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LBMA suspends Shandong Gold from key bullion accreditation
The suspension takes effect Aug. 5 and is an interim step while LBMA completes an incident review after the company was placed on a US forced labor blacklist.
Mining.com reports that Shandong Gold Smelting Co. Ltd has been suspended from the London Bullion Market Association’s Gold and Silver Good Delivery Lists.
The suspension is set to begin Aug. 5, after the refiner was added to a US forced labor blacklist and included on the US Uyghur Forced Labor Prevention Act Entity List.
LBMA said it has launched an incident review process and that the action is interim pending the outcome, with consultation involving a range of stakeholders.
The news highlights how US human rights and trade measures can affect access to international bullion markets, since Good Delivery accreditation is a key benchmark for refiners.
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