MMTC-PAMP India today said it aims to refine 80 tonnes of gold this fiscal, up by 78 per cent from last fiscal, as global miners are keen to supply raw materials after the Indian gold refiner received international accreditation.
MMTC PAMP, a joint venture between PAMP SA Switzerland and MMTC Ltd, had refined 45 tonnes of gold in last year.
"We are targeting to refine 80 tonnes of gold this year. We will be able to refine more gold because global miners are showing increasing interest to supply raw material to us," MMTC PAMP Private Rajesh Khosla told reporters.
The company aims to utilise its entire installed capacity of 150 tonnes of gold by next year, he added.
As far as silver is concerned, Khosla said the company targets to refine 100 tonnes in this year, as against 25 tonnes in 2013-14. It would utilise 75 per cent of its total silver refining capacity of 600 tonnes by next year.
MMTC PAMP, which started commercial production from April 2012, could not utilise its installed capacity due to problems in sourcing raw materials.
"So far, sourcing raw material was an issue as global miners were reluctant to commit regular supply. However, the situation has changed after getting the international accreditation early this year," Khosla said.
MMTC-PAMP is the first Indian gold refiner to get international accreditation from the London Bullion Market Association. Now, India is being looked upon as more secure place as lot of accredited refineries are shutting down in the western world.
