Asahi Refining is a precious metals refining brand operating from Salt Lake City, Utah, and Brampton, Ontario, under the Japanese-parented ARE Holdings group, formerly Asahi Holdings. Asahi Refining's own site states LBMA accreditation for gold and silver and LPPM accreditation for platinum and palladium, but the current LPPM Good Delivery List for platinum and palladium, retrieved 6 August 2026, does not list Asahi Refining USA Inc. or Asahi Refining Canada Ltd. under either metal. What follows sets out Asahi Refining's refining capability, its accreditation status metal by metal, its ownership and the commercial forms a refiner in this class supplies.
What Is Asahi Refining?#
Asahi Refining operates as two legal entities, Asahi Refining USA Inc. and Asahi Refining Canada Ltd., headquartered at 4601 West 2100 South, Salt Lake City, Utah 84120, with a second facility in Brampton, Ontario, Canada, according to the company's own About Us page. Neither entity trades on a public stock exchange: Asahi Refining is a wholly owned subsidiary of the Japanese group now branded ARE Holdings, which traces its history to a 1952 founding and is led by president and chief executive Tomoya Higashiura. Asahi Refining's own incorporation date is not established in the sources reviewed for this page.
| Attribute | Value |
|---|---|
| Legal entities | Asahi Refining USA Inc.; Asahi Refining Canada Ltd. |
| US headquarters | 4601 West 2100 South, Salt Lake City, UT 84120 |
| Second facility | Brampton, Ontario, Canada |
| Parent company | ARE Holdings (formerly Asahi Holdings), Tokyo, Japan |
| Parent founded | 1952 |
| Stock listing | None; privately held subsidiary |
Asahi Refining's PGM Refining Capability#
Asahi Refining's own published materials state that it refines gold, silver, platinum and palladium, but only its gold and silver refining is corroborated by an accreditation list checked for this page: the current LPPM Good Delivery List for platinum and palladium does not name Asahi Refining under either metal, detailed under accreditation below, so its platinum and palladium refining scale and purity grade are not independently established here.
General PGM refining runs from smelting through dissolution to selective precipitation, the route DailyPlatinum's own explainer on how PGMs are refined sets out in full. The sources reviewed for this page do not specify which of those steps, if any, Asahi Refining performs for platinum and palladium.
PGM refiners generally draw on two feed types, primary mine concentrate and secondary material such as scrap and spent catalysts, and grade platinum and palladium against the other platinum group metals as the impurities hardest to separate, with a 99.95% minimum fineness at the Good Delivery standard. Asahi Refining's own site names neither a feed type nor a purity figure for its platinum or palladium output specifically.
One documented secondary feed stream in this class is spent platinum reforming catalysts in petroleum refining: naphtha-reforming catalysts also carry recoverable rhenium at 0.2% to 0.4% by weight, per Sabin Metal's published assay data. Whether Asahi Refining itself processes this feed type is not established in the sources reviewed for this page.
Asahi Refining and LPPM/LBMA Accreditation#
Asahi Refining holds no listing on the LPPM Good Delivery List for platinum or palladium, even though the company's own site states LPPM platinum and palladium accreditation alongside LBMA gold and silver accreditation. DailyPlatinum checked that self-reported status, as of September 2026, against the LPPM's own Good Delivery List for platinum and palladium, retrieved 6 August 2026: neither Asahi Refining USA Inc. nor Asahi Refining Canada Ltd. appears among the 39 platinum or 33 palladium refiners listed, nor on the parallel 31-refiner platinum and palladium sponge accreditation lists.
The one ARE Holdings group company that does appear on those lists is ASAHI METALFINE, Inc. of Japan, listed for both platinum and palladium Good Delivery. Its exact corporate relationship to ARE Holdings, and by extension to Asahi Refining, is not established in the sources reviewed for this page, so the two names should not be treated as interchangeable.
The LPPM's own accreditation criteria explain why Good Delivery status stays a narrow list even among large refiners:
| LPPM Good Delivery test | Threshold |
|---|---|
| Corporate history | 5 years operating; 3 years refining the metal |
| Annual production | At least 500 kg of contained platinum or palladium |
| Net worth | At least £15 million tangible net worth |
| Assay | Five-figure assay of at least 99.950%, matching an independent referee's own determination |
Source: LPPM Good Delivery Rules for Platinum and Palladium Plates and Ingots, June 2020 edition. An applicant clears all four tests, not merely the assay, before a name is added to the list; Asahi Refining's own materials describe LBMA gold and silver accreditation, a separate list this page does not verify, since DailyPlatinum's PGM refining coverage is scoped to platinum, palladium and the four minor platinum group metals.
Ownership and Corporate Structure#
Asahi Refining is a wholly owned subsidiary of ARE Holdings, the Tokyo-based group formerly branded Asahi Holdings, according to Asahi Refining's own About Us page. ARE Holdings operates a Precious Metals Business segment alongside an Environmental Preservation Business segment, with a history dating to the group's 1952 founding and Tomoya Higashiura serving as president and chief executive.
A separate ARE Holdings group company, ASAHI METALFINE, Inc., is the one carrying LPPM Good Delivery status for platinum and palladium, as set out under accreditation above. The precise corporate link between ASAHI METALFINE and ARE Holdings is not established in the sources reviewed for this page, so this page treats Asahi Refining and ASAHI METALFINE as related but distinct entities under the same parent brand rather than as a single accredited operation.
PGM Products and Commercial Forms#
Refiners accredited to the LPPM Good Delivery standard supply platinum and palladium mainly as four commercial forms: plate or ingot, sponge, grain and metal salts. Asahi Refining's own site does not itemize which of these forms, if any, it supplies for platinum or palladium, stating only that it refines the two metals.
| Form | Typical purity | Main buyers |
|---|---|---|
| Plate / ingot | Minimum 99.95% (Good Delivery standard) | Bullion banks, wholesale trading |
| Sponge / powder | Minimum 99.95% | Fabricators, further processing |
| Grain / shot | 99.95% or higher | Jewelry and industrial casting |
| Salts and solutions | Specified by metal content, not fineness | Catalyst, plating and chemical makers |
Where a refiner processes material it does not own, the arrangement is toll refining: the material's owner keeps title to the contained metal throughout, and the refiner charges a refining charge for converting it into deliverable metal rather than buying the material outright. Asahi Refining's own site does not state which commercial model, toll refining or outright purchase, it offers platinum and palladium suppliers. Gold and silver, the two metals Asahi Refining's own materials emphasize, sit outside DailyPlatinum's platinum group metal coverage and are not detailed further on this page.
Where Asahi Refining Coverage Stops on DailyPlatinum#
This page reports Asahi Refining's refining capability, accreditation and ownership facts drawn from its own materials and from the LPPM's published Good Delivery Lists; it is not investment advice, equity research or share-price commentary, and DailyPlatinum does not track ARE Holdings' or Asahi Refining's financial performance. For platinum and palladium refiners with confirmed LPPM Good Delivery status, see DailyPlatinum's Platinum Group Metal Refiners hub.
Other Accredited PGM Refiners#
DailyPlatinum's refiner coverage extends beyond Asahi Refining to other entities with a confirmed presence on the LPPM Good Delivery List for platinum and palladium, among them:
- Johnson Matthey
- Argor-Heraeus
- Sabin Metal Corporation
- BASF Metals LLC
Frequently Asked Questions#
Who owns Asahi Refining? ARE Holdings, the Tokyo-based group formerly branded Asahi Holdings, wholly owns Asahi Refining, according to Asahi Refining's own About Us page.
Where is Asahi Refinery located? Asahi Refining operates from Salt Lake City, Utah, at 4601 West 2100 South, and from a second facility in Brampton, Ontario, Canada.
Where is Asahi Refining originally from? Asahi Refining is the US and Canadian refining brand of ARE Holdings, a Japanese group founded in 1952 under its earlier name, Asahi Holdings.