South Africa’s Century-Old Gold Refiner Runs at 75% as Mines Dim
- Rand Refinery running at 75% of capacity as local output falls
- About half of Africa’s gold is processed by smaller refiners
Inside the Rand Refinery Ltd. plant in Germiston, South Africa.
photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
South Africa’s largest gold refiner is operating below capacity as output from local mines dwindles and supplies from elsewhere on the continent are scooped up by unaccredited rivals.
The 102 year-old Rand Refinery Ltd. in the east of Johannesburg — the only African refiner accredited with the London Bullion Market Association — is running at about 75% of capacity, said Chief Executive Officer Praveen Baijnath. While it still processes the output of its biggest shareholders — AngloGold Ashanti Ltd. Harmony Gold Mining Co. and Sibanye Stillwater Ltd. — about half of the continent’s gold, from artisanal and small-scale miners, goes to smaller unaccredited refiners.