Exporting Gold Dore to the US — US Refiners and Assay Offices

Gold dore, a semi-pure alloy of gold and silver produced at mining sites, is the primary feedstock for US refiners and assay offices. As the world’s largest gold importer, the United States relies on a steady inflow of dore bars to feed its refining capacity, which processes over 200 metric tons annually for use in jewelry, electronics, and central bank reserves [1]. For Latin American and African mining operations, the US market offers premium pricing, transparent settlement, and long-term offtake agreements. This page provides a comprehensive guide to exporting gold dore to US refiners and assay offices, covering specifications, supplier landscapes, buyer profiles, certifications, pricing, and how Coppermont facilitates these transactions.

Product Specifications and Grades

Gold dore is typically produced in bars weighing between 10 kg and 50 kg, with gold content ranging from 60% to 95% and silver as the primary impurity. The balance often includes base metals such as copper, lead, and zinc. US refiners and assay offices require detailed compositional analysis, usually via fire assay or X-ray fluorescence (XRF), to determine the exact gold and silver credits. The industry standard for settlement is based on the London Bullion Market Association (LBMA) Good Delivery List, which mandates a minimum fineness of 99.5% for refined gold, but dore itself is traded on a payable basis — typically 96% to 98% of the contained gold content, minus refining charges and penalties for deleterious elements like mercury or arsenic [2]. Common grades include high-grade dore (80–95% Au) from primary mines and low-grade dore (60–75% Au) from alluvial or small-scale operations. US buyers often specify maximum thresholds for impurities: mercury below 0.1 ppm, arsenic below 10 ppm, and copper below 5% to avoid smelting surcharges.

Latin American and African Supplier Landscape

Latin America is a dominant source of gold dore for the US, with major producing countries including Peru, Mexico, Colombia, and Brazil. Peru alone exported over $8 billion in gold in 2023, much of it as dore to US refiners [3]. Mexico, home to large operations like Fresnillo and Peñasquito, supplies high-grade dore from polymetallic deposits. Colombia’s gold output, valued at $2.5 billion in 2022, comes from both formal mining and artisanal sectors, though the latter faces scrutiny under due diligence regulations. In Africa, Ghana, Mali, and Burkina Faso are emerging suppliers, with Ghana exporting $6.6 billion in gold in 2023, primarily to Switzerland but increasingly to the US through direct offtake agreements [4]. The supplier landscape is fragmented: large-scale miners (e.g., Newmont, Barrick) control most formal exports, while small-scale miners (ASM) require aggregation and traceability programs to meet US import standards. Key challenges include smuggling risks, inconsistent assay quality from remote sites, and the need for secure logistics from mine to refinery.

US Buyer Types: Who Buys Gold Dore and How

US buyers of gold dore fall into three main categories: large commercial refiners, assay offices and trading desks, and central bank-adjacent vault operators. The largest refiners — such as Asahi Refining (Utah), Republic Metals (Florida, now under new ownership), and Elemetal (Ohio) — have capacity to process hundreds of metric tons per year and require consistent, high-volume dore shipments (minimum 50 kg per lot) with full chain-of-custody documentation. These refiners typically contract via long-term offtake agreements (1–3 years) with pricing based on the LBMA gold price, less a refining fee of $0.10 to $0.50 per ounce and a finance charge for the settlement period (usually 5–10 business days after receipt and assay). Smaller assay offices and trading firms, such as those in the New York Mercantile Exchange (COMEX) ecosystem, purchase dore in smaller lots (5–20 kg) for immediate refining or resale. They prioritize speed of settlement and may offer lower refining fees in exchange for lower volumes. Central bank vaults, like the Federal Reserve Bank of New York, do not directly purchase dore but accept refined gold bars for reserve deposits, creating indirect demand. Procurement processes involve: (a) pre-shipment assay verification by an LBMA-accredited assayer, (b) secure transport via armored carrier (e.g., Brink’s, Loomis), (c) customs clearance under HTS 7108.13.00 (gold, semi-manufactured forms), and (d) final settlement after refinery receipt and assay.

Certifications and Import Requirements

Exporting gold dore to the US requires compliance with multiple regulatory frameworks. The primary certification is the LBMA Responsible Gold Guidance, which mandates due diligence on supply chains to avoid conflict minerals and money laundering [5]. All US refiners are LBMA-accredited and will reject dore without a complete audit trail from mine to export. Additionally, the US Dodd-Frank Act Section 1502 requires reporting on conflict minerals (including gold) from the Democratic Republic of Congo and adjoining countries, though this is less directly applicable to Latin American sources. For import, the US Customs and Border Protection (CBP) requires a commercial invoice, packing list, certificate of origin (e.g., under US-Peru Trade Promotion Agreement for duty-free entry), and a weight and assay certificate from an independent laboratory. The US Fish and Wildlife Service may also require permits if the gold is associated with protected areas. For mercury content, the Minamata Convention on Mercury imposes restrictions: dore with mercury above 1 ppm may be subject to additional scrutiny. Practical steps include: (1) obtain an LBMA Responsible Gold Certificate for the mine or aggregator, (2) use a recognized assayer (e.g., ALS, SGS) for pre-export certification, (3) secure insurance for full value during transit, and (4) file an Importer Security Filing (ISF) 24 hours before shipment.

Pricing and Lead Time Context

Gold dore pricing is formulaic: the final payment equals (gold content × LBMA spot price × payable percentage) minus (refining fee + finance charge + penalties). As of early 2025, LBMA gold trades around $2,000–$2,200 per ounce, with dore payable at 96–98% for high-grade material. Refining fees range from $0.15 to $0.50 per ounce, depending on volume and impurity profile. Lead times from mine to US refinery average 10–20 days, broken down as: 2–4 days for export documentation and assay, 3–7 days for air or sea freight (air from Latin America, sea from Africa), 2–3 days for US customs clearance, and 3–5 days for final assay and settlement. For small-scale producers, aggregation and consolidation can add 5–10 days. Price volatility is hedged by most refiners offering provisional payments at 90% of spot upon receipt, with final settlement after assay. The total cost of logistics (insurance, freight, customs brokerage) typically adds 0.5–1.5% of the shipment value. For example, a 50 kg bar of 80% Au dore contains 1,286 troy ounces of gold, worth approximately $2.7 million at $2,100/oz; after refining and logistics, the net payment to the supplier is around $2.5 million.

How Coppermont Connects Suppliers to Buyers

Coppermont bridges the gap between gold dore producers in Latin America and Africa and US refiners and assay offices. We provide end-to-end advisory services, including: supplier vetting (LBMA compliance, mine audits), logistics coordination (armored transport, customs clearance), assay verification (independent labs, pre-shipment testing), and contract negotiation (of take agreements, pricing terms). For suppliers, we offer access to a network of vetted US buyers who provide competitive refining fees and transparent settlement cycles. For buyers, we source consistent, high-quality dore from mines with full traceability, reducing due diligence costs. Our team has facilitated over $50 million in gold dore transactions since 2020, with an average settlement time of 12 days. Whether you are a mining operation seeking a reliable US offtake partner or a refinery looking for steady dore supply, Coppermont provides the expertise and connections to execute. Contact our trade desk today to begin the qualification process.

Ready to Source or Supply Gold Dore?

For Suppliers: Ready to export your gold dore to the US? Submit your mine’s assay report and production volume to our team for a free buyer match assessment. For Buyers: Looking for verified gold dore from Latin America or Africa? Inquire about our current offtake opportunities and supplier pre-qualification reports.