the leading precious metal import & export companies in the world, a company that received the first traced gold bar, highlighted its importance:
“We at Ashoka have known Fênix since its inception in 2017 and we are very proud to be part of this history and change of paradigms, especially regarding the responsible origination of mineral gold from Brazil. Ensuring the authenticity of the origin of the gold is something that we, as major players in the world market, are very happy with. This greatly strengthens our commercial relationship, as it brings more transparency to the gold buying process.”
Pedro Eugênio Procópio, COO, Fênix DTVM, drew attention to how seriously the company treats the gold ecosystem in Brazil:
“We want to show that it is possible to be a global metal aggregator, promote the transmission of a positive culture of responsible origination, and ensure that small and medium-sized Brazilian miners are respected for their gold production.”
Read the article online at: https://www.globalminingreview.com/environment-sustainability/28032023/fenix-dtvm-to-trace-all-of-its-gold-on-minespider-by-end-of-2023/
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