Plans underway for bigger gold refinery

Business

GOLD will soon be refined in the country with the establishment of a Papua New Guinea-owned refinery, according to Melanesian Trustees Services Limited.
MTSL chief executive Kennedy Wemin said that the MTSL-owned company had already begun buying gold and silver bars on an industry scale.
He said the investment would be timely considering the ongoing foreign exchange shortage.
“When you look at the current foreign exchange situation, you really need a stockpile of gold and silver in the country prop up those exchange rates,” Wemin said.
“This fund owns a 100 per cent gold and silver refinery and is now currently in operation. We are buying gold and silver in PNG. We are, of course ,opening it softly but as we pick up momentum there will be an announcement. We are the premier gold and silver refiner in the country and in fact the only one outside of Australia in the Pacific region.
“We have the capacity to process everything that comes from the mines in the country.
“There are smaller refiners that are using portable equipment and we are talking industrial size.
“In terms of capacity, all the gold and silver dug out of the ground in Papua New Guinea that refinery can refine all of it.
“We will refine it to 99.99 per cent purity and that is tradable commodity right there.”

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