ACCREDITED GOLD BAR MANUFACTURERS( goldbarsworldwide.com)

ACCREDITED GOLD BAR MANUFACTURERS There are approximately 125 active gold refiners around the world whose relevant gold bars are accepted as “good delivery” by one or more of the associations and exchanges featured in this section. Section updated to November 2014, according to available information. ACCREDITATION A consolidated table in this section records – by region and country of location – the names of active refiners that are accredited to the following: • London Bullion Market Association (LBMA) • CME Group – Market Contract: COMEX • Tokyo Commodity Exchange (TOCOM) • Dubai Multi Commodities Centre (DMCC) The names of active refiners accredited to the 6 other exchanges are recorded separately as their lists rely partly on the LBMA list or focus on domestic refiners: • BM&FBovespa, São Paulo (BM&F) • Istanbul Gold Exchange (IGE) • Multi Commodity Exchange of India Ltd (MCX) • Shanghai Gold Exchange (SGE) • The Chinese Gold & Silver Exchange Society, Hong Kong (CGSE) Importance of LBMA list As covered in the section on “Gold Associations & Exchanges”, the most important list of refiners for the international gold bar market is the one published by the LBMA. In summary, the LBMA list refers to more than 70 active refiners in 30 countries. It can be noted that relevant bars of LBMA-accredited refiners are automatically accepted as good delivery by the Istanbul Gold Exchange, Multi Commodity Exchange of India Ltd, Shanghai Futures Exchange, Shanghai Gold Exchange and The Chinese Gold & Silver Exchange Society. In addition, the Dubai Multi Commodities Centre has a separate category for refiners accredited to the LBMA. Supplementary brands In the case of COMEX and TOCOM, brands issued by some major bullion banks and other entities (and manufactured by approved refiners) are also listed as “good delivery”. Notably, the relevant bars of Credit Suisse (COMEX and TOCOM) and UBS (TOCOM). In the case of the Istanbul Gold Exchange, brands issued by some entities (and manufactured by approved refiners) are also accepted as “good delivery”. Notably, the relevant bars of Commerzbank as they are manufactured by Argor-Heraeus. Manufacturing London Good Delivery 400 oz bars at Johnson Matthey (USA). Manufacturing kilobars at Tanaka (Japan). Manufacturing minted bars at PAMP (Switzerland). 2 FORMER REFINERS OF GOOD DELIVERY BARS The LBMA, COMEX, TOCOM and DMCC in their lists also refer to former entities. The reason is that bars or brands in circulation that were manufactured or issued up to the date when the refiner or brand was no longer recorded on the active list remain good delivery. LBMA: records in a separate list more than 70 “Former Melters and Assayers of Good Delivery Gold Bars”. COMEX: refers to more than 25 “Brands” that are no longer made. TOCOM: includes several “Deliverable Brands” that are no longer made. DMCC: refers to several refiners in a “Former List”. SOURCE OF INFORMATION The published lists of accredited refiners and brands are the copyright of the relevant association or exchange. Reference to the names of active refiners and brands in their lists are incorporated in this section with their permission. For supplementary information, including any changes to their lists since this section was compiled, reference can be made to their websites. Accredited Gold Bar Manufacturers www.goldbarsworldwide.com Association Refiner Country Refinery Location Accreditation or Exchange Date COMEX Istanbul Gold Refinery Turkey Istanbul 20 – 11 – 2014 LBMA T.C.A SpA Italy Capolona 12 – 8 – 2014 LBMA Metalor Technologies Singapore Pte Ltd Singapore Singapore 17 – 7 – 2014 LBMA Heimerle + Meule GmbH Germany Pforzheim 3 – 6 – 2014 LBMA MMTC-PAMP India Pvt Ltd India Mewat, Haryana 16 – 5 – 2014 LBMA Kennecott Utah Copper LLC USA Magna, Utah 22 – 4 – 2014 LBMA Republic Metals Corporation USA Miami, Florida 17 – 2 – 2014 LBMA Nihon Material Co Ltd Japan Noda-City, 19 – 12 – 2013 Chiba Prefecture LBMA Ohio Precious Metals LLC USA Jackson, Ohio 19 – 12 – 2013 LBMA Sichuan Tianze Precious Metals Co Ltd China Chengdu 26 – 3 – 2013 LBMA C. Hafner GmbH + Co. Ltd Germany Pforzheim 8 – 3 – 2013 DMCC Al Etihad Gold LLC UAE Dubai 16 – 12 – 2012 COMEX Ohio Precious Metals LLC USA Jackson, Ohio 4 – 9 – 2012 LBMA PX Précinox SA Switzerland La Chaux-de-Fonds 24 – 1 – 2012 LBMA Nadir Metal Rafineri A.S. Turkey Istanbul 8 – 12 – 2011 LBMA Istanbul Gold Refinery Turkey Istanbul 8 – 9 – 2011 DMCC L’azurde Company for Jewelry Saudi Arabia Riyadh 25 – 2 – 2011 Manufacturing small cast bars at Metalor (Switzerland). London Good Delivery 400 oz bars manufactured by Heraeus (Germany). Source: Associations and Exchanges NEWLY-ACCREDITED GOLD REFINERS AND BRANDS 3 Accredited Gold Bar Manufacturers www.goldbarsworldwide.com Region Active Refiner Refinery Location Year of Accreditation LBMA COMEX TOCOM DMCC EUROPE Belgium Umicore SA Hoboken 1930* 1974 - - Germany Allgemeine Gold- und Pförzheim 2008# - - - Silberscheideanstalt AG Germany Aurubis AG Hamburg 1934# 1974 - - Germany C. Hafner GmbH + Co. Ltd Pforzheim 2013 - - - Germany Heimerle + Meule GmbH Pforzheim 2014 - - - Germany Heraeus Metals Germany GmbH Hanau 1958 1974 - - & Co KG Italy Chimet SpA Badia al Pino, Arezzo 1996 - - - Italy T.C.A. SpA Capolona 2014 - - - Netherlands Schöne Edelmetaalbedrijven NV Amsterdam 1934# 1974 - - Spain SEMPSA Joyería Platería SA Madrid 1984 - - - Sweden Boliden Mineral AB Ronnskar 1984 - - - Switzerland Argor-Heraeus SA Mendrisio, Ticino 1961 1974 1982 2005 Switzerland Cendres+Métaux SA Biel-Bienne, Berne 1981 - - - Switzerland Metalor Technologies SA Neuchâtel 1934** 1974 2007 - Switzerland PAMP SA Castel San Pietro, Ticino 1987 1989 1990 2005 Switzerland PX Précinox SA La Chaux-de-Fonds 2012 - - - Switzerland Valcambi SA Balerna, Ticino 1968 1974 2004 2005 NORTH AMERICA Canada CCR Refinery - Glencore Canada Montreal East, Quebec 1955# 1974 - - Corporation Canada Johnson Matthey Limited Brampton, Ontario 1961 1974 1988 - Canada Royal Canadian Mint Ottawa, Ontario 1934 1974 1988 - USA ASARCO Incorporated Amarillo, Texas - 1976 - - USA Heraeus Incorporated Newark, New Jersey - 1989 - - USA Johnson Matthey Gold & Silver Salt Lake City, Utah 1989 1983 1994 - Refining Inc USA Kennecott Utah Copper Corporation Magna, Utah 2014 2000 - - USA Metalor Technologies USA North Attleboro, 1991 1989 1992 - Corporation Massachusetts USA Ohio Precious Metals LLC Jackson, Ohio 2013 2012 - - USA Republic Metals Corporation Miami, Florida 2014 - - - USA Sabin Metal Corporation Scottsville, New York - 1989 - - LATIN AMERICA Brazil AngloGold Ashanti Brasil Nova Lima, Minais Gerais 1986 - - - Mineração Ltda Brazil Casa da Moeda do Brasil Rio de Janeiro - 1985 - Brazil Umicore Brasil Ltda Guarulhos, Sa~o Paulo 1992 1989 - - Mexico Met-Mex Peñoles SA Torreon, Coahulla 1991 - - 2009 MIDDLE EAST & INDIA India MMTC-PAMP India Pvt Ltd Mewat, Haryana 2014 - - - Saudi Arabia L’azurde Company for Jewelry Riyadh 2010 - - 2011 Turkey Istanbul Gold Refinery Istanbul 2011 2014 - 2007 Turkey Nadir Metal Rafineri A.S. Istabul 2011 - - 2009 Turkey Atasay Kuyumculuk Sanayi Ve Istanbul 2010 - - - Ticaret A.S. UAE Emirates Gold DMCC Dubai - - - 2005 UAE Kaloti Gold Factory LLC Sharjah - - - 2010 UAE Al Etihad Gold LLC Dubai - - - 2012 Active manufacturers and brands of Good Delivery bars accepted by associations and exchanges. ACCREDITATION – LBMA – COMEX – TOCOM – DMCC ACCREDITED GOLD REFINERS AND BRANDS 4 Accredited Gold Bar Manufacturers www.goldbarsworldwide.com Region Active Refiner Refinery Location Year of Accreditation LBMA COMEX TOCOM DMCC FAR EAST China Great Wall Precious Metals Co Ltd Chengdu, 1961 - - - of CBPM Sichuan Province China Inner Mongolia Qiankun Gold and Huhhot, Inner Mongolia 1999 - - - Silver Refinery Share Company Limited China Jianxi Copper Company Ltd Guixi City, Jiangxi Province 2005 - - - China The Refinery of Shandong Laizhou City, 2010 - - - Gold Mining Company Ltd Shandong Province China Sichuan Tianze Precious Metals Chengdu, 2013 - - - Co Ltd Sichuan Province China Zhongyuan Gold Smelter of Sanmenxia City, 2006 - - - Zhongjin Gold Corporation Henan Province China Zijin Mining Group Co Ltd Shanghang County, 2006 - - - Fujian Province China Shandong Zhaojin Gold & Silver Zhaoyuan City, 2007 - - - Refinery Co Ltd Shandong Province Hong Kong Heraeus Limited Fanling 2006 1989 - 2006 Hong Kong Metalor Technologies (Hong Kwai Chung 2007 - - - Kong) Limited Indonesia PT Antam Tbk (Logam Mulia) Jakarta 1999 - - - Japan Asahi Pretec Corp Kobe 2008 - 2009 - Japan Chugai Mining Co Ltd Tokyo - - 1982 - Japan Dowa Metals & Mining Co Ltd Kosaka, Akita Prefecture - - 1982 - Japan Ishifuku Metal Industry Co Ltd Soka, Saitama Prefecture 1982 - 1982 - Japan Japan Mint Kita-ku, Osaka 2007 - - - Japan Matsuda Sangyo Co Ltd Iruma, Saitama Prefecture 2000 - 1993 - Japan Mitsubishi Materials Corporation Kagawa, Kagawa 1981 1980 1982 - Prefecture Japan Mitsui Mining & Smelting Co Ltd Takehara, Hiroshima 1981 - 1982 - Prefecture Japan Nihon Material Co Ltd Noda-City, Chiba Prefecture 2013 - - - Japan JX Nippon Mining & Metals Co Ltd Saganoseki, Oita Prefecture 2000# - 1982 - Japan Sumitomo Metal Mining Co Ltd Saijo, Ehime Prefecture 1981 - 1982 - Japan Tanaka Kikinzoku Kogyo K.K. Shonan Works, Kanagawa 1978# 1980 1982 2005 Prefecture Japan Tokuriki Honten Co Ltd Shobumachi, Saitama 1981 - 1982 - Prefecture Singapore Metalor Technologies Singapore Singapore 2014 - - - Pte Ltd South Korea LS-Nikko Copper Inc Ulsan 1994 - 2008 - Philippines Bangko Sentral ng Pilipinas Quezon City 1979 - - - Taiwan Solar Applied Materials Kuang Tien 2010 - - - Technology Corp. AFRICA South Africa Rand Refinery Pty Ltd Germiston, Gauteng 1921* 1974 1993 2005 AUSTRALIA Australia The Perth Mint Newburn 2010# 1974 1990 2005 CIS*** Russia OJSC: Novosibirsk Refinery Plant Novosibirsk 1999 - - - Russia OJSC: Prioksky Plant of Kasimov, Ryazan 1999 - - - Non-Ferrous Metals Russia OJSC: Shelkovsky Plant of Shelkovo, Moscow 1999 - - - Secondary Precious Metals Russia OJSC: Ekaterinburg Plant for Ekaterinburg 1999 - - - Non-Ferrous Metals Processing 5 Accredited Gold Bar Manufacturers www.goldbarsworldwide.com Additional approved brands Country Brand Headquarters Year of Accreditation COMEX TOCOM Switzerland Credit Suisse Zurich 1974 1982 Switzerland UBS Zurich - 1986 Note: Credit Suisse bars are manufactured by Valcambi, UBS bars by Argor-Heraeus or Metalor. Notes relating to LBMA list * Estimated year of accreditation. ** Accreditation from at least the indicated year of accreditation. *** Russia: “OJSC” stands for Open Joint Stock Company. These companies are also designated “OAO”, which indicates that they operate as a limited company. “FGUP” indicates that the plant is a Federal State Unitary Enterprise. # Additional accreditation notes: • Allgemeine Gold und- Silberscheideanstalt AG. LGD bars bear Umicore stamp. • Glencore Canada Corporation. Known as Xstrata Canada Corporation until April 2013 when the company merged with Glencore International Plc. • Aurubis AG. Accredited on 1-4-2009. Retains the Norddeutsche Affinerie official stamp. • Norddeutsche Affinerie AG. Accredited before 1934. Re-accredited in 1953. • Schöne Edelmetaalbedrijven NV. Accredited before 1934. LGD bars bear Umicore stamp, since 2006. • Central Bank of the DPR of Korea. Transferred to former list in 2004, but re-listed in 2006. • Nippon Mining & Metals Co Ltd. Former Hitachi refinery accredited in 1981, Sagonoseki refinery in 2000. • Tanaka Kikinzoku Kogyo KK. Isehara Works renamed Shonan Works in 1999. • KyrgyzaltynJSC. Name and brand changed in 2001. • The Perth Mint. Accredited under its own name since at least 1928 until 1990. Between 1990 and 2010, the refinery was accredited under several names. General notes • The names of some refiners are not always recorded in exactly the same way on each list. • The year of accreditation is recorded. Some lists provide the exact date (month and day). • Only refiners and brands, which are understood to be active by Grendon International Research, are included in the tables. Region Active Refiner Refinery Location Year of Accreditation LBMA COMEX TOCOM DMCC Russia OJSC: The Gulidov Krasnoyarsk Krasnoyarsk 1999 - - 2007 Non-Ferrous Metals Plant (“Krastsvetmet”) Russia OJSC: Kolyma Refinery Khasyn, Magadan 2004 - - - Russia OJSC: Uralelectromed Verkhnyaya, Pyshma 2006 Russia FGUP: Moscow Special Alloys Moscow 2007 - - - Processing Plant Kazakhstan Kazzinc JSC Ust-Kamenogorsk 1996 - - - Kyrgyz Republic Kyrgyzaltyn JSC Karabalta 1999# - - - Uzbekistan Amalyk Mining and Metallurgical Almalyk, Tashkent 1997 - - - Complex Uzbekistan Navoi Mining and Metallurgical Navoi 1994 - 1998 - Combinat TOTALS 73 25 23 15 Sources: Table of active refiners and brands is derived from lists published by LBMA, COMEX, TOCOM and DMCC. Dimensions and markings on some good delivery bars, and the names of some refiners, have changed since the year of their original accreditation. The Great Wall Gold & Silver Refinery (China) has manufactured London Good Delivery bars since 1961. 6 Accredited Gold Bar Manufacturers www.goldbarsworldwide.com ISTANBUL GOLD EXCHANGE The relevant bars of LBMA-accredited refiners are accepted as good delivery on the IGE. The IGE also lists accredited refiners that are located in Turkey. Country Refiner Refinery Year of Location Accreditation Turkey Istanbul Gold Refinery Limited Istanbul 2004 Turkey Nadir Metal Rafineri A.S. Istanbul 2008 Turkey Atasay Kuyumculuk Sanayi Ve Ticaret A.S. Istanbul n.a. Source: IGE Note: The IGE accepts bars branded with the stamps of Commerzbank, Credit Suisse and UBS, for example, as they are manufactured by LBMA-accredited refiners. MULTI COMMODITY EXCHANGE OF INDIA LTD, MUMBAI The relevant bars of LBMA-accredited refiners have been accepted as good delivery on the MCX since 2003. The MCX also accepts bars from other refiners as may be approved by the MCX. Small cast bars manufactured by Valcambi (Switzerland). Manufacturing London Good Delivery bars at The Perth Mint (Australia). BM&FBOVESPA, SAO PAULO The BM&F lists 5 refiners that are located in Brazil. ACCREDITATION TO OTHER NATIONAL EXCHANGES Country Refiner Refinery Year of Location Accreditation Brazil AngloGold Ashanti Brasil Mineração Ltda Nova Lima, Minas Gerais 1986* Brazil Casa da Moeda do Brasil Rio de Janeiro 1986 Brazil Marsam Metais SA São Paulo 1986 Brazil Ubro-União Brasiliera de Refinadores Ltda São Paulo 1999 Brazil Umicore Brasil Ltda Guarulhos, São Paulo 1986** Source: BM&F * AngloGold Ashanti Mineração Ltda: refinery in Nova Lima previously manufactured bars with the stamp of Mineração Morro Velho SA until 2006. ** Umicore Brasil Ltda: refinery in Guarulhos previously manufactured bars with the stamp of Degussa SA until 2005. 7 Accredited Gold Bar Manufacturers www.goldbarsworldwide.com SHANGHAI GOLD EXCHANGE The SGE lists 35 “Appointed Bullion Suppliers” of “Gold Ingots” (12.5 kg, 3 kg and 1 kg) in China. Accreditation has occurred progressively since the establishment of the SGE in 2002. The relevant bars of LBMA-accredited refiners are also accepted as good delivery on the SGE. Country Company Region Province China Refinery of Seemine Gold Co Ltd North West Gansu China Shanxi Gold Group Xian Qin Gold Co Ltd North West Shanxi China Huadian Gold Co Ltd North East Jilin China China National Group Corporation Jiapigou Gold Mining North East Jilin Industry Co Ltd China* Shandong Gold Group (Laizhou) Co Ltd, Gold Refinery East Shandong China* Shandong Zhaojin Gold & Silver Refinery Co Ltd East Shandong China Shandong Tarzan Bio-Gold Industry Co Ltd East Shandong China Refinery of Shandong Jincang Mining Industry Co Ltd East Shandong China Penglai Penggang Gold Industry Co Ltd East Shandong China Yantai Guoda Safeina High-advanced Refinery Co Ltd East Shandong China Shandong Humon Smelting Co Ltd East Shandong China Zhongkuang Gold Industry Limited Company East Shandong China* Gold Refinery of Zijin Mining Industry Co Ltd East Fujian China* Guixi Smelter of Jianxi Copper Company Limited East Jiangxi China Tongling Nonferrous Metals Group Holding Inc East Anhui (Precious Metals Company) China Metalor Technology (Suzhou) Co Ltd East Jiangsu China Hangzhou Fuchunjiang Smelting Co Ltd East Zhejiang China* Henan Zhongyuan Gold Refinery Co Ltd South Central Henan China Luoyang Zijin Yinhui Gold Smelt Co Ltd South Central Henan China Lingbao Jinyuan Tonghui Gold Refinery Co Ltd South Central Henan China Lingbao Gold Co Ltd South Central Henan China Henan Yuguang Gold & Lead Co Ltd South Central Henan China Gold Refinery of Guangdong Jin Ding Gold Co Ltd South Central Guangdong China Shenzhen Zhonghenglong Real Industry Co Ltd South Central Guangdong China Shenzhen Cuilv Gold Co Ltd South Central Guangdong China Hunan Chenzhou Mining Industry Co Ltd South Central Hunan China Zhuzhou Smelting Group Co Ltd South Central Hunan China Daye Nonferrous Metals Co Ltd South Central Hubei China* Zhongchao The Great Wall Precious Metals Co Ltd South West Sichuan China* Sichuan Tian Ze Precious Metals Co Ltd South West Sichuan China Yunnan Copper Industry Co Ltd South West Yunnan China Yunnan Gold Mining Group Co Ltd South West Yunnan Autonomous Region China* Inner Mongolia Qiankun Gold & Silver Refinery Co Ltd North Inner Mongolia China Urumqi Tianshan Star Precious Metal Co Ltd Far West Xinjiang Municipality China Shanghai Xinye Copper Industry Co Ltd East Shanghai Source: Shanghai Gold Exchange: Annual Report 2013. *Also accredited to LBMA. 8 Refer to disclaimer on website: www.goldbarsworldwide.com © Grendon International Research Pty Ltd 2014. 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