Newsletter: LPPM Platinum and Palladium Sponge Accreditation Update
We are pleased to announce that Umicore S.A. has successfully completed all the relevant LPPM criteria to be admitted to the LPPM’s List of Accredited Platinum and Palladium Sponge Producers.
Several other large producers are currently going through the same accreditation processes.
The LPPM has created Platinum and Palladium Sponge Accreditation lists to run alongside the current GD bar lists.
The LPPM and the five LPPM Referees created a set of standards for the accreditation of Platinum and Palladium sponges – such accreditation having been requested by multiple major GD Platinum and Palladium primary producers and secondary refiners and deemed very beneficial for the market by the LPPM Management Committee.
Refiners not currently on the GD bar list can apply for sponge accreditation. The process for sponge accreditation is similar to the full GD bar application process. This will require successful completion prior to the applicant being added to the sponge accreditation list.
The objective is to facilitate and streamline the trade in Platinum and Palladium sponges and increase the confidence of all market participants when dealing with these materials. For practical and security reasons, it is not possible to have sponges accepted for Good Delivery by clearing banks and vaults.
To maintain their inclusion on the LPPM Sponge Accreditation lists, refiners must pass an LPPM Responsible Sourcing audit every year and a process very similar to the current GD Proactive Monitoring (PAM) every three years. They will be required to provide sponge samples that will be analysed against the LPPM standards, full details are on the LPPM website: www.lppm.com
John Metcalf – Chairman LPPM