Due to requests from Good Delivery (GD) refiners the LPPM has introduced Platinum and Palladium Sponge Accreditation lists to run alongside the current GD bar lists. All refiners currently on the GD bar lists will be entitled to be added to the Sponge Accreditation lists if they so wish.
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 includes the LPPM Responsible Sourcing annual audit. These processes will require successful completion prior to the applicant being added to the sponge accreditation list.
The LPPM has been working on 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 Management Committee.
The objective is to facilitate and streamline the trade in these sponges and increase the confidence of all market participants when dealing with these materials. For practical and security reasons, it will not be possible to have sponges accepted for Good Delivery by clearing banks and vaults.
To maintain their inclusion on the LPPM Sponge Accreditation lists, GD refiners must pass a process very similar to the current GD Proactive Monitoring (PAM) and repeat that every three years. They will be required to provide sponge samples that will be analysed against the LPPM standards, full details are set out in the Sponge Accreditation Rules.
A lot of work has been done by the LPPM referees during 2019 and 2020, including two major round robin analysis exercise of sponge samples and method comparison. This has resulted in a set of standards detailed in the rules.
The Sponge Accreditation Lists are the copyright of the LPPM. Reproduction and dissemination of the Lists is permitted only with the express written permission of the LPPM and an acknowledgement of the LPPM’s copyright.