Allegations Rock Indonesian Gold Refiner's Purity Claims

The London Bullion Market Association (LBMA) is investigating allegations concerning the purity of gold products from Indonesian state miner Aneka Tambang. Despite denials from Aneka Tambang of 109 tons of counterfeit gold in circulation, LBMA has initiated an Incident Review Process, involving multiple stakeholders, to thoroughly investigate the claims.

The London Bullion Market Association (LBMA) said it is reviewing allegations involving Indonesian state miner Aneka Tambang (Antam) over the purity of its gold products. Aneka Tambang last week denied reports that there are 109 tons of counterfeit ANTAM gold circulating in the community in the period 2010-2021.

"All ANTAM precious metal gold products (are) derived with official certificates, and processed at the only gold processing and refining plant in Indonesia that has been certified by the London Bullion Market Association," the company said in a statement on Wednesday. LBMA, an industry body whose rules for gold refineries require that they source gold responsibly, said an Incident Review Process (IRP) has been invoked to review the current circumstances, although it is difficult to commit to a timeline, given that process involves numerous stakeholders.

Aneka Tambang remains on LBMA's Good Delivery List currently, the gold refinery accreditor in London said.

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