MINING POLICY
Several refiners refine the gold of SION TRADING FZE throughout the world to market delivery standards. Based on the spot price at the time of sale, the refined gold is sold to gold bullion dealers, investment banks, or refiners. A number of multinational gold smelting businesses purchase the gold concentrate that is produced by several of SION’s facilities. The purchasing customers subsequently assume the obligation for further distribution for usage in goods like jewelry, coinage, and electronics.
In order to ensure that their supply chain complies with the Conflict-Free Gold Standard set forth by the World Gold Council, they adopt a risk-based approach to product stewardship, put due diligence procedures in place, and publish an annual Conflict-Free Gold report. As part of this strategy, they refrain from buying gold from artisanal or small-scale miners.
STAKEHOLDER POLICY
THEIR approach to sustainability governance is founded on a commitment to pay attention to stakeholders and consider their opinions when making decisions. The goal is to create solid, long-lasting connections based on openness and trust. Frequent, honest, and open communication is the only way to do this.
SION defines a stakeholder as any individual or group whose actions may influence or has the power to influence how successfully they conduct their business. SION has identified 10 key stakeholder groups, including the ESG raters and research community (who were added during 2020), reflecting increased investor sentiment towards ESG, host governments, local communities, employees, suppliers, shareholders, civil society organizations, joint venture partners, the media, and investors.
Every stakeholder has a unique group, regional, and site engagement strategy. Their techniques for engagement include:
Presentations, large-scale gatherings, town halls, which included the president and chief executive officer and mine workers, roadshows, and one-on-one meetings with investors and other important stakeholders
TRADE ASSOCIATIONS
As a part of a trade organization, SION TRADING FZE UAE communicates with legislators on behalf of the entire sector. These discussions may cover everything from taxation and safety regulations to mining rules. Trade associations represent the whole mining industry rather than only SION in their lobbying efforts. All lobbying actions carried out by these groups must comply with all applicable laws and regulations, and any violations must be notified to the appropriate authorities as required as a condition of membership. As is to be expected, they do not always share the opinions expressed by each association, and in those instances, they work to influence change through their membership.
QUALITY INSURANCE
For the past two years, an exercise they did use artificial intelligence to examine thousands of data points from peer reports, regulations, and social media has driven their sustainability materiality evaluation. In 2021, they returned to the fundamentals of a sustainability materiality assessment. They created a survey in which they asked their internal stakeholders and site-based external stakeholder groups, chosen on a rotating basis, to rank the sustainability issues they thought were most crucial for SION TRADING FZE UAE in terms of reputational risk, financial impact, and potential business risks.
