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Dh220m gold refinery to be built in Dubai

posted on 08/04/2013: 3478 views



Kaloti Group, one of the world's largest gold and precious metals refiners and trading houses, on Sunday announced the ground breaking ceremony for one of the world's largest gold and precious metal refineries in the Jumeirah Lakes Towers Free Zone.

The refinery is expected to be completed in late 2014.

Munir Kaloti, chairman of Kaloti Group, said: "This represents a major investment in expanding and upgrading our refining facilities. This will be a state of the art refinery to rival the best in the world. It will strengthen our ability to meet the growing international demand for our products as well as give us capacity for growth in the years ahead."

The new refinery, built up over 15,000 sq metres, will cost US$60m (Dh220m). It will have a capacity to produce up to 1,400 tonnes of gold and 600 tons of silver and other precious metals and a mint department to produce gold ingots and coins.

This will triple the size of Kaloti's current refinery production and will help meet the rising demand from its worldwide client base. Kaloti's new refinery will employ latest gold electrolysis technology from Italy and Switzerland as well as the world-wide accepted aqua regia process for gold refining.

It will have two assaying laboratories which will be equipped with the most advanced machineries to implement the world-accepted procedure of the Fire Assay for the assaying of gold and silver as well as the utilisation of the ICP machine for assaying gold of 999.9 finess.

The facility will also be the first refinery to implement Green Building Standards, stipulated by the Dubai Municipality and EHS, with regard to the environment, fire and life safety, security and risk assessment and management. – Emirates News Agency, WAM

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