•Refinery to be one of the largest in the world; annual production capacity of up to 2,000 tons
•Facility to cost $60 million (AED 220 million) to build
•First refinery to implement Dubai's Green Building Standards
•Model of the refinery unveiled at Kaloti's 25th anniversary gala dinner
Dubai, UAE; 7 April 2013: Kaloti Group, one of the world's largest gold and precious metals refiners and trading houses, today announced the ground breaking of 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 sqm, will cost USD$60 million (AED 220 million). It will have a capacity to produce up to 1,400 tons 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 utilization 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. Kaloti is implementing an eco-friendly approach, utilising as much local material where possible and aims to maintain an economically sustainable operation over the long term, especially focusing on its energy usage.
Munir Kaloti added:
"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 such as OECD, DMCC and LBMA. We will enforce all necessary rules and regulations and continue to work with the precious metal supply chain to raise awareness of responsible mining issues."
A model of the new refinery was unveiled at a Gala Dinner on Saturday 6 April to celebrate Kaloti's 25th anniversary. Attending the dinner Munir Kaloti, Chairman of Kaloti Jewellery Group, Dr Jawad Anani, former Deputy Prime Minister and Foreign Minister in Jordan, Ambassadors and Consuls of Jordan, Palestine and Lebanon, His Excellency Sultan Bin Sulayem, Chairman of DP World, and Ahmed Bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre, along with 300 clients and industry executives locally and internationally.
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For media enquiries:
Jade Mamarbachi
+971 50 600 3829
kaloti@brunswickgroup.com
About Kaloti Group
Established in 1988, Kaloti Group is one of the world's largest gold and precious metals refiners and trading houses. The company, its subsidiaries and associates employs 300 people in 6 offices, located in Dubai, Singapore, Hong Kong, Miami, Istanbul, Suriname and a gold and precious metals refinery in Sharjah (UAE). The company's strength provides a complete and comprehensive solution for the precious metal industry such as assaying, logistics, bullion trading and refining and vaulting services. Kaloti's refinery is accredited by the Dubai Good Delivery in gold and the Hong Kong Mercantile Exchange (HKME) and has seats on the DGCX, COMEX (division of NYMEX), IGE. It is also a member of the DMCC, DGJG and DGAG, and associated member of LBMA, affording Kaloti the highest international standards and best practice in the industry.
For further information, please visit: www.kalotico.com.
© Press Release 2013
