News Tech: The Security Matters (SMX) subsidiary TrueGold Consortium focuses on offering the whole gold industry a transparent mine-to-refinery-to-market-to-final-product solution that also includes ethical supply chain assurance and a digital blockchain platform. Ava Global Logistics and Alberto Morales, two significant investors and partners based in Australia, join the expanding consortium with a pre-money valuation of AUS$60 million. In addition, Jason Waters will join the Board of Directors, and Grant Angwin has been chosen to serve as the Chairperson of the Gold Industry Advisory Board.
The two most recent investors joined trueGold Consortium, a jointly owned company by SMX and W.A. Mint Pty Ltd, a wholly-owned subsidiary of The Perth Mint, Australia (44% each), to tangibly authenticate and provide irrefutable proof of quality, quantity, and origin of gold for reliable ESG reporting in real-time.
Strategic Partners, Ava Global Logistics and Alberto Morales
The most security-conscious clients in the financial services, mining, industrial, and government sectors rely on Ava Global Logistics, a global leader in safe international logistics and risk management solutions.
In contrast to other technologies now on the market, trueGold’s technology offers complete traceability for gold from mine to product, to recycling, and back to refining.
Solidifying the Advisory Board and Board of Directors Following the addition of AVA Global Logistics and Alberto Morales, trueGold also appointed Jason Waters, CEO of The Perth Mint, to the trueGold Board of Directors and Grant Angwin as the Independent Chairperson of the Gold Industry Advisory Board.
The Gold Industry Advisory Board’s activities to facilitate the delivery of its advice, developing and approving its forward work programme, and facilitating discussions between members will be strengthened by Angwin’s 40 years of experience in the gold industry, most recently as President of Asahi Refining NA, the largest gold and silver refiner in the world. Members of the gold industry make up the trueGold Industry Advisory Board. They will actively participate in the adoption and commercialization of trueGold’s technology offers and act as trueGold’s supporters and promoters within the gold industry.
In addition, Jason Waters’ nomination to the trueGold Board is anticipated to have a significant positive impact on the creation of a trustworthy and reputable ESG verification tech solution and digital platform for the world’s gold supply chain. Jason Waters is now the CEO of The Perth Mint. “We look forward to continuing the strong alliance between The Perth Mint and trueGold with the shared objective to provide the gold industry with an industry wide solution to help provide both tangible and blockchain solutions that not only help to enable full transparency of the entire supply chain of the gold industry but also credibly verify the gold’s provenance after the finished product has been recycled,” said Hugh Morgan AC, Chair of trueGold Consortium.
The company develops a digital duplicate of the physical object using a shared blockchain platform with all the participants throughout the gold value chain, enabling accurate, reliable, and transparent ESG reporting capabilities. Additionally, it is fostering closer ties between miners, refiners, financiers, bullion merchants and purchasers, manufacturers, and recyclers while bringing transparency and assurance based on science and technology rather than paper. Through One Digital Blockchain Platform, which enables a decentralised supply chain for the verification of gold, using one technology and one service provider from mine to client and recycling, and a B2B trading platform for gold, trueGold technology also makes it easier for the gold industry to comply with ESG practises.
In order to maintain circular economy practises in the gold business, trueGold uses SMX technology application. The first ethical gold supply chain assurance system in the world will also be offered, covering the entire gold value chain from mine to refinery to terminal market to recycling and back to refinery. trueGold, Providing Full Transparency from Mine to Recycling and Back to Refining
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