Metalor Technologies to build gold refinery in Singapore
By Yvonne Chan | Posted: 12 November 2012 1932 hrs
SINGAPORE : Swiss-based Metalor Technologies is constructing a gold refinery and bullion product manufacturing plant in Singapore.
The plant is slated for completion in the second half of 2013.
In a statement on Monday, Metalor, a precious metals refiner, said the new refinery will provide value to the company's existing customers.
"The construction of a gold refinery in Singapore comes at a time of rising demand for precious metals and is therefore perfectly in line with our development strategy in the Asia-Pacific region," says Scott Morrison, CEO of the Metalor Group.
Metalor also said the refinery needed an initial investment of US$15 million, and uses latest refining technologies and processes that fully comply with Singapore's environmental standards.
The company is working closely with International Enterprise (IE) Singapore to formulate various policy frameworks as well.
"This new facility by Metalor represents a major centre for value-added precious metals processing in the Asia-Pacific region. The speed of this development shows the industry's confidence and our commitment in facilitating the development of Singapore as a precious metals trading hub," said Gina Lim, Group Director of Trade Services & Policy at IE Singapore.
Metalor's decision to invest in a refinery in Singapore comes after the government exempted investment bullion products from the Goods and Services Tax in October this year.
Metalor has refining facilities in Switzerland, USA, Hong Kong and China.
The new gold refinery in Singapore, together with its existing business in advanced coating chemicals, is expected to strengthen Metalor's position in the Southeast Asia region.
- CNA/ch
- wong chee tat :)
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