India's Rajesh Exports to explore Gold in Africa, Australia
The company is evaluating the prospects of a few mines in Africa and Australia. These are medium mines with a capacity of five to six tonnes per year. It will be zeroing in on the mines in next six months.
Rajesh Exports Limited (REL), one of India's leading gold & diamond jewellery manufacturers said it is exploring opportunities of gold mining in Africa and Australia.
According to Rajesh Mehta, chairman of Rajesh Exports, the company has set a 10-year target of becoming self sufficient in procurement of gold through its own mines, thus becoming a totally integrated player.
The company is evaluating the prospects of a few mines in Africa and Australia. These are medium mines with a capacity of five to six tonnes per year. It will be zeroing in on the mines in next six months.
According to him, some of African countries as well as Australia have relaxed their norms for foreign companies in the mining sector. Whether the company will own or provide the basic infrastructure in the mines will depend upon the specific regulations in the respective countries.
Rajesh Exports will be importing crude gold dore bars from the mines and getting them refined at its Uttarakhand refinery. The facility has a capacity to refine around 400 tonnes of dore bars.
At present, the company exports gold mainly in the form of dore bars and it consumes 60 to 70 tonnes of gold a year.
Gold dore bars can be procured from the mines at a cost of around $600 per ounce and after the importing and refining expenses there could be a substantial savings per tonne, he said.
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