Borax powder being used as flux here, helping to prevent oxidation of the metal surface during the joining of the ends of the link.
Random aside: borax was also used to prepare boracic acid, used in medical dressings, especially for the treatment of leg ulcers. The medical lint was soaked in boric acid and gycerine, and then left to dry, producing "boracic lint". The was then used in cockney rhyming slang to mean "skint".
GPS Coordinates:
51.44641, -2.61735
Location: Baltic Wharf