Golden chance for Balanced Fund subsdiary

THE Metals Refining Operations, a wholly-owned subsidiary of Pacific Balanced Fund, is set to commence toll refining operations by the middle of next year.
This will make it possible for the company to take gold from major mines in the country for refining and export into Hong Kong and distribution in the Chinese market.
The toll refining business was made possible through a funding deal spearheaded by MRO chairman John Sanday. The deal was organised through a syndicate funding from China into the Hong Kong Stock Exchange-listed Hallmark Refinery which will manage the bullion funding facility.
Sanday said it would be the first time the refinery would manage its own bullion float as a 100 per cent locally owned and managed company.
“With this funding and hallmarking deal, we will make Port Moresby one of the gold centers of the Asia Pacific. We have worked extremely hard to get this deal this far,” Sanday said
MRO managing director Hansel Maven said “the refining facility will be fumeless as we have invested in new and modern refining technology”.
“We are working towards upgrading the gold and silver refinery, and the environmental control systems for the fumes, waste water treatment and the process control which should be completed by December 2018.
The new refining system will be more efficient and world class with a turnaround time reduced from 36 hours to 24 hours, and gold refining capacity increased to 10 tonnes a month.”