Sandstorm Gold Ltd. Enhances Supply Chain Ethics Amid New Legislation and Upcoming Merger
- Sandstorm Gold Ltd. is preparing a 2024 report to comply with the Fighting Against Forced Labour Act, prioritizing transparency.
- The company evaluates partners to prevent forced and child labour, reinforcing its commitment to social responsibility and ethical standards.
- Sandstorm Gold will merge with Nomad Royalty Company Ltd. in 2025, enhancing its market position and responsible mining practices.
Sandstorm Gold Ltd. Proactively Addresses Supply Chain Concerns Amid New Legislation
Sandstorm Gold Ltd. is taking significant steps to comply with the Fighting Against Forced Labour and Child Labour in Supply Chains Act by preparing a comprehensive report for 2024. Although the company may qualify for exemptions from certain reporting requirements, it chooses to prioritize transparency and ethical standards in its operations. Founded in 2008 and based in Vancouver, British Columbia, Sandstorm specializes in acquiring royalties and gold streams from advanced mining projects, allowing it to generate revenue primarily through the sale of gold and precious metals. The company's commitment to addressing human rights issues in its supply chain reflects a broader industry trend towards ethical sourcing and accountability.
The organization’s due diligence process is central to its strategy for identifying and mitigating risks associated with forced and child labour. Sandstorm employs a multi-disciplinary team that rigorously evaluates potential partners, focusing on their ethical standards and operational practices. If any supplier is found to engage in forced or child labour, Sandstorm refrains from pursuing that investment opportunity, reinforcing its commitment to social responsibility. This proactive approach not only aligns with the new legislative requirements but also enhances Sandstorm's reputation as a responsible player in the mining sector.
Furthermore, Sandstorm Gold has been a signatory to the United Nations Global Compact since 2020, affirming its commitment to human rights, labor rights, and anti-corruption measures. The company is also a member of the World Gold Council, endorsing both the Conflict-Free Gold Standard and Responsible Gold Mining Principles. These affiliations further emphasize Sandstorm's dedication to ethical practices in its operations and supply chains. The upcoming report, which will be made publicly accessible on Sandstorm's website, signifies the company's ongoing commitment to transparency and responsible governance, setting a benchmark for industry peers.
In addition to its proactive measures concerning supply chain ethics, Sandstorm Gold Ltd. is set to amalgamate with Nomad Royalty Company Ltd. on January 1, 2025. This strategic move aims to strengthen its market position within the mining sector, potentially expanding its operational capacity and influence. By integrating with Nomad, Sandstorm not only enhances its portfolio but also reinforces its commitment to responsible mining practices.
Overall, Sandstorm Gold's initiatives underline its dedication to ethical operations and sustainability, positioning the company as a forward-thinking leader in the mining industry.