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Asahi Refining is a precious-metals assayer and refiner producing gold and silver bullion products for miners, recyclers, banks, distributors and industrial users.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 2 suppliers, 1 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
FY2025 AIF, Jacobina (Brazil): 'A contract is in place with Asahi Refining Canada for refining the doré produced from Jacobina. The doré is transported to these facilities where it is refined to the London Good Delivery specification.' 2025 Jacobina output 190.5 koz gold; refining-service contract, not a metal sale.
Mirror of Coeur's FY2025 10-K customer-concentration table: Asahi (formerly Johnson Matthey) is a >=10%-of-sales customer -- $360.2M (2025), $104.9M (2024), $63.7M (2023) -- across Las Chispas, Palmarejo (Mexico), Rochester, Kensington, Wharf (US). The 10-K does not break out metal, origin share or the receiving Asahi plant.
TRS: 'DDGM sells its doré to various precious metals refiners and mints, currently Asahi Refining USA, Inc.' and 'For the 2024 period, DDGM had a contract to refine or treat and sell to the following Buyers: Doré o Asahi Refining USA, Inc.' DDGM (Don David Gold Mine) is in Oaxaca, Mexico, producing gold/silver doré; Asahi Refining USA's refinery is in Salt Lake City, US. Doré gold/silver split not stated. No dossier yet for Gold Resource Corporation (queued).
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
2 other tracked dossiers name this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 1008 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
Coeur's FY2025 10-K customer-concentration table lists Asahi (formerly Johnson Matthey) as a >=10%-of-sales customer -- $360.2M (2025), $104.9M (2024), $63.7M (2023) -- with 'segments reporting revenue' of Las Chispas, Palmarejo, Rochester, Kensington, Wharf; Las Chispas and Palmarejo are Coeur's Mexico mines, the rest US. The filing separately states Palmarejo/Las Chispas dore is refined by 'a geographically diverse group of third-party refiners,' so the Mexico-origin share of this figure and Asahi's receiving plant country are not broken out.
FY2025 AIF, Jacobina (Brazil): 'A contract is in place with Asahi Refining Canada for refining the doré produced from Jacobina. The doré is transported to these facilities where it is refined to the London Good Delivery specification.' 2025 Jacobina output 190.5 koz gold; refining-service contract, not a metal sale.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 1 of its 1 materials — a restriction on those is a tailwind, not a headwind.
🇵🇪 PE accounts for 100% of severity-weighted pressure.