LBMA suspends Shandong Gold refinery over US labour list
Refiner faces interim suspension after US forced labour designation triggers review under London accreditation rules.
Shandong Gold Smelting Co. Ltd, a refiner of gold and silver, has been barred from membership in the London Bullion Market Association's prestigious Good Delivery Lists. This suspension was triggered by the company's addition to a U.S. list of entities accused of using forced labor. The ban, effective from August 5th, is an interim measure while the LBMA conducts a thorough investigation.
The London-based association, which governs the Good Delivery accreditation for precious metals refiners, emphasized its commitment to transparency and rigorous standards, promising further updates as the review progresses. The association pledged to engage stakeholders in the process. Shandong Gold Smelting vehemently denied the charges, asserting that the U.S. list is unjust and seeking a fair, independent review by the LBMA.
This decision highlights the increasing role of U.S. trade and human rights policies in shaping global precious metals trade, with Good Delivery status remaining a vital marker for refiners aiming to participate in international bullion markets.
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