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As an independent authority for the precious metals industry, LBMA’s role is to advance standards and promote good trading practices for banks, traders and refiners operating in the global precious metals industry.
The Incident Review Process (IRP) has been invoked to review matters that have been raised in connection with Heraeus Precious Metals GmbH regarding recent public reports concerning the suspicion of fraud in its recycling business in Hanau, Germany and certain compliance related matters within the wider Heraeus Group.
This process involves consultation with a range of stakeholders. LBMA remains focused on a transparent and rigorous approach and will advise of further updates in due course.
Heraeus Precious Metals GmbH remains a Good Delivery Refiner.
LBMA has requested an updated statement from Heraeus Precious Metals GmbH and will continue to engage constructively with the LBMA Member and relevant stakeholders to ensure that all matters are reviewed in line with the LBMA Rules for Members. Heraeus Precious Metals GmbH’s current statement is available here.
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.