Australia can now use more of its mined gold product to sell to the world’s international banking markets with the appointment of ABC Refinery – the refinery division of Pallion – to the London Bullion Market Association’s (LBMA) Good Delivery list for gold.
LBMA accreditation is given only to companies that meet the Association’s stringent assaying and bar quality criteria as well as its responsible gold and net tangible asset requirements.
Prior to this appointment, only one other company in Australia held this illustrious stamp of quality, which restricted the country’s ability to sell to the international markets.
Pallion CEO Andrew Cochineas said the accreditation was “international recognition” for the brand’s commitment to mining, refining and supplying superior gold product.
“ABC Refinery is delighted to be recognised amongst LBMA’s exclusive list of the world’s leading gold refiners. Australia is the second largest producer of gold globally and the addition of ABC Refinery to the LBMA good delivery list for gold gives primary producers in the region the benefit of choice,” Mr Cochineas said.
“As a wholly privately owned Australian business, LBMA accreditation is an important milestone not only for ABC Refinery but also the broader Pallion group which is a real Australian manufacturing success story.”
To be granted the accreditation, ABC Refinery had to satisfy the LBMA of its ownership, history, production capability and financial standing.
Additionally, it was also required to pass the LBMA’s exhaustive technical testing procedures, under which ABC Refinery’s ABC Bullion gold bars were examined and assayed by independent referees.
“Testament to the Pallion commitment to quality, all products that bear the ABC Bullion hallmark are produced by ABC Refinery according to LBMA standards,” Mr Cochineas added.
“And now our clients benefit from the comfort that all products produced by the broader Pallion group are made with bullion sourced from a LBMA accredited source, ABC Refinery.”
Located in Sydney, ABC Refinery’s primary sources of feedstock are mined material as well as scrap materials sourced from the industrial and jewellery sectors. ABC Refinery’s refined gold output is in the form of cast bars as well as minted product.