ABC Refinery Australia has received CME Group Accreditation for its silver bars. The CME Group is a US-based company that provides international electronic trading, and from 10 November the bars were accepted for settlement of COMEX ‘SI’ silver futures contract.
This accreditation follows ABC Refinery’s gold products being accepted last year for the settlement of the ‘GC’ gold futures contracts, with ABC now holding dual accreditation.
This means that ABC Refinery silver products will be added to the COMEX Good Delivery list of brands used to physically settle against the SI gold futures contract in New York.
Its acceptance into the Good Delivery list provides an assurance that the manufacturing processes meet the specific standards and requirements outlined by CME Group, and therefore meet world-class standards.
David Woodford, chief commercial officer Pallion Group – Australia’s largest precious metals services group – said that the accreditation was a testament to the company’s high-quality refinery processes.
“It’s further recognition of the importance of ABC Refinery’s silver production to the world market. As Australasia’s largest silver refiner, ABC Refinery is proud to have achieved this exclusive international accreditation,” he added.
The company is the leading metal refinery company in Australasia, refining more than 85 per cent of Australia’s primary silver. According to a statement, ABC Refinery’s market share continues to increase, through its cutting-edge, environmentally friendly technology, and its commitment to sustainable practices, seen through its efforts at introducing its trademarked Considerate Precious Metals to the market.
Its inclusion on the CME Group’s listing of Good Delivery brands will create new business opportunities, as international traders will now have access to the ABC Bullion brand, through the COMEX exchange.
In September, Woodford told Jeweller the company had developed a clear plan for business growth and sustainability: “At Pallion, the concept of sustainability is not about lip service to the market, it’s an important part of our business model.”
Pallion released a sustainability report outlining the group’s policies and performance across industrial standards, and what it was doing to meet the goals.