Responsible Precious Metals Sourcing
Our compliance and transparency standards are the foundation on which the trust of our employees and customers as well as other stakeholders is built. Earning and maintaining this trust is the basis for our success. It requires an unwavering commitment to integrity and good business practices.
We value long-term relationships over short-term profits and have always ensured that processes are transparent and auditable. Our approach to compliance has three aspects: prevent, detect, and respond. Our highest priority by far is prevention.
Responsible Precious Metals Sourcing
We take all reasonable steps to ensure that the precious metals in our value chain originate from legal and ethical sources. Therefore, we systematically adhere to the strictest standards. Compliance with laws, regulations, and our own company policies is rigorously integrated into our processes.
Heraeus Precious Metals works only with mining companies that underwent an on-site assessment conducted by us or a third party. We strive to have a positive impact on the people, environment and communities in our upstream value chain and continue to drive our efforts and support the efforts of our mining partners to mitigate any negative impact.
Our precious metal recycling keeps valuable material in the economic loop. We are tirelessly working with our partners who send us secondary material for recycling to ensure appropriate policies and processes are in place at intermediate collectors and refiners. Our goal is to prevent mining material or stolen material from entering the supply chain through presumed recycling material.
If precious metal suppliers do not meet our standards, we refuse to enter into a business relationship with them. We terminate existing relationships if violations are detected that cannot be resolved or corrected. Our system for responsible precious metal sourcing is certified by all major responsible precious metals sourcing frameworks such as RMI, RJC, LBMA, and LPPM.
“We apply the strictest policies for all our precious metals, regions, and precious metal suppliers – going beyond regulatory requirements and global industry standards.”
Dr. Patrick Henritzi
Global Head of Precious Metals Compliance
Applying Extended Due Diligence
Appropriate due diligence is conducted for all our precious metal suppliers to ensure the clarification of material sources. Our compliance management system ensures the processes are followed and documented in a thorough way.
Our engagement with precious metal suppliers in CAHRA countries (conflict-affected and high-risk areas) requires even stricter recycling and mining partner onboarding that as a minimum meets and in most cases surpasses internationally recognized industry standards, such as the LBMA, LPPM, RMI, or RJC. After onboarding, recycling and mining partners are subject to continuous monitoring, periodic Know Your Customer (KYC) updates, and if needed, on-site assessments conducted by specialists from Heraeus Precious Metals or independent third-parties. Additionally, we work with improvement roadmaps to commit partners on improvements.
We define our CAHRA list with the most care and the broadest approach possible. Thereby, we include OECD, UN, EU, national, NGO, Environmental and political index resources (e.g., FATF, CPI, etc.) as well as our own expertise to get a holistic view.
Leveraging Central Governance Capabilities
As a globally leading company in refining, recycling, trading and processing of precious metals, we leverage our expertise to the benefit of the supply chain. With responsible precious metals sourcing we strive for a positive upstream impact and high traceability – setting industry standards beyond conflict minerals for all precious metals.
We have set strict processes and standards worldwide. This includes unparalleled precious metals compliance, security, accounting, and traceability. Among other, we achieve this through a global enterprise software system, a global compliance management system, and approval processes.
Our Policies
Compliance Hotline
Applying Extended Due Diligence
Appropriate due diligence is conducted for all our precious metal suppliers to ensure the clarification of material sources. Our compliance management system ensures the processes are followed and documented in a thorough way.
Our engagement with precious metal suppliers in CAHRA countries (conflict-affected and high-risk areas) requires even stricter recycling and mining partner onboarding that as a minimum meets and in most cases surpasses internationally recognized industry standards, such as the LBMA, LPPM, RMI, or RJC. After onboarding, recycling and mining partners are subject to continuous monitoring, periodic Know Your Customer (KYC) updates, and if needed, on-site assessments conducted by specialists from Heraeus Precious Metals or independent third-parties. Additionally, we work with improvement roadmaps to commit partners on improvements.
We define our CAHRA list with the most care and the broadest approach possible. Thereby, we include OECD, UN, EU, national, NGO, Environmental and political index resources (e.g., FATF, CPI, etc.) as well as our own expertise to get a holistic view.
Engaging Stakeholders
We know that engaging with our stakeholders has the greatest potential for positive impact. We are in contact with all relevant stakeholders in the precious metals value chain. This starts with our own customers – especially mining and recycling partners – and extends to legislators on national, supranational, and international level, NGOs and industry associations. During on-site mine assessments, we also seek the exchange with unions, communities, and local governments.
Through our participation in the IPA (International Platinum Group Metals Association), EPMF (European Precious Metals Federation) and FVEM (Fachvereinigung Edelmetalle) we are in regular contact with other market participants as well as national and international legislators such as the EU Commission and the OECD. Furthermore, we engage in responsible mining projects such as Fairmined, Fairtrade Gold and Swiss Better Gold initiative.
Heraeus Precious Metals is a member of several industry associations and organizations:
Certifications
Heraeus Precious Metals is certified by all major responsible Precious Metals sourcing frameworks such as LBMA, LPPM, RMI and RJC. The applicable certifications are depending on the scope of our production site regarding refined or recycled precious metals. All processes audited for the sites and respective metals are applied companywide and across all metals notwithstanding the scope of the acquired certificates.
Request our Conflict Mineral Report Template
Please submit the form and you will receive the current Conflict Mineral Report Template (CMRT) via email.
