JOHANNESBURG - The Africa Minerals and Metals Exchange (AMME) has launched an initiative that will see Rubix Assets and Black Earth Trading participate in its First Delivery Program of Responsibly Sourced Gold and Silver. This program is set to annually deliver 5 tonnes of gold and 8 tonnes of silver to the United Arab Emirates (UAE), marking a significant move to establish Africa as a reliable source of ethically sourced precious metals.
Under the aegis of the Africa Minerals Strategy Group (AMSG), the AMME initiative is designed to promote ethical sourcing practices and enhance transparency and regulatory compliance in the African precious metals sector. The first cycle of this program is expected to be completed by February 2025.
The AMME, supported by the coalition of 16 founding member nations within the AMSG, aims to foster sustainable development across Africa's mineral wealth. The exchange provides a secure platform for transactions in the precious metals market, offering services such as physically delivered spot, futures, and options contracts, backed by a dedicated clearing house.
This program is a testament to Africa's efforts to lead in ethical sourcing by improving traceability and compliance with international standards, thereby expanding the market for responsibly sourced minerals from the continent. It also serves to reinforce Africa's position as a dependable supplier in the global precious metals industry.
Rubix Assets and Black Earth Trading have expressed their support for the initiative, committing to adhere to the responsible sourcing standards set forth by the AMME in collaboration with the Africa Responsible Mineral Sourcing Initiative (ARMSI).
The participation of these companies in the AMME's program is a significant step towards creating transparent and sustainable supply chains that align with the highest global standards. This development is based on a press release statement from the Africa Minerals and Metals Exchange.
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