London Metal Exchange creates digital register for metals

New digital tool replaces existing paper and PDF Certificates of Analysis.

The London Metal Exchange (LME) has launched LMEpassport, a centralised digital register that stores electronic Certificates of Analysis (CoAs) and sustainability credentials for LME-listed metals.

The register stores digital versions of the previously paper-based CoAs, which are key specification and quality assurance documents that must accompany shipments of LME metals into and out of warehouses. The LME says existing paper and PDF format CoAs can be easily scanned and digitised on the platform, transforming previously unstructured data into information that can be easily queried and reported on. The LME also encourages metal producers to record information in LMEpassport at the point of production, thereby reducing the need for downstream stakeholders to access traditional CoA documents. The LMEpassport also enables users to provide disclosures related to metals’ sustainability characteristics on a voluntary basis.

'The metals industry is increasingly embracing digital solutions to streamline manual processes for customers across the value chain,” said Robin Martin, LME Head of Market Development. “LMEpassport provides substantial benefits for users – not only by automating manual processes and reducing operational risk, but by providing greater transparency and access to provenance data, for which there is growing consumer demand.'

Georgina Hallett, LME Chief Sustainability Officer, commented, 'The metals industry already has a rich set of standards and certifications available, many of which have strong support from stakeholders. The value of LMEpassport is in providing a consolidated and comparable view of such information for different batches of metal. Crucially, LMEpassport will only permit the disclosure of datasets or certifications which are supported by the industry and which include adequate audit or validation documentation – so the information we provide access to can be trusted by the metals community.'

The LME has also developed a sustainability taxonomy (below) in collaboration with market stakeholders. It dovetails with LMEpassport creating a categorisation framework for users to cross-reference.