Partnership Africa Canada and Fair Trade Jewellery Co. on Monday announced the first export of conflict-free and traceable artisanal gold from the Democratic Republic of Congo to Canada.

The milestone comes a month after Partnership Africa Canada announced the Just Gold project had implemented a system to trace legal and conflict-free artisanal gold in DRC, with a proven chain of custody from mine site to exporter.

Fair Trade Jewellery Co., a Toronto-based pioneer in ethical sourcing, sustainability and retail, imported 238 grams in three gold doré bars to Canada.

Within days, the Toronto team refined, alloyed and designed four responsibly-mined and conflict-free artisanal gold rings. Each ring has been engraved with a lot number, which traces it to a specific mine site in the DRC’s Ituri Province, where the gold originated.

“Sourcing from Congo was a new and exceptionally ambitious process, but one to which our organization is committed to and capable of achieving thanks to partners on the ground, like Partnership Africa Canada,” said Robin Gambhir, Fair Trade Jewellery Co. co-founder.

“After more than a decade of ensuring that our materials are responsibly-sourced, we’re delighted to add Just Gold to the gold options we currently offer our clients. Ensuring we source fully traceable materials directly from communities is a way to foster community development, and as a company—deepen our impact on many stakeholders,” added Gambhir.

Partnership Africa Canada began the Just Gold project as a pilot in 2015 in Ituri Province. The project creates incentives for artisanal gold miners to channel their product to legal exporters—and eventually responsible consumers—by offering fair and transparent pricing and by providing capacity-building, such as technical assistance to miners in return for legal sales. Miners are taught better exploitation techniques and are offered Just Gold project equipment. In return, gold they produce must be tracked and sold through legal channels.

The project has over 600 miners registered across six sites.

As the project moves out of its pilot phase with a proven chain of custody from mine site to the exporter in DRC, Fair Trade Jewellery Co.’s move to import the gold is an important next step. The jeweller also collaborates with its sister company, Toronto-based software startup Consensas, to trace the gold from export to consumer.

“This export from Bunia, DRC to Toronto proved that it is possible to bring Canadian and international consumers traced conflict-free Congolese artisanal gold. What is particularly exciting is that we have shown that every gram of gold can be accompanied by reliable quantitative and qualitative data about its provenance and the actors involved in its extraction, production and trade,” said Joanne Lebert, Partnership Africa Canada’s Executive Director.

“Saying that it is impossible to carry out due diligence on gold supply chains is no longer a valid argument for industry. We have proven otherwise,” said Lebert.

Challenges faced during this export included high export taxes, transportation restrictions, and burdensome paperwork, will be used by Partnership Africa Canada to call on the Congolese government to create more favourable conditions for legal trade and responsible investment.

Funding for the Just Gold project is provided to Partnership Africa Canada by Global Affairs Canada, with additional funding by USAID through the Capacity Building for Responsible Minerals Trade (CBRMT) project and International Organization for Migration.

According to PwC’s Mine 2017 report, the world’s Top 40 miners recovered from a race to the bottom, with bolstered balance sheets and a return to profitability in 2016, giving them much-needed space to pause and draw breath.

As it looks to the future, the 14th edition of PwC’s industry series analysing financial performance and global trends, also outlines the new opportunities and hazards on the horizon – and the impact of intransigent or innovative activity.

Mine 2017 was released by PwC Africa today at the Junior Indaba conference held in Johannesburg.

Michal Kotzé, Energy, Utilities and Mining Industry Leader for PwC Africa, commented: “The narrative of the Top 40 in 2016 tends to read like a mine site safety mantra: Stop. Think … Act. The industry has moved out of danger but 2016 was not a year of significant action, and we now wait to see who will be bold and step out beyond the fluctuating market confidence.”

The report analysed 40 of the largest listed mining companies by market capitalisation. The financial information for 2016 covers the reporting periods 1 April 2015 to 31 December 2016, with each company’s results included for the 12-month financial reporting period that falls into this time frame.

The number of emerging companies included in the Top 40 has decreased by two and now totals 17. There were seven new entrants from the previous year, five of which had made appearances on previous rankings in either 2014 or 2015. First Quantum and Teck Resources re-emerged on the 2016 list after strengthening their financial positions.

The report recognises a return to profitability in 2016, with an aggregate Top-40 net profit of $20 billion; after an aggregate loss of $28 billion in 2015. The improved fortunes of the industry were then directed to strengthening balance sheets.

Overall the market capitalisation of the Top 40 increased in 2016 by 45 percent to $714 billion, approaching the 2014 level. This was mainly due to rising commodity prices.

Revenue from the Top 40 remained relatively flat – up just one percent from the previous year’s sum of $491 billion – despite a rebound in commodity prices, particularly coal and iron ore in the second half of the year.

Capex fell dramatically again, by a further 41 per cent, to a new record low of just $50 billion. After hitting a near-record in 2015, impairment charges tumbled last year to a less-alarming $19 billion.

Debt repayments totaled $93 billion, up from $73 billion a year earlier, with most of the debt issued to refinance, rather than fund acquisitions or mine development.

Kotzé added: “We see an improved gearing ratio of 41 per cent, down from the 2015 record of 49 per cent. But this is still well above the 10 year average of 29 per cent. Interestingly, we also found that around half the capex figure was invested in sustaining activities, so the growth capital portion was strikingly small compared with previous years.”

Rapidly rising commodity prices sparked renewed market optimism and improved credit ratings across the Top 40 firms. Valuations also climbed, especially for the traditional miners, with the trend continuing through the first quarter of 2017 even as commodity prices remained flat. But, valuations aside, there is little to suggest that the group made any substantial advances throughout the year.

For the fourth consecutive year, the industry reduced spending on exploration. $7.2 billion was invested in 2016, barely one-third of the record $21.5 billion allocated in 2012, with the funds cautiously targeted at less risky, later stage assets, typically located in politically stable countries.