Metalor Technologies Singapore Pte Ltd – Meeting Asia’s Precious Metals DemandBy Metalor Technologies Singapore Pte Ltd
Metalor Singapore, a 100% subsidiary of Metalor Technologies International SA, was established in 2013 as part of efforts by the Swiss refiner to supply precious metals to the burgeoning Southeast Asian market.
Founded in 1852, the private-equity controlled diversified industrial group in the precious metals sector is headquartered in Neuchatel, Switzerland and employs 1,500 people around the world. Its core businesses are recovery and refining, manufacturing electrical contacts, and manufacturing plating solutions and plating equipment. The group is present in 17 countries and operates 12 production facilities globally.
It chose Singapore to construct a gold refinery and bullion product manufacturing plant to meet the regional demand for gold, following efforts by the Singapore government and IE Singapore to position the country as a global trading hub for the physical trading of precious metals. Crucial in boosting trading was the Singapore government’s decision to remove the 7% Goods and Services Tax (GST) on Investment Precious Metals (IPM) in 2012.
As the only major gold refiner in the country, Metalor Singapore has a pivotal role to play in the city-state’s bid to become a precious metals hub for the region.
In June 2013, the Inland Revenue Authority of Singapore (IRAS) certified Metalor Singapore as an approved IPM refiner and producer. The same month, the new refinery cast its first kilo 99.99 bar.
Metalor Singapore focuses on gold refining of mine doré and the recycling of precious metal bearing scraps; recycling and upgrade of gold bullion; gold products for the jewellery, electronics and metal surface finishing industries; and gold bars. Its customers are mainly banks, bullion traders, scrap collectors and mines in Southeast Asia.
Metalor’s gold refining methods include chemical and electrochemical refining processes. The company normally accepts the following goldbearing materials for refining to specified purities up to 999.9: semi-refined bullion, mine doré, old jewellery and industrial waste, jewellery manufacturers’ scrap and old coins and medals.
Metalor Singapore was added to Good Delivery List, a quality certification of the London Bullion Market Association (LBMA), for gold in July 2014, making it the largest LBMA-accredited refinery in Southeast Asia.
In July 2016, Metalor announced that Japanese industrial group Tanaka Kikinzoku Kyogo K.K. was acquiring 100% of the shares of Metalor Technologies International SA.
The precious metals manufacturer develops and sells products containing precious metals materials for the electronics, semi conductor and automotive industries.
The acquisition will allow Metalor to enlarge its product and service offerings to customers globally. For Tanaka Kikinzoku Kyogo K.K., combining the operations of both companies will allow it to expand its recovery and refining business into new geographic regions in which it has not established a base, including North America, Europe and Asia. This will also increase the sales of its products and services to Metalor’s blue-chip customers.
“The synergy behind the takeover of Tanaka is the complementary nature of both companies in terms of geographical fit and complementary business. Tanaka Group is a reputable player in Asia whilst Metalor has a strong presence in Europe and the Americas. Together with Metalor, The Tanaka Group will become one of the Tier One precious metals companies in the World. Metalor will continue to operate under its own brand name and the management of Metalor will continue to run the company”, Metalor Group director Frank Tanaka and CEO Philippe Royer said in a joint statement.
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