Kaloti Precious Metals (Kaloti) has officially opened Suriname’s first gold refinery at a ceremony held in the South American country.

The Kaloti Suriname Mint House, a first of its kind in the region, is part of a joint venture between Kaloti, the government of Suriname and local gold traders.

When the project was launched in March 2013, the Dubai-headquartered company told the media that it would invest up to US$20mn in the project, but the final amount was never disclosed.

The refinery will help to promote and enhance the production of gold within Suriname and the wider Latin American region. It will provide a number of key services and solutions including: melting, assaying, evaluation, vaulting, bullion trading, coins, medallions and investment bars distribution, global logistics, and liability coverage and insurance for the international transportation of precious metals.

The gold will be sourced from Suriname and neighbouring countries like Guyana and French Guiana. Suriname alone produces 40 tonnes of gold annually. The refinery will improve its value and is expected to eventually produce as much as 60 tonnes of refined gold when it is running at full operational capacity, by 2016.

Kaloti is one of the world’s largest gold and precious metals refiners and trading houses. Suriname’s is the first refinery built by Kaloti out of the UAE and expands the company’s  presence in the Latin American region, where it has offices in Peru and Bolivia, and plans new ones in Ecuador and Chile.

Kaloti is also expected to complete the US$60mn construction of the world’s biggest gold refinery in Dubai later this year.

Photo: Officials attending the Kaloti Suriname Mint House inauguration ceremony