Kaloti Group to build new gold and precious metals refinery in Dubai
· Refinery to be one of the largest in the world; annual production capacity of up to 2,000 tons
· Facility to cost $50 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; 6 April 2013: Kaloti Group, one of the world’s largest gold and precious metals refiners and trading houses, today announced plans to construct one of world’s largest gold and precious metal refineries in the Jumeirah Lakes Towers Free Zone. The refinery is expected to be completed in H1 2014.
Munir Kaloti, Chairman of Kaloti Group, said:
“This represents our first 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$50 million. It will have a capacity to produce up to 2,000 tons; 1,400 tons of gold and 600 tons of precious metals such as silver, platinum and palladium. 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 the world-wide accepted aquaregia process for gold refining as well as the latest gold electrolysis technology from Italy and Switzerland for the production of 999.9 purity.
The facility will also be the first refinery to implement Green Building Standards, stipulated by the Dubai Municipality, with regard to the environment, fire 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:
“We are committed to building a sustainable long-term business with a strong focus on ensuring the responsible sourcing of precious metals, energy efficient refining and the highest environmental production standards. Since we started this business 25 years ago environmentally friendly production has been at the heart of our business and this new refinery continues to ensure that remains the case.”
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 were [names] as well as over [number] clients and industry participants.