https://newsletter.mw.creamermedia.com
Africa|Financial|Gold|Mining|Refinery|Refining|Screen|Technology
Africa|Financial|Gold|Mining|Refinery|Refining|Screen|Technology
africa|financial|gold|mining|refinery|refining|screen|technology

Action needed along entire gold value chain from ‘rock to ring’, LBMA event is told

Play
Current Time 0:00
/
Duration Time 0:00
Remaining Time -0:00
Stream Type LIVE
Loaded: 0%
Progress: 0%
0:00
Fullscreen
00:00
Mute
Playback Rate
1
    The video could not be loaded, either because the server or network failed or because the format is not supported.
    Neil Harby leading LBMA conference discussion.

    LBMA Assaying & Refining Conference covered by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

    LBMA Assaying & Refining Conference covered by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

    Neil Harby leading LBMA conference discussion.

    Photo by Creamer Media

    17th March 2025

    By: Martin Creamer

    Creamer Media Editor

         

    Font size: - +

    JOHANNESBURG (miningweekly.com) – In terms of sustainability and responsible sourcing, the 2025 focus of the independent London-based precious metals association – the LBMA – will be on mandatory disclosure, recycled gold and auditor consistency, the association’s assaying and refining conference heard on Monday, March 17.

    “Our sustainability and responsible sourcing strategy is ambitious, and we know we cannot do it alone. We need action from the entire global value chain, from ‘rock to ring’", were words flashed across the screen where South Africa’s Rand Refinery is being highlighted as a top sponsor. (Also watch attached Creamer Media video.)

    LBMA stands for the London Bullion Market Association, an international trade association representing the global over-the-counter bullion market for gold and silver, with a focus on setting standards and promoting integrity in the precious metals industry.

    What was loud and clear is that investors seeking shelter from political and economic volatility are increasingly moving into gold.

    “Many of you are aware that the gold price is over $3 000, as of Friday,” LBMA CE Ruth Crowell told the 250-delegate conference, covered by Mining Weekly.

    “You may also have been aware that lease rates were at their all-time high, and part of that is there's been so much metal in motion from all over the world into the United States that it started to prompt so many headlines about, is London running out of gold?”, even though the actual decrease in London’s gold holdings was 1.74%, which the world would not have known were it not for the invaluable transparency that LBMA is providing.

    “I'm delighted to say one of my key achievements has been bringing more transparency to the market. It's a 300-year-old market, but it's only recently that we started publishing vault holding stocks, as well as trade data,” Crowell pointed out, which meant that when the true numbers went out on Friday, the world was able to take note of the moderate 1.74% reality, which proved mollifying.

    “You instantly saw a calming in the market in terms of people knowing where they stood,” Crowell noted.

    While this may not necessarily have been stimulating data in the days preceding current geopolitical turbulence, it's hugely sought after in this period of global disruption, which renders the LBMA’s strong recent drive towards transparency very rewarding.

    GOLD BAR INTEGRITY DATABASE

    On the gold bar front, Crowell expressed delight in being able to reiterate that the LBMA’s gold bar integrity database, the journey of which began ahead of the Covid pandemic, was launched in January.

    “I'm even more delighted to say over 50% of refiners are already on board, and the rest have already engaged and are getting there.

    “My favorite comment over the last few months, in terms of what's happened since the launch, is just how easy it is to do.

    “But for those of you who are still a little confused, It's about creating transparency and trust in the gold that we all treasure.

    “LBMA’s role in that ecosystem is to robustly and efficiently collect the data we currently receive from you as refiners, both in terms of responsible sourcing as well as production numbers, financial net worth, in a secure, transparent database that the team can interrogate more smoothly.

    “Some of the biggest use cases for this data is for anyone trying to ensure sanctions compliance, as well as customs compliance, something that certainly started as a focus with the outbreak of war in the Ukraine, but also in terms of this uncertain world we live in when it comes to tariffs. So, all of this is about driving trust and transparency and ensuring the robustness of the market,” Crowell emphasised.

    TRADING TURBULANCE FORECAST TO CONTINUE

    LBMA’s drive is poised to be of benefit to the precious metals market as a whole as the global economy faces trade war and tariff imposition uncertainty.

    “One thing we can be certain of is that turbulence will continue, and we need to make sure that we have the technology to allow us to respond to it and to ensure the continued strength of the global industry.”

    Amid the turbulence, LBMA is moving towards real-time reporting for which it needs collaborative industry engagement, with this year's focus being on further audit programme improvement, mandatory refinery disclosure, and the definition of recycled gold

    Edited by Creamer Media Reporter

    Comments

    Showroom

    Flameblock
    Flameblock

    FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

    VISIT SHOWROOM 
    Weir
    Weir

    Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...

    VISIT SHOWROOM 

    Latest Multimedia

    sponsored by

    Photo of Martin Creamer
    On-The-Air (14/03/2025)
    14th March 2025 By: Martin Creamer
    Magazine round up | 14 March 2025
    Magazine round up | 14 March 2025
    14th March 2025

    Option 1 (equivalent of R125 a month):

    Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
    (print copy for those in South Africa and e-magazine for those outside of South Africa)
    Receive daily email newsletters
    Access to full search results
    Access archive of magazine back copies
    Access to Projects in Progress
    Access to ONE Research Report of your choice in PDF format

    Option 2 (equivalent of R375 a month):

    All benefits from Option 1
    PLUS
    Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

    Already a subscriber?

    Forgotten your password?

    MAGAZINE & ONLINE

    SUBSCRIBE

    RESEARCH CHANNEL AFRICA

    SUBSCRIBE

    CORPORATE PACKAGES

    CLICK FOR A QUOTATION







    sq:0.46 0.548s - 143pq - 2rq
    Subscribe Now