BATU KAWAN, May 7 (Bernama) -- Public Gold, the leading precious metals trading company in Malaysia, has invested RM30 million in the construction of the nation's first world-class standalone gold refinery centre at the Batu Kawan Industrial Zone Phase 1 in Penang.
Public Gold Group (PG Group) founder and executive chairman Datuk Louis Ng said the new centre will be built on 1.1 acres (0.44 hectare) with an estimated built-up of 48,000 sq ft.
“Construction of the center started this month and it is expected to be completed within 18 months, after which we expect to be able to produce 10 tonnes of gold per year worth RM4 billion and potentially increase to 20 tonnes per year in the future.
“In view of the growing global demand for gold products, there is a need for such a facility,” he told reporters after the groundbreaking ceremony of the centre today.
Ng said the centre will offer a refining facility for the local and overseas markets as well as provide more job opportunities.
It will also offer huge business opportunities to local vendors and boost Penang as a global gold industrial hub in Malaysia.
"The construction of the new facility can save more than a million ringgit every month as this amount was used to obtain gold abroad,” he said.
Ng noted Public Gold established in 2008, targets 10 million customers by 2030 with 1.3 million customers in this country, Singapore, Indonesia and Brunei.
-- BERNAMA
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