• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 5 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 4 hours Itt looks like natural gas may be at its lowest price ever.
  • 5 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 8 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 4 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 3 hours Saudi A to Splash $100 Bln on India
  • 6 hours Amazon’s Exit Could Scare Off Tech Companies From New York
  • 21 hours students walk out of school in protest of climate change
  • 1 day North Korea's Kim To Travel To Vietnam By Train, Summit At Government Guesthouse
  • 1 day Some Good News on Climate Change Maybe
  • 1 day America’s Shale Boom Keeps Rolling Even as Wildcatters Save Cash
  • 19 hours Mineral rights owners,
The Net-Zero Energy Housing Boom Is Starting Here

The Net-Zero Energy Housing Boom Is Starting Here

California, the leading state in…

China Plans To Build Space Solar Station

China Plans To Build Space Solar Station

Chinese scientists have published plans…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Kazakhstan Looks to Increase Gold Production by Opening Third Refinery

Kazakhstan, Central Asia’s largest economy, produced 16.6 tonnes of gold last year; however with the opening of a third gold refinery they plan to boost that output to 70 tonnes by 2015.

Tau-Ken Samruk, the state owned mining company, will be in charge of operating the refinery when it’s completed by the end of next year. The plant will cost $38 million to build and have a refining capacity of 25 tonnes of gold per year, which will allow the country to refine all the gold that it mines, rather than sending it abroad.

Albert Rau, the First Deputy Industry Minister, explained that “it will handle all of the gold that we currently ship abroad, mainly to Switzerland, for refining.”

The two existing refineries in Kazakhstan are owned by mining company Kazzinc, which refines gold ingot to international standards, and the copper mining company Kazakhmys, who refines gold to meet domestic standards.

Kazakhstan’s central bank has committed to purchasing all gold processed at the new refinery up until at least 2014/2015, in an attempt to increase its gold reserves. Bisengali Tadzhiyakov, the bank's deputy chairman, announced that the bank plans to increase the share of gold in its gold and foreign currency reserve from 14-15 percent up to 20 percent. The central bank wants to use the gold in order to reduce its exposure to the ever more unstable Euro.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News