Perth Mint Gold Scandal to be Investigated by London Bullion Market Association

The refiner had repeatedly ignored concerns raised by staff about purchases from the company.

SEATTLE (Scrap Monster): The London Bullion Market Association (LBMA) has decided to launch an investigation into the allegations that the Australian Perth Mint processed tainted metal from artisanal miners in Papua New Guineas (PNG). The accusation against the gold refiner was raised by a section of the Australian media.

The statement issued by LBMA said that it has always been trying to maintain the highest standards for responsible sourcing. The Association takes the recent allegations, against the Perth Mint with respect to sourcing gold from PNG, very seriously. If the Pert Mint is found to have violated the sourcing guidelines, it would result in serious actions including cancellation of its accreditation as well as expulsion from London bullion market. LBMA reiterated that only gold and silver bars that conform to specified standards could be used for contract settlement.

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The Australian media had alleged that the Perth Mint buys around $200 million worth of conflict gold every year from PNG-based Golden Valley, which is known to source gold from artisanal miners. The refiner had repeatedly ignored concerns raised by staff about purchases from the company.

A spokesperson of Golden Valley declined to comment on the development. Meantime, the Perth Mint welcomed the LBMA investigation.

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