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Valcambi Loses Newmont Gold Refining Contract

Non-ferrous metallurgy

Swiss refiner Valcambi has lost a contract to process around 4 million ounces of gold per year from Newmont Mining Corp, one of the world's largest gold miners, five sources familiar with the matter told Reuters.

Valcambi Loses Newmont Gold Refining Contract

US-based Newmont entered the contract last year and split the business between Valcambi's three competitors - Asahi in the United States and Argor-Heraeus and PAMP in Switzerland.

Valcambi is the largest gold refinery in the world and has processed nearly all of Newmont's gold production for 15 years. In 2015, a controlling stake in Valcambi, which was owned by Newmont, was acquired by Rajesh Exports, an Indian jewelry manufacturing company.

Sources said Newmont will ship gold from its mines in the United States to Asahi, and raw materials from mines in Peru and Ghana to either PAMP or Argor-Heraeus.

Newmont also operates mines in Suriname and Australia and produces a total of about 5 million ounces, or 155 tonnes of gold per year, which is more than 4 percent of the world's total production, and enough by itself to run a gold refinery. medium size.

Competition has drastically reduced refining costs in recent years, and sources said rates on the Newmont deal could range from $ 0.3 per ounce to as little as $ 0.05 per ounce, which translates to $ 200k in revenue. up to $ 1.2 million per year for 4 million ounces.

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