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FINANCIAL NEWS
Dubai’s Kaloti Group to set up USD60m gold refinery
08 Apr 2013
(MENAFN) Kaloti Group’s chairman, Munir Kaloti, stated that the gold and precious metals refiner and trading house will establish a USD60 million gold and precious metal refinery in the Jumeirah Lakes Towers Free Zone, reported Emirates 24/7.
Kaloti said that the refinery, which will be among the world’s largest refineries, will have a production capacity of 1,400 tons of gold and 600 tons of silver, in addition to other precious metals.
Furthermore, the refinery will have a mint department to produce gold ingots and coins.
The chairman added that the facility will comprise 2 assaying laboratories equipped with the most advanced machineries to execute the world-accepted procedure of the Fire Assay for the assaying of gold and silver and the utilization of the ICP machine for assaying gold.
It is worth noting that the refinery’s establishment is salted for completion late next year, and once operational, it will triple the size of Kaloti’s current refinery output.
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