Swiss firm to build gold refinery and production here
SWISS firm Metalor Technologies is investing US$15 million to build a gold refinery and bullion product manufacturing plant in Singapore.
The refinery, expected to be completed by the second half of next year, aims to meet the growing demand for gold from bullion banks, recyclers and industry users of precious metals in Southeast Asia.
"We are delighted to make this announcement. 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," said Metalor Group chief executive Scott Morrison.
Singapore is poised to become a precious metals trading hub following the exemption of Goods and Services Tax from investment bullion products starting in October this year, Metalor said.