Mints & Refineries: Who Makes Gold Bars and Bullion Coins

Mints & Refineries are the two broad groups of gold bar manufacturers. A refinery purifies raw gold from mines or scrap gold from recycling and brings it to a fineness of usually 999.9. A mint turns this fine gold into coins and small bars; some mints, such as the Perth Mint and the Royal Canadian Mint, and the Rand Refinery also run a refinery of their own.

The most important proof of quality in the wholesale market is the Good Delivery List of the London Bullion Market Association (LBMA). It lists the refineries whose bars may be delivered on the London market. In November 2026 the gold list comprises 67 refineries. A listed refinery must, among other things, refine at least 10 tonnes of gold a year, show equity of at least £15 million, undergo a quality check every three years and meet the LBMA responsible sourcing programme with an annual independent audit. A standard Good Delivery bar contains 350 to 430 fine ounces with a fineness of at least 995.0 parts per thousand. Pure mints without their own refinery are not on the list – this says nothing negative about their coins, because they can source fine gold from listed refineries.

Bars come in two kinds: cast and minted. Cast bars are made by pouring liquid gold into a mould; they have a slightly irregular surface and are common mainly from 100 g upwards. Minted bars are punched from rolled gold strip and struck with a design; they are smooth, often sealed in a plastic card with a certificate and widespread mainly in small sizes from 1 g to 100 g. Spargold says it sources LBMA-certified bars directly from refineries; the website does not name which refineries these are.