SINGAPORE(BullionStreet): Switzerland's Gold refiner Metalor Technologies announced plans to build a new gold refinery and bullion product manufacturing plant in Singapore.

According to Metalor Technologies CEO Scott Morrison, the new refinery is expected to be completed by the second half of 2013.

This new refinery will enable Metalor to provide considerable value to its existing customers and serve the growing needs of bullion banks, recyclers and industry users of precious metals in the South East Asia region.

“We are delighted to make this announcement. The construction of a gold refinery in Singapore comes at a time of rising demand for precious metals and is therefore perfectly in line with our development strategy in the Asia-Pacific region”, said Scott Morrison.

The refinery corresponds to an initial investment of $15 million, using state of the art refining technologies and processes in full compliance with Singapore high environmental standards.

Singapore is poised to become a precious metals trading hub following the exemption of Goods and Services Tax (GST) from investment bullion products starting October this year.

“This new facility by Metalor represents a major centre for value-added precious metals processing in the Asia-Pacific region.

Metalor has refining facilities in Switzerland, USA, Hong Kong and China.

The new gold refinery in Singapore, together with its existing business in advanced coating chemicals, will further strengthen Metalor’s position in the South East Asia region.