India's largest gold refiner aims to refine 78% more gold in FY '15

Author: Paul Ploumis
25 Aug 2014 Last updated at 08:52:58 GMT

MUMBAI (Scrap Monster): The largest gold refiner in India-MMTC-PAMP India eyes 78% growth in gold refining during FY '15. The company with installed capacity to refine 150 tonnes per annum intends to raise the gold refining volume to 80 tonnes during 2014-'15. The company had refined 45 tonnes of gold during 2013-'14.

According to the company, sourcing of raw material had been the main issue so far. However, situation changed rapidly once the refiner got international accreditation from the London Bullion Market Association (LMBA). The global miners have started showing increased interest to supply gold to the company. MMTC aims to achieve 100% capacity utilization by next fiscal year, by raising the gold refining volume per annum to 150 tonnes.

In addition, the company also plans to refine 100 tonnes of silver in FY '15. This is four times more when compared with the quantity of silver refined by MMTC during 2013-'14. The company had refined 25 tonnes of silver during 2013-'14. It aims to achieve 75% capacity utilization by next year.

MMTC –PAMP India is a joint venture between PAMP SA Switzerland and MMTC Ltd and is the only refiner in India to get LMBA accreditation.