Author: Paul Ploumis04 Mar 2015 Last updated at 07:23:52 GMT

 

ABU DHABI (Scrap Monster): The UAE-based Kaloti Precious Metals has announced opening of its new gold refining facility in the Republic of Suriname on the northeastern Atlantic coast of South America. The refinery is expected to have annual processing capacity of 60 tonnes and is the company’s first refinery unit outside of the UAE.

 

The company expects that the opening of the new centre will help to increase gold supplies to its Dubai operations. The ‘Kaloti Suriname Mint House’ will serve as a hub for international transportation of precious metals, In addition, the factory will also carry out melting, assaying, vaulting and bullion trading. Investors can also purchase gold coins, medallions and bars from the Suriname facility. The gold for operations will be sourced from Suriname and other countries in the African continent including neighboring Guyana.

 

Kaloti will ensure that the refinery follows foolproof sourcing and selling mechanisms. It further stated that the Suriname center will implement ‘zero tolerance’ to gold from conflict zones. The company will fully comply with the guidelines laid down by Dubai Multi Commodities Exchange Center (DMCC) to ensure that gold supplies to the facility are not from questionable sources.

 

The estimated cost of the Suriname facility is nearly $20 million. Currently, Kaloti employs 20 people at the facility. Once fully operational, it can generate 30 additional jobs. The refinery is expected to begin its operations in full swing within two years time. The company has also announced plans to open offices in Chile and Ecuador as part of its efforts to expand South American operations. Kaloti already has offices in Peru and Bolivia.

 

Headquartered in Dubai, UAE, Kaloti Precious Metals is a global leader in integrated precious metals solutions.