Russia’s Biggest Precious Metals Refinery Could Turn Into Holding Company

The governor of Russia’s Krasnoyarsk Region, Alexander Uss, has said that state-owned Krastsvetmet, Russia’s biggest precious metals refinery, could become the basis of a new holding company, reports.

Uss was speaking at the North strategic session at the Siberian Federal University, a gathering devoted to the development of the region’s Arctic and northern territories, the report said.

The refinery hit a production record of 234 tons of gold in 2018, almost 75% of the total 314 tons produced across the country during the year.

“We are close to making a decision to organize either a joint stock company or a holding company, which could unite Krastsvetmet, the Moscow Plant of Alloys and the Prioksky Non-Ferrous Metals Plant,” the governor said, without giving any time frames.

“We have studied the current situation and certain tax-related suggestions will help us to start exporting services,” the governor said. “We shall receive for refining scrap metal and non-ferrous metals, which is absolutely new to us.”

The Krastsvetmet Refinery is the world’s biggest producer of refined platinum group metals (platinum, palladium, rhodium, iridium, ruthenium, osmium), as well as of gold and silver. It is fully owned by the Krasnoyarsk Region.

The refinery division of Krastsvetmet produces precious metals into bars, granules, powders, and chemical compounds. The industrial appliances division produces catalyst systems, glass melting machines, thermocouple wire, silver targets, and various laboratory wares. The jewelry division produces high-quality chains and bracelets.