Tongsuh Petrochemical Corporation, Ltd Becomes Signatory to International Cyanide Management Code

The International Cyanide Management Institute (ICMI) announced today that it had accepted the application of Tongsuh Petrochemical Corporation, Ltd to become a signatory to the International Cyanide Management Code for the Manufacture, Transport and Use of Cyanide in the Production of Gold (Code). The Code is a voluntary industry program for companies involved in the production of gold using cyanide and companies manufacturing and transporting this cyanide. Tongsuh Petrochemical Corporation, Ltd is a South Korean manufacturer of cyanide.

Tongsuh Petrochemical joins 24 other companies as signatories to the Code. By becoming signatories, Tongsuh Petrochemical commits to follow the Code's Principles and implement its Production Practices, and to have verification audits of its operation conducted by independent third-party auditors within three years of its initial application, and every three years thereafter. Operations will be certified if found in compliance with the Code, and will be de-certified if ICMI determines that they no longer comply with the Code.

The Code was developed under the aegis of the United Nations Environment Programme and the International Council on Metals and the Environment (ICME) by a multi-stakeholder Steering Committee. The Code is intended to complement an operation's existing obligation to comply with the applicable law and regulations of the political jurisdictions in which the operation is located.

ICMI has been established to administer the Code, promote its adoption, evaluate its implementation, and manage the certification process. A detailed list of the operations covered by signatory companies' applications, along with the full text of the Code and its implementing and administrative documents, are available at www.cyanidecode.org.

Date: 
Monday, November 20, 2006