What JBR Recovery does

StoneX Recovery operates as a wholly-owned subsidiary brand of StoneX Group Inc. (NASDAQ: SNEX), a publicly traded global financial services firm headquartered at 230 Park Avenue, New York. Within StoneX's Supply & Trading division, StoneX Recovery specializes in recovering silver from a variety of industrial waste streams, with an explicit value proposition of maximizing yield while minimizing environmental impact. The adjacent StoneX Refining brand receives 98%+ high-grade silver in various forms and converts it into 99.99% pure Good Delivery silver bars, closing the loop between industrial scrap, refining, and the broader precious-metals market.

The unit sits inside a much larger vertically integrated precious-metals platform. StoneX Group serves 54,000+ commercial and institutional clients and 260,000+ self-directed customers from 70+ offices across six continents, with access to 40+ derivatives exchanges and 180+ foreign exchange markets. Core infrastructure includes the PMXecute® proprietary electronic trading platform for real-time precious-metals and FX pricing, a CME-approved New York vault that is one of only 11 US depositories authorized for COMEX/NYMEX delivery, and exchange memberships in LBMA, LPPM, CME, SBMA, and DGCX. Follow-the-sun order coverage runs from the Asia open to the New York close, supported by API solutions that embed executable OTC and physical pricing into client trading systems and web-shops.

The business model combines transaction-fee revenue from OTC and futures trading with recurring revenue from vaulting, storage, clearing, and custody, supplemented by professional-services revenue from silver recovery and refining. Distribution is hybrid: high-touch trading and advisory for enterprise clients, self-serve electronic trading via PMXecute® and StoneX Bullion, and API integrations for embedded client workflows. End customers include bullion wholesalers and traders, refiners and smelters, banks, mining companies, equipment manufacturers, pharmaceutical and industrial users, oil and gas firms, electronics companies, recyclers, and retail investors across the precious-metals supply chain. Pricing is quote-based and bespoke, reflecting the B2B financial-services nature of the franchise.

Name

JBR Recovery

Legal name

StoneX Group Inc.

Website

https://jbr.co.uk

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

StoneX Recovery is a wholly-owned brand of StoneX Group Inc. that recovers silver from industrial waste streams and supplies 99.99% Good Delivery refined silver, serving refiners, recyclers, industrial users, and precious-metals market participants globally.

Ownership category

akta.pro rank

Product category

Precious Metals Recovery & Refining

NAICS

Materials Recovery Facilities (562920)

SIC

Secondary Smelting & Refining Of Nonferrous Metals (3341), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Precious & Specialty Metal Recovery (Smelting, Refining, Hydrometallurgy) (EUAIAIAD)

akta.pro secondary industry

Asset Recovery, Surplus & Decommissioning Services (EUAIANAD)

Keywords

• Silver recovery services
• Precious metals refining
• Industrial waste recycling
• Silver bullion production
• Waste stream processing

Headquarters

HQ city

West Bromwich

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Precious Metals Trading: Revenue generated from OTC trading (spot, forwards, swaps, and options), benchmark pricing, loco swaps, EFPs, and futures trading. Includes margin trading facilities and hedging structures for gold, silver, and platinum group metals.
2. Vaulting and Storage Services: Fees from providing secure global vaulting and storage solutions for gold, silver, and platinum group metals. Assets are fully insured and independently audited.
3. Clearing and Custody: Revenue from comprehensive institutional-grade execution, clearing and custody services delivering broad exchange access for precious metals clients worldwide.
4. Silver Recovery and Refining: Services specializing in recovery of silver from industrial waste streams and refining of 98%+ high-grade silver to 99.99% pure 'Good Delivery' silver bars.
5. Physical Trading: Revenue from physical trading of bullion bars (LBMA and non-LBMA large bars, kilo bars, 100 grams, tola bars), bullion coins, semi-refined products, doré, scrap, and off-take arrangements.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels3 records

Core offering

JBR Recovery specializes in the recovery of silver from a variety of industrial waste streams, ensuring maximum yield with minimal environmental impact. The service is complemented by a refining capability that takes 98%+ high-grade silver and converts it into 99.99% pure LBMA 'Good Delivery' silver bars, operating within StoneX's vertically integrated precious metals supply chain.

Product overview

StoneX offers a comprehensive suite of precious metals services through its integrated platform. The core offerings include StoneX Recovery (silver recovery from industrial waste streams) and StoneX Refining (converting high-grade silver to 99.99% pure Good Delivery bars). These are supported by the PMXecute trading platform for real-time pricing and execution, StoneX Bullion for retail investment products, and comprehensive vaulting/storage services. The portfolio also includes physical trading capabilities for bullion bars, coins, semi-refined products, and scrap, alongside financial trading solutions for spot, forwards, options, and futures. The company serves refiners, smelters, banks, mining companies, and investors across the precious metals supply chain.

Differentiator

Problem solved

Functional benefit

Brands

• PMXecute: Precious metals and foreign exchange trading platform providing real-time competitive pricing, live position analytics, margin monitoring, online order functionality, and API trading solutions.
• StoneX Bullion
• StoneX Recovery
• StoneX Refining
• StoneX Hedge
• StoneX Prime
• Farm Advantage

Products and services

• JBR Recovery Silver Recovery Service Recovery of silver from industrial waste streams (electronics, pharmaceutical, photographic, transportation) for industrial and recycling clients, ensuring maximum silver yield with minimal environmental impact. Output is refined into market-acceptable form for downstream sale or use.
• JBR Recovery Silver Refining Service Refining of 98%+ high-grade silver received from recovery operations or direct client material into 99.99% pure LBMA 'Good Delivery' silver bars suitable for trading on global precious metals markets.

Quantifiable outcome

• One of only 11 CME-approved depositories in the United States for COMEX and NYMEX delivery and storage

Named customers10 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered core and minor.

• London Bullion Market Association (LBMA)coreStrategic or Co-development PartnerStoneX is a member of the London Bullion Market Association, providing access to the London precious metals market and adherence to LBMA standards for good delivery bars and trading practices.
• London Platinum and Palladium Market (LPPM)coreStrategic or Co-development PartnerStoneX is a member of the LPPM, enabling deep market expertise and financial/physical trading capabilities in platinum group metals.
• CME Group (Chicago Mercantile Exchange)coreTechnology or IntegrationClearing and Execution Members of the CME, providing access to futures trading in gold, silver, platinum, and palladium. StoneX's New York vault is CME-approved, one of only 11 depositories authorized for COMEX and NYMEX delivery.
• Singapore Bullion Market Association (SBMA)coreStrategic or Co-development PartnerStoneX is a member of the SBMA, supporting Asia-Pacific precious metals trading and market access.
• Dubai Gold and Commodities Exchange (DGCX)coreStrategic or Co-development PartnerTrade Members of the Dubai Gold and Commodities Exchange, providing Middle East market access for precious metals trading.
• SaracensminorGTM or Marketing PartnerStoneX has a sponsorship relationship with Saracens rugby club, a UK professional rugby union team.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Aurubis AG: Major non-ferrous metals processor with precious metals recovery as a by-product of copper refining. Comparable to StoneX in metals recovery and refining, though on a much larger industrial scale.
• Standard Chartered Bank: Global bank with a meaningful precious metals franchise spanning trading, vaulting, and financing, particularly across emerging markets. Comparable to StoneX's precious metals services and global footprint.
• Mitsubishi Corporation (Precious Metals): Major Japanese trading house with long-standing precious metals trading, refining, and vaulting activities, including LBMA membership. Comparable in scope of physical/financial precious metals services to StoneX.
• JPMorgan Chase: Major global bullion bank with extensive precious metals trading, vaulting, and clearing capabilities, including COMEX/NYMEX activity. Directly comparable to StoneX in physical and financial precious metals services for institutional and commercial clients.
• HSBC Holdings: One of the world's largest precious metals traders, with LBMA market-making, vaulting, and refining relationships. Overlaps directly with StoneX's precious metals trading, vaulting, and clearing services across commercial and institutional clients.

Direct peers

• ICBC Standard Bank: Pure-play precious metals trading and vaulting bank with LBMA membership and a strong focus on gold, silver, and PGM markets. Closely comparable to StoneX in product breadth across physical trading, vaulting, and clearing.
• Asahi Refining: LBMA Good Delivery precious metals refiner with industrial-recovery capabilities. Directly comparable to StoneX Refining in producing 99.99% Good Delivery silver bars from industrial feedstocks.
• Johnson Matthey: Long-established precious metals refiner and trader with industrial-recovery operations. Directly comparable to StoneX Recovery and StoneX Refining in silver/PGM recovery and Good Delivery bar production.
• Heraeus Precious Metals: Global precious metals refiner and trader with strong industrial-recovery/refining capability comparable to StoneX Recovery and StoneX Refining. Overlaps in silver refining, recovery from industrial waste, and trading.
• Bank of Nova Scotia (ScotiaMocatta): Historically one of the "big five" bullion banks with deep LBMA presence and precious metals trading, vaulting, and refining ties. Directly comparable to StoneX's integrated precious metals platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/witec-ag

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about JBR Recovery