Sponge Accreditation Rules

Current Good Delivery Refiners

Specifications for LPPM Sponge Accreditation and Application Procedures

 

 

Contents

  1. Introduction

Introduction

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 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 these rules.

To simplify the process for certification, the sponge samples will be required at the same time the GD refiner is due to undergo the PAM process, although any GD refiner can choose to send samples sooner should it so wish.

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 below.

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.

Current LPPM Good Delivery Refiners

All refiners currently on the GD bar lists will be entitled to be added to the Sponge Accreditation lists if they so wish.

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 in the annexes.

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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