Annual Report 2022
Membership, Communications & Engagement
Welcome New Members
LBMA would like to welcome its new Members that have been admitted this year, which include:
- Canadian Imperial Bank of Commerce – Full Member
- Alfred H Knight Group – Affiliate Member
- DSV Trading Limited – Affiliate Member
- Kennecott Utah Copper LLC – Affiliate Member
- SOLIT Group – Affiliate Member
This year, the LBMA Executive and Membership Committee have developed and implemented new membership entry requirements, and have defined a pathway to membership for those businesses still unable to meet the revised entry criteria. In tandem with this, the internal Due Diligence policy and processes have also been reviewed and updated. These moves recognise the changing nature of the Global Market and the diverse business models operating within it. These moves are designed to offer greater access to membership whilst maintaining and safeguarding standards. LBMA also launched a new film explaining the membership classifications and associated benefits. The film can be found on the membership page of our website.
Benefits of Membership
LBMA membership is open to firms from across the end-to-end supply chain, including mining, refining, transportation, trading and investment, as well as the many businesses that support the operation of that supply chain. Becoming a member gives that organisation a seat at our table and the ability to drive and develop our strategy and the essential market solutions for the future. Membership also provides the opportunity to attend a number of networking events that we operate around the globe, where businesses can grow their own networks and expand their business interests.
Training and Education
Building on the success of 2021, LBMA has launched the ‘How to use Loco London’ course, which builds upon the entry level training course ‘An Introduction to Loco London’. The popularity of these courses has led to the development and launch of ‘An Introduction to LBMA Responsible Sourcing’ course. This course offers an overview of LBMA Responsible Sourcing Programme and provides insights into the priorities, processes and controls of the Programme. LBMA also moved its Vault Training e-learning course to a new learning management system and is looking to review, update and expand this training offering in the coming year. All training and education is available to the wider market, but Members and Subscribers receive significantly discounted rates.
LBMA has been encouraged by the appetite for the LBMA Subscriber offering, in terms of the growth in both Subscriber numbers and interest. It is designed for central banks, downstream multinationals, fintechs and others wanting to keep up to date with the precious metals market and engage in shaping its future. This year, in addition to key benefits – such as contributing to the future of the market; access to advice, guidance, briefings and publications; and discounts for some LBMA events – the LBMA Subscriber option has been formally recognised as an entry pathway to membership for those companies that wish to become members but cannot yet achieve the required entry criteria.