LPPM RESPONSIBLE PLATINUM AND PALLADIUM SOURCING
As you may already be aware, the LPPM is embarking on a Responsible Platinum and Palladium Sourcing programme. We have already circulated the overall Responsible Guidance Document and the Third Party Audit Guidance Document to LPPM good delivery refiners and approved auditors.
Both documents have been prepared on the same lines as the LBMA Responsible Silver Guidance.
We have worked closely with the LBMA to produce very similar Responsible Sourcing Guidances in order to help LPPM Good Delivery Refiners manage the processes in the most efficient way. This will be particularly relevant to refiners with good delivery accreditation for Platinum, Palladium, Gold and Silver. Wherever possible we will be using the same auditors visiting at the same times as for Gold and/or Silver audits.
The LPPM good delivery accredited refiners are required to commence implementing the LPPM Responsible Sourcing Guidance from 1st January 2019 on a trial basis and in full from 1st January 2020. The first audit should be completed within three (3) months following the completion of the Refiner's first annual financial reporting period.
We recommend that for 2019 the first end of financial year date should commence 31st December 2018 not prior to this. In this case, for example, the refiner should carry out an audit, issue their Refiner's Compliance Report and obtain independent assurance within three (3) months i.e. the 31st of March 2019.