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New gold refinery to be launched in Astana

09 december 2013, 14:03
Kazakhstan state-run company Tau-Ken Altyn plans to launch a new gold refinery in Astana, the country’s capital city, capable of 25 tons of gold and 50 tons of silver a year, 1prime.ru reports, citing the company’s director Meiramgali Tleuzhanov as saying.

“The official launch is December 10. President Nazarbayyev will be among those in attendance”, Mr. Tleuzhanov said.
In the first two years all the gold to be produced will be sold exclusively to the National Bank of Kazakhstan. Later the facility may start producing jewelries. The production capacities can be brought up to 70-75 tons. The investments are estimated at $30 million.

For the products to comply with the Good Delivery specification [developed by London Bullion Market Association (LBMA)], the facility is to produce at least 10 tons of gold a year for three years on end.

As of early October the Company signed memoranda for supplies and processing with 21 out of 29 gold mining companies.

As of now there are two gold refineries owned by Kazakhmys and Kazzinc.

Gold production in Kazakhstan made up 40 tons in 2012 (8.6% up against 2011).

In August 2011 the National Bank announced that to combat lack of transparency in gold exports following the liberalization of the national market of precious metals and to refill the national gold and currency reserves the Bank would be exercising its preemptive right to purchase gold to be produced within Kazakhstan.

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