Sustainability at the core of global precious metal refiner MKS PAMP’s turnkey traceability solution  

With a global footprint and over 60 years of experience in the precious metals industry, MKS PAMP grabbed headlines this month when it became the first precious metal company to set Science-Based targets Initiative (SBTi) approved carbon emissions reduction objectives . These entail a 1.5°C emissions reduction in line with the Paris Agreement.

In the wake of climate change and ESG investment principles, MKS PAMP recently announced it would stop sourcing metal from mines that fail to meet standards on carbon emissions.

In order to achieve its SBTi targets by 2030, MKS PAMP has committed to:

• Reducing its GreenHouse Gas emissions by 46.2% for scope 1, covering direct company emissions;
• Continuing to annually source 100% renewable electricity for scope 2, covering indirect company emissions;
• Reducing GreenHouse Gas emissions by 27.5% for scope 3, by initially targeting the impact from its value chain.

These targets are approved by the Science-Based Targets Initiative, a collaboration between nonprofit CDP and the United Nations.

MKS PAMP is one of four major Swiss refineries which processes two-thirds of the world’s gold. The family-run business acts as a transit point between the world’s key markets.

As part of MKS PAMP, sustainability has been a cornerstone of the Geneva-based company’s strategy since its creation in 1979.

Blockchain-based traceability

The MKS PAMP legacy led to the development of Provenance, a traceability solution that uses blockchain to trace precious metals along the supply chain — guaranteeing responsible sourcing through a transparent approach.

The Provenance solution tracks the metal from when it leaves the mine to when it reaches the consumer. It permits clients to choose the origin and the source of their products.

This traceability solution is part of a 360-degree offering that includes trading, refining, financing, manufacturing and the distribution of gold, silver and platinum-group minerals. MKS PAMP currently serves leading partners such as large-scale and medium-sized mines, bullion banks, bullion wholesalers, funds, jewellers and watchmakers.

“Our vertical integration is unique within the industry and enables us to offer a full turnkey solution to our customers,” says Omar Liess, Head of Business Development & Group Head of Marketing.

“Moreover, Provenance is a solution more than a product itself. Our segregation capabilities combined with the Provenance solution allow customers to know exactly where the gold comes from and enables them to  select a specific source.”

“Through the Provenance solution, we are enabling the ability to track and trace from the mine site all the way down to the end product,” Omar Liess says.

Xavier Miserez, Head of Sales, explains the brand power and simplicity of MKS PAMP’s proprietary blockchain tracing capabilities: the surface of a refined gold bar is scanned on a smartphone via the Veriscan application, ensuring authenticity of the metal’s origin.

“Given the increased emphasis on Environment Social Governance (ESG), mines are keen to communicate their sustainability strategies,” Miserez says.

“The Provenance solution allows them to go a step beyond what the market currently expects.”

“The degree of traceability that can be offered through the Provenance solution allows a miner’s ESG performance to be visible to the market, creating more value when it reaches the buyer,” Xavier Miserez says.

Sustainable by-product processing solutions

Amanda Bernier, MKS PAMP’s EVP sales, further emphasizes the company’s commitment to sustainable technologies.

“Sustainability is at the core of everything we do. As part of our 360 offering, we can help mines safely process the by-products of their mining operations,” Amanda Bernier says.

For example, the  Enviro-Tek Global (part of the MKS PAMP GROUP) offering has a branded and patented process for the safe removal and handling of mercury in spent carbon.

Specializing in the processing of spent carbon, the company’s Enviro-Tek service works with a network of trusted global partners committed to delivering value to clients, sustainability to the environment, and the safety of surrounding communities.

“Every refiner says they are doing good things and sourcing from reputable sources — we actually have the technology to demonstrate it,” says Omar Liess.