MMTC-PAMP has become the first Indian gold refiner to join the London Bullion Market Association’s good delivery list
The Indian-Swiss join-venture between Swiss PAMP SA and Indian state owned company MMTC will see the refiner join 70 others trusted to be on the LMBA list.
MMTC, the largest importer of gold and silver in India and renowned Swiss refiner PAMP SA have satisfied LBMA as to their financial standing, ownership, history, and production capability. The joint venture has already passed all required production tests, with it’s bars being assessed by independent experts, and it’s own assaying capabilities have been further examined.
In a story published today by Reuters, Rajesh Khosla, managing director of MMTC-PAMP said “There was a lack of a credible refining facility [in India], and now we have addressed that vacuum.”
MMTC-PAMP processes not only ore but also gold scrap, this is good news to the Indian government who are keen to monetize some of the estimated 20,000 tonnes of gold in small-scale domestic holdings as a means of increasing the amount of gold in circulation and to reduce gold imports.
Kholsa contiued, “There were major proposals discussed last year to monetise the above-ground stocks, and the major missing piece in this was a lack of credible refining facility,”
“Now that we’ve been approved, it should give banks and regulators confidence to aggressively push for monetisation of above-ground gold.”
MMTC-PAMP already has 100 tonnes capacity, successfully refined 40 tonnes of gold last year and has plans to refine 80 to 85 tonnes this financial year.
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