Our operations and strategic partnerships are mainly managed and maintained through our subsidiaries operating different locations in the world.
Precious metals do not respect borders, but the rules around them do. Licensing, customs treatment, tax and reporting all change from one jurisdiction to the next, and a structure that ignores this ends up unable to move metal it legitimately owns.
Holding the operations in local entities lets each one meet its own market on that market's terms, while strategy, risk and technology stay common across the group.