Subterranean Great Gold Grab Surfaces
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by: zeno451 (53/M) 11/10/02 02:02 am
Msg: 189705 of 190382
Al Ghurair eyes S. Africa gold mines
Dubai |By C.L. Jose | 10-11-2002
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Al Ghurair Giga Gold refinery (GGG), the first project to take off at Dubai Metal and Commodities Centre
(DMCC), is weighing options of buying gold mines in South Africa.
This, according to a top official of Al Ghurair Giga Gold refinery, will help the project to be more viable as
backward integration will always strengthen the bottomline.
The ground breaking of the refinery project was done by Sultan bin Sulayem, chairman of Ports, Customs and
Free Zone Corp (PCFC), and DMCC. The project will have technical tie-up with the world-renowned Mintek of
South Africa.
In the meantime, Ahmed bin Sultan bin Sulayem, chief operating officer of DMCC, said another international
player is talking to DMCC on setting up a gold refinery here. He said all the three refineries - those already in
the pipeline, will have their facilities in the same area where GGG is coming up.
The move will help DMCC set up the bullion exchange within two years. As per the international norms, a
bullion exchange needs minimum 25 metric tonnes gold on a daily basis.
The state-of-the-art refinery to be set up at an investment of Dh50 million will be owned by Al Ghurair group
and managing director of the project, Haji Muhammad Rafiq, in the ratio of 51 and 49 per cent.
According to Essa Al Ghurair, director of GGG, the project, which will have a capacity of 100 metric tonnes,
will be completed within seven to eight months.
Al Ghurair Giga Gold refinery officials said the refinery will initially outsource gold bricks of 96.5 purity from
South Africa and refine them into 99.9 purity gold.
"Al Ghurair Giga Gold refinery will play a major role in the economic development of the UAE, and DMCC will
provide a superb proposition for global players in the gold, diamond and commodity business," noted Essa Al
Ghurair.
Haji Muhammad Rafiq said the refinery will meet the international standards with a capacity of 100 tonnes a
year initially.
"We will meet the highest quality yardsticks and the brand will be force to reckon with," said Rafiq. The Al
Ghurair project aims to create a new corporate identity in the gold market of the UAE symbolising three
initial 'Gs' for three '9's quality. |
