New World Gold Council gains Intergold facilities

The newly-formed World Gold Council has reached an agreement in principle to take over Intergold’s existing offices and staff in 10 countries in Europe, the Far East and North America.

Intergold (a contraction of the full name International Gold Corporation) has for the past 16 years been the gold marketing arm of the South African Chamber of Mines. The Gold Council will be open to gold producers around the world and already represents producers from seven countries.

The takeover will provide the new organization with a fully established organization to promote the use of gold in jewelry and the many coin programs being developed worldwide. It will also conduct research and development for new uses of the metal.

Gordon Parker, chairman, president and chief executive officer of Newmont Mining Corp. and temporary chairman of the council, says the takeover will involve the transfer to the World Gold Council of Intergold’s mainly foreign staff and its offices outside South Africa.

“This will get the World Gold Council off the ground almost immediately as it will be inheriting a fully operational and highly professional gold promotional infrastructure in certain areas which can be expanded to function on behalf of all major gold producers in the very short term,” says Mr Parker.

“The World Gold Council will, among other things, consider the opening of new offices in countries such as Canada, Australia and Brazil.

“Neither Intergold nor the South African Chamber of Mines will have any say in the running of the World Gold Council, although its current chief executive, E. M. (Chick) Hood, will be transferred to the council as its CEO.”

The South African producers represent one of the seven countries whose producers have already joined the new organization and as such will have minority representation on both the board and executive committee of the council.