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: 

John Metcalf – Chairman LPPM

LPPM Website Disclaimer

LPPM does not guarantee that the Fixing Prices, Fixing Data or other materials displayed or otherwise available on this website are accurate, complete or up to date. LPPM obtains all the information displayed or available on this website from a third party, The London Platinum and Palladium Fixing Company Limited. All warranties and representations (other than fraudulent misrepresentation) are excluded to the maximum extent permitted by law in particular no express or implied warranty is given as to the figure at which the Fixing Prices stand at any particular time on any particular day or otherwise. If you rely on the information available on this website you do so at your own risk and LPPM shall have no liability for any losses suffered by you as a result of relying this information.

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