Umicore SA Business Unit Precious Metals Refining (Umicore) - Incident Review Process Invoked
As the Independent Authority for Precious Metals, LBMA maintains the highest standards for responsible sourcing.
The Incident Review Process (IRP) has been invoked to review matters that have been raised during Umicore’s assurance process. This process involves consultation with a range of stakeholders, alongside a peer review. LBMA remains focused on a transparent and rigorous approach and will advise of further updates in due course.
Umicore remains a Good Delivery Refiner. Umicore has made the following statement:
"Umicore PMR takes duly note of the decision made by the LBMA and will fully cooperate in order to resolve this matter soon and to take appropriate measures for further improvement. Umicore PMR has implemented a robust due diligence process for its business partners over the years, which has continuously evolved. Umicore PMR is confident that this review and the conclusions out of it, will inspire further enhancements to our processes.”
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.