Umicore SA Business Unit Precious Metals Refining (Umicore) - Conclusion of Incident Review Process

The Incident Review Process (IRP) was invoked against Umicore SA following LBMA’s quality control of its FY2024 independent assurance deliverables which flagged concerns regarding the assurance provider’s challenge of risk classification.  A different assurance provider, Arche Advisors was appointed to repeat the FY2024 engagement as well as conduct the FY2025 engagement. The assurance work completed by the new assurance provider identified no zero‑tolerance non‑conformances for either year. Umicore remains a Good Delivery List Refiner. The IRP has been closed.

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.