The London Bullion Market Association has suspended Shandong Gold Smelting Co. Ltd from its Good Delivery Lists for gold and silver after Washington added the refiner to the U.S. Uyghur Forced Labor Prevention Act Entity List. The suspension takes effect Wednesday as an interim step while the LBMA runs a review.
The London Bullion Market Association suspended Shandong Gold Smelting Co. Ltd from its Good Delivery Lists, effective Wednesday, the organization said Tuesday. The London-based body oversees the Good Delivery accreditation system for gold and silver refiners.
Shandong Gold Smelting's addition to the U.S. Uyghur Forced Labor Prevention Act Entity List prompted the suspension, the LBMA said. In response, it invoked an incident review process against the company, and the suspension stands as an interim measure pending the review's completion.
The review involves consultation with a range of stakeholders, the LBMA said. According to the LBMA: "remains focused on a transparent and rigorous approach" and will advise of further updates in due course.
Shandong Gold Smelting responded to the LBMA that it firmly rejects its inclusion on the UFLPA Entity List and welcomes an independent review under the Good Delivery Rules and Responsible Sourcing Programme.
Source: Commodities & Futures News
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