Dubai-based Kaloti Group has announced the ground breaking of one of the world’s largest precious metals and particularly gol refineries in the Jumeirah Lakes Towers Free Zone, 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 $60 million (Dh220 million). It will have a capacity to produce up to1,400 tonnes of gold and 600 tonnes of silver and other precious metals and a mint department to produce gold ingots and coins, a statement from the company said.
This will triple the size of Kaloti’s current refinery production and will help meet the rising demand from its worldwide client base. Its new refinery will employ latest gold electrolysis technology from Italy and Switzerland as well as the world-wide accepted aquaregia 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 utilisation of the ICP machine for assaying gold of 999.9 finess.
The facility will also be the first 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, the statement said.
“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 recent gala dinner to celebrate Kaloti’s 25th anniversary. The event was attended by Kaloti; Dr Jawad Anani, former deputy Prime Minister and Foreign Minister in Jordan; ambassadors and consuls of Jordan, Palestine and Lebanon; 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.