The long-term effects of resource exploitation

Consumers and investors have started paying more attention in recent years to determine if the gold they purchase has been properly sourced and manufactured. This comes after almost all industries are seeing a rise in demand for goods that are produced ethically and sustainably.

The strategies put in place to assist ethical gold mining and adherence to ethical business practices throughout the whole gold supply chain have received a lot of attention.

The London Metal Exchange (LME) defines 24-carat gold as being interchangeable and tradeable with any other bar of gold with the same purity. The LME value has a propensity to automatically balance due to other influencing elements including energy costs, labor expenses, inflation, and the nation’s credit rating.

The resource has a high value if the cost of gold exploration and production is lower than the LME value. Gold is also a fungible and tradeable product since its value can be determined regularly by an automated procedure.

Responsible gold mining

As long as you don’t utilize the metals for their transactional worth, it is reasonable and acceptable to remove them from the soil — also known as mining. We’re referring to metals like gold and copper, which are used in electrical wiring, as well as iron, which has a role in construction.

However, only a very small portion of the metals that are mined are utilized for these things. According to www.gold.org, specifically 10%.

The remaining 90% is left over for transactional value. And it is just incorrect. So, that begs the question… If the intention is to store these metals somewhere, why dig them out from the earth in the first place? By removing these metals from the earth, you are just harming and degrading the environment, forcing people to labor needlessly, and using up unnecessary financial and human resources.

Responsible gold mining refers to the actions of mining companies that aim to minimize the negative social and environmental impacts of their operations while maximizing economic benefits. This entails limiting waste and pollution, as well as making sure that the mining benefits the surrounding communities.

Although gold mining is a vital component of our economy and way of life, we must practice responsible gold mining to reduce its detrimental effects on the environment. This may be accomplished in a variety of ways, such as through enhancing environmental practices, addressing social challenges, funding research and development, and promoting responsible governance. By implementing these best practices, we can ensure that gold mining is a sustainable sector for years to come.

What can we do?

We humans frequently believe that we are the best creatures on the entire planet. Even though humans are the most evolved species on Earth, we still don’t have the right to obliterate the habitat of millions of other creatures. In addition, we are damaging our own home by doing so!

Thus, our objective is to facilitate wealth creation throughout human history, and our purpose is to build a sustainable network of businesses.

One of the most harmful businesses in the world is the gold mining one. Gold, however, retains its worth regardless of where it is kept. So why is it necessary to remove it from the ground instead of using its inground value? It is now feasible to do so and save the environment at the same time thanks to tokenization.

Qommodity provides a novel non-mining method of selling Earth’s resources. As a result, we can reap the rewards of their value far more quickly and without harming the environment.

In Sierra Leone, this is precisely what we do: we use the proven worth of the natural resources, leaving them untouched, while providing access to individuals from all over the globe to a contemporary financial opportunity, one aimed to produce a brighter future for all of us. Additionally, we work to disclose pertinent ISINs, support environmental sustainability, and link our market with well-established and regulated security markets.

The only conclusion that comes to mind in this instance is that we can only create a secure, wealthy, and clean future for ourselves and future generations through sustainable business practices. By doing so we ensure that gold mining is done responsibly, communities remain undisturbed, and people can reap the benefits without harming the environment.