Canadian Mint suspends gold refining over cartel allegations

OTTAWA The Royal Canadian Mint has initiated a full review and immediately suspended refining any material from a questioned supply chain following allegations that some of its gold originates from mines in Colombia controlled by the Clan del Golfo drug cartel.

The allegations emerged in a New York Times report published Monday, which detailed how gold from those mines reaches Canada. According to the report, a Texas-based intermediary mixes the Colombian gold with American gold before shipment, leading the mint to classify the blended material as entirely North American.

Mint spokesperson Deneen Perrin confirmed the rapid response. "As soon as the mint learned of the allegations raised by the New York Times newspaper, it immediately and fully suspended the refining of any material from the supply chain in question," she said.

Perrin noted that last year the mint refined more than five million ounces of rough gold, with the mixed material representing just five percent of the total volume. She emphasized the organization's ongoing vigilance. "The mint continuously reviews its business dealings and if an issue is found, as in this instance, it takes immediate action," Perrin said.