Codelco achieves certification for silver bullion production

Chilean state-run miner Codelco, the world’s largest copper producer, said on Wednesday that a partnership with Korea’s LS-MnM earned a quality certification for silver bullion production.

Codelco’s silver bars are the first in the South American country to be certified under the Good Delivery standard, granted by the London Bullion Market Association (LBMA).

The company joins relevant silver producers such as Mexico’s Penoles, Polish KGHM and Aurubis from Germany.

The certification guarantees that the silver produced, some 200 tons per year, “meets the highest standards of purity (99.99%), physical quality and responsible traceability, allowing its sale to global banks and institutional investors with significant commercial advantages”.

The accreditation process for the plant, which has been operating in the northern city of Mejillones since 2016, resumed just over two years ago.

The Planta Recuperadora de Metales (PRM) is a partnership between Korea’s LS-MnM (66%) and Codelco (34%).

(By Fabian Cambero; Editing by Natalia Siniawski)