London Good Delivery Satus Confirmed for OJSC Uralelectromed

28.07.2009 — News

THE SVERDLOVSK OBLAST.

OJSC Uralelectromed, according to the results of the predictive monitoring, has confirmed the Good Delivery status of the London Bullion Market Association (LBMA) in gold and silver in bars. The results of work of the company’s lab have beenevaluated as "excellent".

In accordance with the new LBMA requirements members of the association have to prove the status of recognized gold and silver bullion bar producers every three years. They have to make not less than 30 tons of gold and 30 tons of silver per year. The company informed RusBusinessNews that by 2011 the products of Uralelecromed will have the London Good Delivery status and free circulation in the world market of affined precious metals.

The Urals company got into the Good delivery list for silver bars in August 2005, and in May 2006 - for gold. Uralelecromed is the first metallurgic manufacturer to be included in the LBMA's Good Delivery list.

OJSC Uralelectromed, being a part of the Ural Mining and Metallurgical Company, makes copper cathodes, copper electrolyte powders, nickel sulphate, commercial powder selenium, commercial tellurium, copper sulphate, copper powder products, silover and gold bullion bars, platinoids, and lead-based alloys. The production facilities are located on the four sites in the Sverdlovsk Oblast, the main production is in Verkhnyaya Pyshma.