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Gold September 23, 2020 10:15:56 PM

LBMA Refiners Processed Nine-Tenths of Gold From Large Industrial Mines

Paul Ploumis
ScrapMonster Author
The report says that only less than 50% of gold processed by major refiners during the year came from large industrial mines.

LBMA Refiners Processed Nine-Tenths of Gold From Large Industrial Mines

SEATTLE (Scrap Monster): The London Bullion Market Association (LBMA), in its latest report, published data regarding the origin of bullion that it deals with. This is the first time that the association is publishing such data. The annual report for the year 2018 highlights the various steps of action taken by it towards successful implementation of responsible sourcing guidelines.

The report says that only less than 50% of gold processed by major refiners during the year came from large industrial mines. The LBMA-accredited refiners processed 4,836 tonnes of gold in 2018. At current market prices, this is valued at around $300 billion.

Out of the above 4,836 tonnes, 2,127 tonnes were supplied by large industrial mines, 26 tonnes came from small and artisanal mines. The major proportion of the supply was from recycled gold. Around 2,683 tonnes of gold came from recycled gold such as jewellery, bars and coins that were returned to the market.

The LBMA refiners process more than 90% of gold from large industrial mines. They process only a small fraction of the 550 tonnes produced by artisanal and small-scale miners every year. The major portion of such gold is processed by outside refiners who are not accredited by the Association and are not generally worried with their origin.

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