TORONTO, Aug. 24, 2020 (GLOBE NEWSWIRE) — African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to announce that it has partnered with SAFE Ltd (“SAFE”), a company specialising in providing best in class advice and solutions for companies looking for provenance and transparency in their supply chains, advice on current and impending regulations, and improvement in ESG standards.
As a first phase, SAFE has created a Digital Supply Chain Map for AGG which will enable it to assess and address all risks along its future supply chain which could be subject to corruption or affected by conflict minerals regulation. The Digital Supply Chain Map also provides the backbone for implementing the right technology to show provenance and traceability. By beginning the process prior to operation allows the Company to develop a robust and risk-free supply chain of gold from production through to finished product. End-users will have access to this supply chain to ensure integrity at every step of the process.
“The importance of ensuring full transparency and provenance along every point in the supply chain cannot be underestimated,” says Danny Callow, Chief Executive Officer of AGG. “With a much more stringent regulatory framework due to be introduced on gold in the European Union at the beginning of 2021, as well as our own internal requirements to ensure that we operate at the highest levels of ESG, this partnership is timely in our evolution towards construction and operation.”
The Company intends to work with SAFE and its international partners to develop a complete solution which will provide full oversight of the production of gold through to the end-user. SAFE Ltd combines expertise through legal partners, Squires Patton Boggs, skilled in conflict minerals legislation, supply chain and operational personnel with decades of experience in logistics of commodities in challenging countries worldwide, and technology partners able to put in place “best-in-class” systems including blockchain technology.
“Growing regulatory and commercial drivers mean customers increasingly need to mitigate risks in their supply chains,” says Dafydd Davies, MD of SAFE. “Regulation & market restructures are widening scope and increasing standards on players previously shielded from obligations. All players must align processes and controls that identify, assess, mitigate and report on risks to new and tightening global legislation. Combine this with the increasing focus on ESG from the investment community, and it’s clear the industry has a lot of work to do cleaning up its supply chains.”
In January 2021, the new EU Conflict Minerals Regulation will come into full force, and will include gold, as well as tantalum, tin and tungsten, known as 3TG. These regulations will ensure that EU importers of 3TG meet international responsible sourcing standards, set by the Organisation for Economic Co-operation and Development (OECD). The regulations will also ensure that global and EU smelters and refiners of 3TG source responsibly, help break the link between conflict and the illegal exploitation of minerals and help put an end to the exploitation and abuse of local communities, including mine workers, and support local development.
About SAFE Ltd
Safe. Ltd provides through its own expertise and alliances with international partners the following services:
- Legal Advisory: Assess and anticipate legislation and compliance through trusted legal experts. Advising on the existing and impending legal requirements applicable to supply chains worldwide through trusted legal experts.
- Business Process Optimisation: Improving business processes to ensure that the practical tools needed to satisfy existing and impending legislative requirements are in place.
- Technology Transformation: Establishing best-in-class systems and processes around supply chains through technology.
For more information regarding SAFE Ltd visit the website at www.safesupply.io. Mr. Danny Callow is a minority shareholder and partner of SAFE.
About African Gold Group
African Gold Group is a Canadian listed exploration and development company on the TSX Venture Exchange (TSX-V: AGG) with its focus on developing a gold platform in West Africa. Its principal asset is the Kobada Project in southern Mali. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.
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This press release contains “forward‑looking information” within the meaning of applicable Canadian securities legislation. Forward‑looking information includes, but is not limited to, statements regarding, the partnership with SAFE. Generally, forward‑looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward‑looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AGG to be materially different from those expressed or implied by such forward‑looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although AGG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‑looking information. AGG does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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