The LBMA Responsible Sourcing Team – Sakhila Mirza (LBMA General Counsel), Alan Martin (Head of Responsible Sourcing), and the newest addition to the team Jonathan Rickwood (Responsible Sourcing Officer) – attended an Auditor Summit hosted by the London Metals Exchange (LME) and OECD.
Held at the OECD’s Paris headquarters, the purpose of the summit was to brainstorm solutions to common auditing challenges faced by standard setters in implementing the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas.
Meanwhile, Neil Harby (LBMA Chief Technical Officer) joined Investing in African Mining Indaba, where key interactions concerned environmental, social and governance (ESG) issues, Artisanal and Small-scale Mining, International Bullion Centres and the domestic reverse charge, which relates to when VAT is payable with respect to precious metals. Roundtable discussions on ASM demonstrated the willingness of all members of the supply chain to work with ASM sources. ESG, however, was the hottest topic, and the ‘fireside chat’ with the outgoing CEOs of Eskom and Minerals Council was particularly enlightening.
Ruth Crowell (LBMA CEO) and Hannah Coakley (Precious Metals Officer) also attended the World Money Fair in Berlin where they met with the major players in the physical industry. The team were grateful for the feedback on how LBMA can better support its Members, particularly regarding the challenge of the EU Conflict Minerals regulations.
These outreach activities are all part of LBMA’s mission to deliver against our strategic objectives for our Members and the wider industry.