Perth Mint’s LBMA accreditation confirmed
The Perth Mint’s standing as a Good Delivery List Refiner has been confirmed following a review by the London Bullion Market Association (LBMA). The review did not find any instances of zero tolerance non-conformance with its Responsible Gold Guidelines (RGG).
The LBMA has today confirmed in writing to The Perth Mint that:
- The Perth Mint had systems and controls in place to identify high, medium and low risk clients;
- The Perth Mint had duly applied the policies and procedures to all its clients;
- The Perth Mint had been audited since the inception of the LBMA Responsible Sourcing Program and has never had any non-conformances;
- The Perth Mint has continued to be compliant with the LBMA Responsible Sourcing Program.
The Perth Mint’s Chief Executive Officer, Richard Hayes said the review outcome confirmed the organisation’s gold sourcing practices and procedures were both rigorous and in accordance with the LBMA’s high industry standard.
“I welcome the outcome of the review and the opportunity to work with the LBMA to enhance The Perth Mint’s practices, recognising that even greater levels of vigilance will lead to further transparency and help to raise gold sourcing standards globally,” he said.
“The Perth Mint has previously announced that it has ceased sourcing gold from ASM operations in PNG. We have also replaced the LBMA approved auditor as a matter of course.
“The review has been a worthwhile exercise and we remain committed to upholding the highest ethical standards.”
Owned by the Government of Western Australia, The Perth Mint is subject to greater scrutiny and held to higher standards than other refiners.
The Perth Mint remains one of the few refiners in the world and the only in Australia accredited as a refiner, weight master and assayer with the five global precious metals exchanges being the LBMA, the New York Commodity Exchange, the Shanghai Gold Exchange, the Tokyo Commodity Exchange and the Dubai Multi Commodities Centre.
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