In this latest edition of Spotlight on New GDL Accreditations, we find out more about the silver refinery of Jiangxi Hefeng Environmental Protection and Technology Co., Ltd (Jinfeng), which was added to LBMA’s Good Delivery List (GDL) for silver on Thursday, 12 May 2022. Jinfeng is located in Jiangxi Province, China.
Five questions, five answers
What were the reasons for you wanting to join LBMA and what do you see as the key benefits of Good Delivery List accreditation?
LBMA GDL is accepted by all participants in the precious metals market, and as a relatively unknown refinery around the world, it’s an honour to be included on the List. One of the key benefits of accreditation for us is the economic benefit of better premiums/discounts when selling our silver, and to raise the profile of Jinfeng around the world.
Could you tell us about your company’s role in the precious metals market?
Our company is one of the oldest refineries in China. Our precious metals refining techniques have been famous in the region, and lots of companies would learn techniques from our refinery.
Our company is one of the oldest refineries in China.
Please tell us the background and history of the company.
The parent company of Jinfeng is Zhejiang Fuye Group Co., Ltd., established in 1958 and the first copper smelting company in Zhejiang Province. It mainly produces and sells copper cathode, with an annual output capacity of 450,000 tons. The by-product anode slime produced in the process of copper cathode production is a raw material for the precious metals refinery. The anode slime is extracted into gold, silver and palladium by wet process.
How has the COVID-19 pandemic changed your business and what lasting impacts do you think it will have on the market?
It brings a lot of uncertainty on routine business, impacting logistics the most.
I think efficiency all around the world has declined due to the pandemic and the various lockdowns. The effect on the region is hugely important, and the different local situations and economies all impact pricing. Another impact of COVID-19 is that companies must now, more than ever, keep their financials in a good state and make decisions carefully.
What are your future plans for the business?
We want to keep up our productivity and slightly adjust production, being mindful of the economic situation. We could consider expanding our business into refining other metals, such as tin.
We could consider expanding our business into refining other metals, such as tin.