LPPM RESPONSIBLE PLATINUM AND PALLADIUM SOURCING
The LPPM good delivery accredited refiners were 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 audits should be completed within three (3) months following the completion of the Refiner's annual financial reporting period.
As you will probably be aware, we have successfully completed the first full year of LPPM Responsible Sourcing Audits.
We would like to express to all the refiners on our Good Delivery List our sincere thanks for their cooperation during this first and very challenging year. Similarly, we thank all the Approved Service Providers for their help and efforts during 2020.
The Responsible Sourcing Review Committee has monitored and reviewed all the first-year audits and decided that now is a good time to assess the LPPM Guidances against our experience. We have examined their relevance to the Platinum Group Metal Industry and made minor alterations to suit the characteristics of the industry. We have also corrected any ambiguities or language where required.
The main difference is in the most important area of supply chain due diligence. Following OECD recommendations and assurance auditing trends. We want to emphasise to LPPM Good Delivery Refiners and Approved Service Providers that due diligence is required not just with the first counterparty in the supply chain but, as far as possible, in the chain as a whole. This includes counterparties where the refiner is in a joint venture.