A full-service precious metals refinery which will produce gold and silver bullion from residues and scrap is planned for Sydney, Australia.
The refinery, construction of which is subject to government approvals, will be built by Pacific Precious Metals Ltd., a joint-venture company involving Toronto- based Noranda Minerals, Tolltreck Systems Ltd. and M.I.M. Holdings Ltd.
Estimated cost of the refinery is $15 million and it will be designed to produce about $100 million of gold and silver per year. The plant will be operational by the end of 1988 and will have a staff of 50.
The refinery, first of its kind in Australia, will be 40% owned by Tolltreck and 30% each by Noranda and M.I.M. Holdings.
Tolltreck is a base metal refiner and fabricator and an international process engineering firm, while M.I.M. is an international minerals and metals company based in Queensland.
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