The London Metals Exchange (LME) has announced that it has conditionally approved Version 9 of LBMA’s Responsible Gold Guidance (RGG).
Version 9 of the RGG was launched on 29 November 2021, and became applicable from 1 January 2022. The document underpins LBMA’s Responsible Sourcing Programme and was updated following extensive consultations.
The agreement between the LME and LBMA, effective as of 1 January 2023, serves to reduce audit duplication for GDL refiners that process both precious and base metals.
Producers of LME brands or Refiners looking to take advantage of this cross-recognition agreement must meet the requirements specified in the “multi-site assurance and standards equivalence” section of the Responsible Sourcing Guidance. The following criteria must be met:
- There is one multi-metal refinery processing all metals in scope
- The Refiner’s supply chain policies and management systems are consistent for all metals in scope
- The RGG is used as the basis for the multi-metal assurance engagement, i.e., all metals in scope should be assessed for threat finance risk and ESG factors
- Detailed sample testing adequately covers all metals in scope (further guidance is provided in the Third-Party Assurance Guidance)
- Refiners provide sufficient disclosures on each metal in scope in the Compliance Report
- Assurance Providers include sufficient information on each metal in scope in the Assurance Report or provide separate Assurance Reports for each metal in scope.