TOLL REFINING

One of the primary aspects of the business is toll refining. This is the processing, recovery and refining of materials (e.g. concentrates, residues, jewellery scrap, auto catalysts, electronic scrap) that contain gold, silver and the six platinum group metals: platinum, palladium, rhodium, ruthenium, iridium and osmium. This is in general performed on behalf of the owner with recovered and refined metal(s) being returned in a form of their choice.

Gauteng Refinery has no set of terms and conditions, and agreements are structured to suit
individual clients.

A view of Gauteng Refinery’s Mintek site

Each batch of material from a customer is processed individually and retains its identity throughout the process, thus maintaining the integrity of the metal accounting principles, as well as ensuring an accurate and precise metal balance across each batch of material processed.

The company has access to facilities provided by an international service provider that will facilitate the financing of the refining metal inventory and pipeline. This includes a comprehensive range of customised financial services and tools to help Gauteng Refinery protect its margins and manage volatility. Additionally, because Gauteng Refinery has access to a FX pricing platform that can price gold at any time and/ or hedge; and with an efficient mechanism for USD/ ZAR conversion, the company can provide a more rapid processing and payment pipeline, whilst the costs and risks of metal price and exchange rate fluctuations are mitigated.

Gauteng Refinery’s client base includes corporate organisations such as Anglo American, De Beers, Pan African Resources and Rand Refinery.

Feedstock for toll refining is sourced in a manner which ensures conformance with the Organisation for Economic Co-operation and Development’s (OECD) Due Diligence Guidance for minerals from conflict affected and high risk areas, as well as the requirements of the Responsible Jewellery Council (RJC) and the London Bullion Market Association’s (LBMA) Responsible Gold Guidance.