June 12, 2020

Perth Mint - Incident Review Process

11-step Incident Review Process

As the Global Authority for Precious Metals, LBMA maintains the highest standards for responsible sourcing. We, therefore, take very seriously the recent allegations relating to The Perth Mint and its sourcing from Papua New Guinea.

The robust, 11-step Incident Review Process has been invoked in response to this particular matter. The process is being followed to ensure a thorough and fair review, and involves follow up with the auditor, refiner, and any other relevant stakeholder, before determining the relevant next steps. Next steps could include, no action or potential sanctions. Currently Perth Mint remains on the Good Delivery List.

This is a high priority, as any incident or issues that may impact the credibility of the Good Delivery List and the wholesale precious metals market are treated very seriously. Further updates will be provided as soon as is possible. At this point, it is difficult to commit to a timeline, given the process involves numerous stakeholders in being able to verify the information.

In the spirit of the OECD Due Diligence Guidance and LBMA’s own Responsible Gold Guidance, LBMA takes this opportunity to invite The Perth Mint to actively engage with the incident. LBMA urges the refiner to provide transparency on the allegations reported in the media and to, in as far as possible, disclose the challenges and identified risks, and how those risks have been mitigated, as well as what further action Perth Mint is taking.