As the Independent Authority for Precious Metals, LBMA maintains the highest standards for responsible sourcing. It, therefore, takes very seriously the recent allegations relating to The Perth Mint Refining business, which has resulted in LBMA invoking its Incident Review Process (IRP). The focus of the IRP was on Perth Mint’s conformance to the Responsible Gold Guidance; the credibility of its assay lab was never in question. As an iterative process, this IRP has involved extensive discussions with the refiner, auditor, and market participants.
Following the conclusion of this IRP, The Perth Mint remains a Good Delivery List Refiner. LBMA did not find any instances of zero-tolerance non-conformance.
There are elements of The Perth Mint’s management systems that are being strengthened through a Corrective Action Plan (CAP) to be audited by a third-party auditor.
LBMA reserves the right to re-visit this conclusion if new information relating to The Perth Mint becomes available.
Background
The London Good Delivery List of Acceptable Refiners of gold and silver is maintained by LBMA, by whom it is copyrighted. It lists those refineries whose gold and silver bars have been found, when originally tested, to meet the required standard for acceptability in the London bullion market.