THE LBMA GOOD DELIVERY LIST 2015/Presentations/TH… · THE LBMA GOOD DELIVERY LIST GDL UPDATE Neil...
Transcript of THE LBMA GOOD DELIVERY LIST 2015/Presentations/TH… · THE LBMA GOOD DELIVERY LIST GDL UPDATE Neil...
THE LBMA GOOD DELIVERY LIST
GDL UPDATE
Neil Harby, LBMA GDL Officer
LBMA Conference
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RECENT ACCREDITATIONS
New LBMA GD Accreditations
2008-15
Gold Silver
Asia 12 17
Europe 5 3
N. America 3 2
Total20 22
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GOOD DELIVERY GOLD REFINERS
0
5
10
15
20
25
30
35
40
45
50
1934 1957 1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 2012
GDL Refiners
GD List Date
By Region (1934-2014)
Africa
Americas
Asia
Europe
Australia
Europe
Asia
Americas
AustraliaAfrica
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GOOD DELIVERY SILVER REFINERS
0
10
20
30
40
50
60
1959 1964 1969 1974 1979 1984 1989 1994 1999 2004 2009 2014
GDL Refiners
GD List Date
By Region (1959-2014)
Africa
Americas
Asia
Europe
Australia
Europe
AfricaAustralia
Americas
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ACCREDITATION TIMELINE 2008-15
Arrivals Gold Silver
2008 2 1
2009 0 1
2010 4 4
2011 2 2
2012 1 2
2013 4 4
2014 6 5
2015 1 3
Total 20 22
Departures Delistings since 2008
Gold Silver
Fidelity Doe Run
Metalli Preziosi Metalli Preziosi
Korea Zinc
Cendres et Métaux SAKolyma
Nyrstar
Cendres et Métaux SAKolyma
KCM Plovdiv
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GOOD DELIVERY ACCREDITATION
Non-technical criteria that must be satisfied before accepting an application for assessment
► Details of Owners and Directors
► In business for 5 years
► Operating History – 3 years
► Tangible net worth - £15 m
► Refined production – 10 tpa for gold (50 tpa for silver)
► Responsible Gold Policy & Audit
Technical Assessment – two parts:
► Assaying test – 24 gold reference samples (10 for silver)
► Bar test - 11 bars inspected in London; 5 bars tested by each of two referees (double blind)
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Average Application Time: Six Months
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NON-TECHNICAL APPLICATION CRITERIA
What is their purpose?
► Staying Power
► KYC and Ownership
► Tangible Net Worth
► Track record – Production History
► One size does not fit all – need for flexibility
► Fast-tracking
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LBMA GOOD DELIVERY LIST
Non-Technical Data
► Annual collection of Tonnage,
Financial Net worth & RGG Audit
Proactive Monitoring
► Mandatory Testing every three
years or as problems arise
Proficiency Testing
► Voluntary, anonymous annual
testing for assay labs
Certified Reference Materials
► AuRM 1, 2 & 3
► AgRM 3 (potential)8
Proactive Actively Monitored & Developed
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SPECIFICATIONS FOR A 1KG 9999 GOLD BAR
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Endorsed by the LBMA and SGEWeight: 1000g minimum
Dimensions: The kilobar should be rectangular.
The dimensions should fall within the following ranges:
Length: 80 – 120mmWidth: 40 – 60mmHeight: 7 – 14mm
Fineness: The minimum acceptable fineness is 999.9 parts per thousand fine gold.
Marks: Refiner’s Stamp or Logo, Serial Number, Weight (1kg or 1000g), Fineness (to four significant figures)
Certificate of Analysis (COA):
A certificate of Analysis must accompany each kilobar on dispatch from the Refiner and must include the following information: Refiner’s Stamp or Logo, Serial Number, Weight (1kg or 1000g), Fineness (to four significant figures) and Approved Signature.
Notes: Serial numbers must be unique and non-reusable.
Serial numbers must be referenced against inventory lists to provide traceability.
Specifications are for cast bars.
Comments welcomed by other 9999 kilobar markets.
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SPECIFICATIONS FOR A 1KG 9950 GOLD BAR
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DRAFT for Discussion & Possible Endorsement Weight: 1000g minimum
Dimensions: The kilobar should be rectangular.
The dimensions should fall within the following ranges:
Length: 80 – 120mmWidth: 40 – 60mmHeight: 7 – 14mm
Fineness: The minimum acceptable fineness is 995.0 parts per thousand fine gold.
Marks: Refiner’s Stamp or Logo, Serial Number, Weight (1kg or 1000g), Fineness (to four significant figures)
Certificate of Analysis (COA):
A certificate of Analysis must accompany each kilobar on dispatch from the Refiner and must include the following information: Refiner’s Stamp or Logo, Serial Number, Weight (1kg or 1000g), Fineness (to four significant figures) and Approved Signature.
Notes: Serial numbers must be unique and non-reusable.
Serial numbers must be referenced against inventory lists to provide traceability.
Specifications are for cast bars.
Comments welcomed by 9950 kilobar markets.
LBMA Assaying & Refining Conference
8 – 10 March 2015
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Visual Guide II
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RESPONSIBLE GOLD GUIDANCE
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►Successful introduction – system is maturing (V6)
►Now well understood by Gold Refiners
►LBMA Guidance useful for demonstrating compliance
►Best Practices
►Continuous Improvement
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LBMA GD LIST – FUTURE DEVELOPMENTS
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►London and Global
► De facto standard of quality
►Licensing
► Borsa, ICE, TOCOM and CME.
►Kilobars?
► Information collection ≠ Accreditation
►Responses to regulatory changes
►CRMs
►Fees