Illegal Brazil gold tied to Italian refiner and Big Tech customers -documents

SAO PAULO : Brazilian police allege an Italian refiner purchased gold from a trader sourcing it illegally in the Amazon rainforest region, according to police documents, and corporate disclosures show that refiner has supplied the precious metal to four of the world's largest tech companies.

CHM do Brasil, responding to questions via a lawyer, said all its gold was legally acquired with proper documentation. Brazilian sustainability think tank Instituto Escolhas estimated that the country produced 84 tonnes of illegal gold in Bolsonaro's first two years in office, up 23 per cent from the two years before and equivalent to nearly half of Brazil's total gold output.

A police document summarizing the investigation dated August 2021 states that Chimet allegedly bought 2.1 billion reais worth of gold from CHM between 2015 and 2020. Apple did not specifically address Chimet but said in a statement that its policies prohibit use of illegally mined minerals. Companies that cannot comply are removed from its supply chain, the iPhone maker said.Chimet said that, after learning of the CHM investigation in Brazil, it contracted accounting firm Deloitte to conduct an audit of its other suppliers and in April 2022 it was again certified by bullion market association LBMA as meeting responsible gold sourcing standards.

CHM said it did not buy gold as a financial instrument and that registration is not required to buy gold as a commodity.A 2020 analysis of relevant laws by federal prosecutors found that such registration is required for anyone other than miners to buy and sell gold, regardless of its usage.

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