A-Mark Precious Metals, Inc. (NASDAQ: AMRK)
(A-Mark), a leading fully integrated precious metals platform, has
partnered with the Prax Group to offset greenhouse gas emissions
(GHG) across A-Mark’s businesses, with mitigation efforts primarily
focused on the purchase of sustainability/decarbonization offsets,
referred to as Verified Emission Reductions, (VER). With the
current carbon offsets in place, A-Mark’s A-M Global Logistics
subsidiary, which represents substantially all of A-Mark’s carbon
footprint, can now be considered 100% carbon-neutral. A-M Global
Logistics is A-Mark’s Las Vegas, Nevada-based logistics and
fulfillment center.
Through its five-year agreement with the Prax
Group, which has offices in London, Singapore, and Houston, A-Mark
will purchase VER originating from reputable pre-vetted developers
of sustainable projects supporting multiple decarbonization
initiatives globally, including renewable energy, emissions
reduction technologies, energy efficiency upgrades, reforestation,
and carbon sequestration.
“Our mission at A-Mark is to be responsible
stewards of our investors’ capital and the environment,” said
A-Mark President Thor Gjerdrum. “These principles are
straightforward, fundamental and at the core of every decision we
make. Our commitment to make our operations 100% carbon-neutral
through the utilization of VER is not only a tangible demonstration
of our belief in these principles, but also a ground-breaking
initiative for A-Mark, and one that sets it apart from other
precious metals providers.
“In addition to the positive impact our
carbon-neutral operations should have on the environment, we also
believe this initiative will broaden the pool of potential
institutional investors to include those that have ESG and
climate-related mandates, which could provide us with an improved
cost of capital. In addition, going forward, we will continue to
evaluate the ESG programs of our suppliers and servicers, making
sure to select partners with programs in line with today's
expectations regarding ESG.
“We are thankful for our collaboration with Ash
Redkar and the Prax Group team for assisting us with this endeavor.
After a thorough due diligence process, it was clear that their
capabilities in structuring and executing actionable
decarbonization strategies made them an excellent fit for
A-Mark.”
Ash Redkar, Head of the Prax Group’s ESG/Energy
Transition Team in Houston, said: “A-Mark shares our commitment to
PEAR (People, Environment, Assets, Reputation) values and
actionable ESG efforts. Prax is globally committed to working with
clients to develop a transactional execution framework that will
leverage our expertise in carbon management and mitigation. We seek
to position our clients like A-Mark and ourselves at the forefront
of the global energy transition and sustainable innovation in the
years ahead. In addition, we will continue to engage with our
partners and customers in identifying new avenues to achieving a
lower-carbon future.”
About A-Mark Precious Metals
Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a
leading fully integrated precious metals platform that offers an
array of gold, silver, platinum, palladium, and copper bullion,
numismatic coins and related products to wholesale and retail
customers via a portfolio of channels. The company conducts its
operations through three complementary segments: Wholesale Sales
& Ancillary Services, Secured Lending, and Direct-to-Consumer.
The company’s global customer base spans sovereign and private
mints, manufacturers and fabricators, refiners, dealers, financial
institutions, industrial users, investors, collectors, and
e-commerce and other retail customers.
A-Mark’s Wholesale Sales & Ancillary
Services segment distributes and purchases precious metal products
from sovereign and private mints. As a U.S. Mint-authorized
purchaser of gold, silver, and platinum coins since 1986, A-Mark
purchases bullion products directly from the U.S. Mint for sale to
customers. A-Mark also has longstanding distributorships with other
sovereign mints, including Australia, Austria, Canada, China,
Mexico, South Africa and the United Kingdom. The company sells more
than 200 different products to e-commerce retailers, coin and
bullion dealers, financial institutions, brokerages and collectors.
In addition, A-Mark sells precious metal products to industrial
users, including metal refiners, manufacturers and electronic
fabricators.
Through its A-M Global Logistics subsidiary,
A-Mark provides its customers with a range of complementary
services, including managed storage options for precious metals as
well as receiving, handling, inventorying, processing, packaging,
and shipping of precious metals and coins on a secure basis.
A-Mark’s mint operations, which are conducted through its wholly
owned subsidiary Silver Towne Mint, enable the company to offer
customers a wide range of proprietary coin and bar offerings and,
during periods of market volatility when the availability of silver
bullion from sovereign mints is often product constrained,
preferred product access.
A-Mark’s Direct-to-Consumer segment operates as
an omni-channel retailer of precious metals, providing access to a
multitude of products through its wholly owned subsidiaries, JM
Bullion and Goldline. JM Bullion is a leading e-commerce retailer
of precious metals and operates five separately branded,
company-owned websites targeting specific niches within the
precious metals market: JMBullion.com, ProvidentMetals.com,
Silver.com, GoldPrice.org, SilverPrice.org. Goldline markets
precious metals directly to the investor community through various
channels, including television, radio and telephonic sales efforts.
A-Mark also holds minority ownership interests in two additional
direct-to-consumer brands.
The company operates its Secured Lending segment
through its wholly owned subsidiaries, Collateral Finance
Corporation (CFC) and AM Capital Funding. Founded in
2005, CFC is a California licensed finance lender that
originates and acquires loans secured by bullion and numismatic
coins. Its customers include coin and precious metal dealers,
investors and collectors. AM Capital Funding was formed in 2018 for
the purpose of securitizing eligible secured loans of CFC.
A-Mark is headquartered in El Segundo, CA and has additional
offices and facilities in the neighbouring Los Angeles area as well
as in Dallas, TX, Las Vegas, NV, Winchester, IN, and Vienna,
Austria. For more information, visit www.amark.com.
A-Mark Company Contact:Steve Reiner, Executive
Vice President, Capital Markets & Investor RelationsA-Mark
Precious Metals, Inc.1-310-587-1410sreiner@amark.com
A-Mark Investor Relations Contact:Matt Glover
or Jeff Grampp, CFAGateway Investor
Relations1-949-574-3860AMRK@gatewayIR.com
About Prax: Headquartered in
the UK, the Prax Group is a leading British, multi-national
independent oil refining, storage, distribution, retail and
integrated supply and optimisation conglomerate dealing in
petroleum products and biofuels. The Group has established
principal offices in London, Houston and Singapore, and additional
branch offices across the world.
Corporate Headquarters:Prax
GroupYork House45 Seymour StreetLondon W1H 7JTUnited
KingdomTel: +44 (0) 207 580 0033Fax: +44 (0) 207 580
0334Email: press@prax.com
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