The recent meeting of the Refiners' Committee discussed several items, as outlined below:
Intermediate Refiner Definition
The Committee discussed the high-level definition included in RGG version 9, in regard to more granular detail. It was agreed that the Executive would draft a supporting document providing further details, for clarity for further discussion and a focused meeting would be arranged.
Gold Bar Integrity
The Committee was informed that the work had begun on establishing and defining the database fields required. Tracking the movement of bars was a key requirement for the database.
The LBMA Executive informed the Committee that it was reviewing ways in which to securely store the confidential data that was provided under the RGGv9 and would consult the group once the requirements had been scoped out.
It was noted that six security features had been recognised and published on the LBMA website.
The Committee discussed the draft taxonomy proposal of the bar specifics to include and would provide feedback by mid-March.
ASM Task Force
The meeting discussed the ASM project and noted that it would be run similarly to the IBC project with a focus on producer countries and an objective to stop the decline of GDL refiners sourcing from ASM.
The members of the Committee were invited to express their interest in being involved in the ASM Task Force.
It was noted that the Executive had engaged Gregory Mtembu-Salter as a Consultant on this project.
EU Conflict Minerals
The meeting discussed the outcome of the EU assessment of LBMA’s RGG programme and next steps.
Background: The LBMA made an application to the EU Commission in Q4 2019, and the EU started its assessment of LBMA’s RGG programme in January 2020. As part of the assessment, five shadow audits were required, due to COVID-19 lockdowns, the shadow audits have now been completed.
The EU concluded that the Programme is partially aligned. The assessment was based on RGG version 8 and version 9 was launched in December 2021, which addressed the majority of the points identified but not all. However, it was noted that the gaps identified were not significant enough to require LBMA to wait the full 12 months before reapplying, and therefore, LBMA would be reapplying in May this year with RGG version 9.
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