LBMA has advanced the implementation of its proposals requiring refiners publicly to disclose additional information regarding suppliers of mined material including from ‘red flag’ locations as defined in the gold supplement of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Area (“OECD Guidance).
These increased transparency requirements were originally scheduled for 2027 but will now, with the support of LBMA accredited refiners and other gold supply-chain stakeholders, become part of refiners’ compliance reports from next year.
Specifically, as part of LBMA’s Refiner Transparency Roadmap, refiners will continue to disclose the identity and location of suppliers located in high risk areas to LBMA as currently required under version 9 of the Responsible Gold Guidance. This information will not be disclosed publicly. However, from 2026, refiners will publicly disclose the following:
• The identity of the refiner and local exporter in ‘red flag’ locations as per OECD Guidance,
• All World Gold Council (WGC) miners and mines from which Refiners receive material
• All locations (countries) from which mined material is received.
These changes will be implemented via an amendment to the Disclosure Guidance which supports GDL Refiners in the implementation of reporting and disclosure requirements. LBMA will publicly consult over the summer with a view to finalizing this process by the end of 2025.
Arrangements for further disclosure going into 2027 will be discussed and agreed with OECD and other stakeholders, but proposals will include the disclosure of the identity of suppliers, locations (countries) and total volumes of all mined material, not just those from WGC members. These disclosures are irrespective of the risk rating of either supplier or location. The proposal will also include the expectation of the disclosure of all suppliers in high-risk locations as defined in Responsible Gold Guidance (RGG 10) once published.
As work on RGG 10 picks up pace, LBMA will continue to drive progress on key workstreams such as fast-tracking Refiner transparency, enhancing Assurance Provider performance across the globe, and strengthening value chain engagement. In addition to these tranches of work, LBMA writes that it is also focusing on its own transparency and enhancing its own policies and procedures.
LBMA writes that it also places high value on working with the multi-stakeholder ASM Taskforce to address governance challenges and improve GDL Refiner sourcing in key producer countries (Philippines, Ghana, Cote D’Ivoire, Peru, etc).
The LBMA writes that this Refiner Transparency Roadmap is one of the many ways in which LBMA is striving for transparency, ‘both within LBMA as an organisation and our Refiners. LBMA remains fully committed to continuous improvement and stakeholder dialogue’.
