We bring you the Autumn Good Delivery List Newsletter with an array of reminders.
Materials Sourced from Russia
By way of reminder, under LBMA Good Delivery Rules, all Good Delivery List (GDL) Refiners are required to comply with UN, EU, US, UK, or any other relevant, economic and/or trade sanction lists. Breach of any of the relevant Sanctions list (for example, GDL refiners dealing with a sanctioned entity) would lead to removal from the Good Delivery List. Removal can involve a suspension or permanent de-listing.
Russian Gold & Silver Production Produced Prior to the Suspension
Following the Suspension of the six GDL Refiners in Russia, effective 7 March 2022, please note that all large bars produced by these refiners prior to the date of Suspension remain Good Delivery. Please ensure your organisation performs its Due Diligence on all materials sourced from the date of Suspension to ensure it has not been received via any sanctioned entities.
Dealing with the Russian Refiners Following Suspension
Russian refiners are not directly sanctioned. Please ensure you follow your organisations due diligence procedure to gain comfort. It’s important to keep yourself abreast with any new sanctions that may be imposed by the Government.
FINAL REMINDER: GDL Rules - Inclusion of a two-digit month stamp in bar markings
All Refiners that are submitting the last bar number used on the last day of each month must include the two-digit month stamp in their bar markings. The deadline for implementation was 31 March 2023.
If you have not already implemented this change, please contact the Executive at email@example.com.
Country of Origin (CoO) Data versus Annual Refined Production Data
The Executive has seen continuous confusion as to what data should be submitted as part of the Refiners CoO Annex versus the data submitted for annual refined throughput.
Information in CoO Annex must include:
- List of gold and/or silver sources by country and by type of material sourced.
- Total gold and/or silver sourced by type of material (LSM, ASM, Recycled, Grandfathered Stocks) in the reporting period.
The total gold and/or silver sourced data must include all materials, including low-grade materials (i.e. production from concentrate, by-product).
There should not be a huge difference in the data provided in the CoO Annex and the annual refined throughput data.
Dowa Metals & Mining Co Ltd and Korea Zinc Co Ltd - Conclusion of IRP
As the Independent Authority for Precious Metals, LBMA maintains the highest standards for responsible sourcing. It is therefore committed to ensuring that the origin of material is such that it maintains the integrity of LBMA’s Good Delivery status. The focus of the Incident Review Process (IRP) was to ensure that the concentrates sourced by Dowa Metals & Mining Co Ltd and Korea Zinc Co Ltd maintained that integrity.
As an iterative process, this IRP has involved extensive discussions with the refiners and external counsel.
Following the conclusion of this IRP, both entities remain Good Delivery List Refiners. LBMA did not find any instances of zero-tolerance non-conformance.
LBMA Gold & Silver Proficiency Testing Scheme 2024: Registration Now Open
Registration is now open for LBMA's annual Proficiency Testing Scheme and we are pleased to confirm that both metals continue to be included.
Proficiency Testing is our anonymous, voluntary scheme open to all refiners and laboratories, regardless of whether they have Good Delivery accreditation or not.
It is generally expected that refiners' laboratories use well-established and validated methods of assaying, as well as their own quality control procedures. Proficiency testing provides an important layer of external quality control to help validate these internal procedures.
The deadline for registration is Tuesday, 31 October 2023.
A New and Improved Vault Training Programme Has Been Launched!
Since the official re-launch, we've attracted interest across the market spectrum, between members and non-members, and vaulting service providers and service users wishing to equip themselves with a better understanding of the processes.
If you would like more information or would like to register for the training, please visit our website.