CHM do Brasil refuted the charges, saying that all of the gold acquired by it has been legally sourced and with proper documentation.
SEATTLE (Scrap Monster): The Brazilian federal police documents allege that Italian firm Chimet has sourced huge volumes of gold from trader CHM do Brasil, who in turn has been cited for illegally acquiring gold from wildcat miners in the region.
According to Reuters report, the Italian refiner has allegedly supplied the illegally sourced precious metal to several large technology companies, who use gold in small quantities in circuit boards for consumer electronics. Four technology companies-Amazon, Apple, Microsoft and Alphabet, in their recent public filings, have admitted sourcing of gold from Chimet.
CHM do Brasil refuted the charges, saying that all of the gold acquired by it has been legally sourced and with proper documentation. Meantime, Chimet clarified that the company cut off relations with CHM immediately after learning of the allegations and their suspected links with illegal gold trade in October last year.
The police investigation document dated August 2021 indicates that Chimet has purchased $385 million worth of gold from CHM between 2015 and 2020.
As per estimates, Brazil is believed to have produced around 84 tonnes of illegal gold in the past two years, significantly higher by 23% from the prior two-year period. The illegal gold mining activity in the region has led to widespread destruction of rainforest land in Amazon and pollution of rivers.
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