On 25th June, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on one ITSCI Participant company, Wolfram Mining and Processing LTD (Wolfram Mining), and one 3T mining company monitored by the ITSCI Programme, Bugambira Mines LTD (Bugambira Mines).
Sanctions were also imposed on an additional 3T mining company, Rwinkwavu Mining Corporation LTD (Rwinkwavu Mining), that does not participate in and is not monitored by ITSCI. Further sanctions were imposed on two individuals and a gold refinery.
ITSCI takes its legal and regulatory obligations seriously. Accordingly, we have taken all steps necessary to comply with any applicable U.S. sanctions obligations.
As recommended by the OECD Due Diligence Guidance for Responsible Supply Chain of Minerals from Conflict-Affected and High-Risk Areas, individual companies are responsible for conducting their own due diligence. In light of the OFAC sanctions, ITSCI recommends that companies engage with their suppliers and customers concerning the sanctions.