It was announced on Sunday that the Kaloti Group, one of the world’s largest gold and precious metals refiners and trading houses, will be building one of the world’s largest gold and precious metal refineries in the Jumeirah Lakes Towers Free Zone in Dubai. The announcement was made as Kaloti celebrated its 25th anniversary.
The facility will cover 15,000 square meters and cost $60 million. It will boast enough capacity to produce up to 1,400 tons of gold and 600 tons of silver and other precious metals a year, Kaloti said in an emailed statement. The refinery, expected to be completed in late 2014, will also have a mint department to produce gold ingots and coins.
The factory will enable Kaloti to triple its current refinery production and will help the company to meet rising demand. Kaloti’s new refinery will employ the latest in gold electrolysis technology from Italy and Switzerland and use the worldwide standard aqua regia process for gold refining.
Kaloti’s Chairman Munir Kaloti said of the project;
“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 facility will have two assaying laboratories which will be equipped with the most advanced machines to implement the world-accepted procedure of the Fire Assay for the assaying of gold and silver as well as the utilization of the ICP machine for assaying gold of 999.9 finesse.
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.
“Our desire to build an energy efficient, socially sustainable refinery fits in with our principal commitment of ensuring the responsible and ethical sourcing of precious metals. We strive to guarantee all metals sourced conform to the highest standards set out by government and trade associations.” — Kaloti Group Chairman, Munir Kaloti