OTTAWA,
ON, March 4, 2024 /PRNewswire/ - As a London
Good Delivery refiner dedicated to continually improving the
accountability and transparency of its precious metal sourcing, the
Royal Canadian Mint (the Mint) has implemented a Distributed Ledger
Technology (DLT) solution that now makes it possible to perform
end-to-end tracing and certify the provenance of gold deposited and
processed at its refinery. This solution has been applied in
collaboration with aXedras.
This integration of DLT allows investors, financial
institutions, dealers and distributors of Mint bullion products, as
well as fabricators, to access secure, standardized and digitalized
information about the provenance, and integrity of the production
standards related to their products. Mines, recyclers and other
precious metals suppliers whose material is refined by the Mint
will benefit from numerous business‑to‑business process
enhancements, such as seamless immutable data transfer, easy access
to reports, audits and more.
"By innovating with Distributed Ledger Technology in our
world-class refinery, we can now offer our customers end-to-end
sourcing transparency, in addition to the industry-leading purity,
quality and security of the gold we refine and of the bullion we
produce," said Marie Lemay,
President and CEO of the Royal Canadian Mint.
The Mint is leveraging aXedras' Bullion Integrity Ledger™
solution to further enhance its focus on being best-in-class
for its supply chain and partner management and will help to
provide an additional layer of assurance and transparency to the
refinery's operations, reinforcing the Mint's reputation as a
precious metal industry leader.
This platform will give Mint refinery customers the ability to
demonstrate transparency and trust, giving their buyers more
confidence in the history and provenance of their products.
It also helps the Mint support industry-wide efforts to improve
transparency at every level of the bullion supply chain, which
strengthens the integrity of the markets we serve.
There are two key aspects to the type and scope of data captured
by DLT:
- Transfer/Ownership Custody:
- DLT will record the transaction history of both incoming
material and also gold bullion bar products. Simply put, whomever
has custody/ownership of the gold bar will have the ability to see
the bar's custody history (e.g., Mint, financial institution,
armoured car carrier, or London Vault).
- DLT will log the transfer and ownership of a gold bullion bar.
This could be the initial purchase from one RCM client to another
(such as banks selling bars to one another) or subsequent changes
of ownership, as one entity sells the bar onto another entity. The
owner of the bar will be able to see both the historical custody
and ownership changes.
- Refinery Transformation (when the Mint processes the gold
from rough deposit to Refinery outturn):
- DLT allows the Mint to attach a provenance record to each gold
bullion bar to enable the owner of the bar to view the origin of
the gold within the bar. This could be responsibly sourced gold of
a specific origin, such as a single mine, Canadian-mined gold,
recycled gold, or co-mingled gold that includes the blending of
responsibly sourced gold, internal recycled material recovered as
part of the normal refining process, such as re-used anodes and
residual gold cleaned from refinery processes.
Parties registered as platform users, such as refining clients,
armoured car carriers/logistic providers, financial institutions,
and bullion distributors and dealers, will be able to access this
data directly.
About the Royal Canadian Mint
The Royal
Canadian Mint is the Crown corporation responsible for the minting
and distribution of Canada's
circulation coins. The Mint is one of the largest and most
versatile mints in the world, producing award-winning collector
coins, market-leading bullion products, as well as Canada's prestigious military and civilian
honours.
As an established London and
COMEX Good Delivery refiner, the Mint also offers a full spectrum
of best-in-class gold and silver refining services. As an
organization that strives to take better care of the environment,
to cultivate safe and inclusive workplaces and to make a positive
impact on the communities where it operates, the Mint integrates
environmental, social and governance practices in every aspect of
its operations.
For more information on the Mint, its products and services,
visit www.mint.ca. Follow the Mint on LinkedIn, Facebook and
Instagram.
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content:https://www.prnewswire.com/news-releases/the-royal-canadian-mint-transforms-its-gold-refining-with-new-distributed-ledger-technology-solution-that-traces-metal-from-mine-to-vault-302077709.html
SOURCE Royal Canadian Mint