Authored by GoldFix
GFN – LONDON — The London Bullion Market Association faces a court case this week that Bloomberg says could threaten the organization’s solvency and test how far the gold market’s main standards body can be held responsible for conduct deeper in the mining supply chain.
Bloomberg’s Jack Ryan and Jack Farchy report that the families of two men killed at Tanzania’s North Mara gold mine in 2019 are suing the LBMA. The trial begins Wednesday in London. The claim centers on gold from North Mara that entered the supply chain through an LBMA Good Delivery List refiner.
“LBMA disputes that it bears legal responsibility for these tragic deaths, and their profound human impact.”
LBMA Raises Member Fees as Legal Costs Strain Finances
GFN – SORRENTO — The London Bullion Market Association has raised membership fees and is allowing members to pay two years of dues in advance as it looks to strengthen its finances during a costly legal fight.
The LBMA says it neither certifies nor controls mines and denies that it owed the duty of care alleged by the claimants. Lawyers for the families argue that the association’s responsible-sourcing rules should have been used more aggressively after allegations of violence at North Mara became public.
The financial risk is large relative to the organization. Bloomberg reports the LBMA had about £1.4 million in reserves at the end of 2025 and could face about £3 million in the claimants’ legal costs if it loses, before any damages. People familiar with the LBMA’s thinking told Bloomberg there have been internal discussions about creating a successor body to preserve core market functions if an adverse judgment left the association insolvent.
Here’s Why The LBMA is in Big Troublehttps://t.co/BCz4t6qv60
— VBL’s Ghost (@Sorenthek) October 6, 2026
The implications extend beyond London. The LBMA’s Good Delivery List is used throughout the physical bullion market and by futures exchanges including CME Group. A ruling imposing a broad duty of care on the LBMA could force changes to how responsible-sourcing standards are enforced across the gold supply chain.