LBMA suspends Shandong Gold from gold, silver Good Delivery Lists
LBMA suspends Shandong Gold from gold, silver Good Delivery Lists Aug 4 (Reuters) - The London Bullion Market Association (LBMA) has suspended Shandong Gold Smelting Co. Ltd from its Gold and Silver Good Delivery Lists effective August 5, the LBMA said on Tuesday.
The London-based body that oversees the Good Delivery accreditation system for gold and silver refiners issued the suspension following Shandong Gold Smelting's addition to the U.S. Uyghur Forced Labor Prevention Act (UFLPA) Entity List.
The LBMA said an incident review process has been invoked against Shandong Gold Smelting Co. Ltd and the suspension is an interim measure pending completion of the review.
The LBMA said the process involves consultation with a range of stakeholders, adding that "LBMA remains focused on a transparent and rigorous approach and will advise of further updates in due course".
Shandong Gold Smelting Co. Ltd has informed the LBMA that "it firmly rejects its inclusion on the UFLPA Entity List and welcomes a fair, independent and objective review by LBMA under the Good Delivery Rules and Responsible Sourcing Programme", according to the LBMA's press release.
(Reporting by Anjana Anil in Bengaluru; Editing by Emelia Sithole-Matarise)