Public Gold has inaugurated its standalone gold refinery centre at the Phase 1 Industrial Zone of Batu Kawan, Penang. The momentous event was graced and officiated by Honorary Consul of Kazakhstan in Penang, Datuk Wira Louis Ng, who is also the Founder and Executive Chairman of Public Gold Group (PG Group), and President of Malaysia Gold Association (MGA).
Since its inception in 2008, Public Gold has emerged as a key player in the B2C precious metals trading sector, serving over 1.3 million customers across Southeast Asian countries like Malaysia, Singapore, Indonesia, and Brunei. Expanding its operations into B2B trading and minting, Public Gold Mint under PG Group has been catering to corporations in both private and government sectors, offering customized precious metal products.
Driven by the escalating global demand for gold products, Public Gold has ventured into upstream operations with the establishment of its gold refinery centre. Situated on a sprawling 1.1-acre land in Batu Kawan, Penang, the refinery centre boasts world-class standards and is poised to produce an annual refining production of 10 tonnes per year, valued at RM4 billion. With potential expansion capabilities, this facility is expected to significantly elevate the Group’s revenues.
Datuk Wira Louis Ng emphasized the multifaceted benefits of the refinery centre, saying, “The establishment of this standalone gold refinery centre will not only boost Public Gold’s revenues but also contribute greatly to the state economy by attracting more foreign players and investors to Penang.
Furthermore, it will create job opportunities and foster a diverse working environment, enriching the local community.”
Public Gold’s ambition extends beyond domestic borders, with aspirations to qualify for “The London Good Delivery List of Acceptance Refiners,” a prestigious accreditation by the London Bullion Market Association (LBMA). This strategic move underscores Public Gold’s commitment to strengthening its global market position and solidifying Penang’s status as a prominent gold industrial hub in Malaysia.
The construction of the refinery centre is set to commence this month, with completion expected within 18 months. As Public Gold continues to pioneer advancements in the precious metals industry, the refinery centre marks a significant milestone in its journey towards innovation and excellence.
