Gold Purity Scandal Shakes Indonesian Miner Antam

The London Bullion Market Association (LBMA) is reviewing allegations about the purity of gold produced by Indonesian state miner Aneka Tambang (Antam). Investigations revealed that six former managers were involved in alleged misuse of stamping services, overseeing the production of 109 tons of gold between 2010 and 2021. Antam denies the allegations.

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.

Indonesia's Attorney General Office has named six former general managers at Antam's Precious Metal Processing and Refining Business Unit as suspects for alleged misuse of Antam's stamping service. Investigators said over the period of 2010-2021, the suspects oversaw production of around 109 tons of gold through the alleged illegal practice.

The investigators did not disclose from where the gold originated from or where it was distributed to after stamping. Aneka Tambang last week denied there were 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 miner said in the May 31 statement. LBMA, an industry body whose rules for gold refineries include requirements they source gold responsibly, said on Wednesday an Incident Review Process (IRP). It added it was difficult to commit to a timeline, given that process involves numerous stakeholders.

Antam did not immediately respond when reached for comments on Thursday. Aneka Tambang remains on LBMA's Good Delivery List currently, the gold refinery accreditor in London said.

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