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Swiss gold refineries to reopen at sharply reduced capacity
Swiss Gold Refiners to Resume Work, Easing Supply Constraints
By Peter Hobson
Reuters
Sunday, April 5, 2020
LONDON -- Three of the biggest gold refineries says they will partially reopen after a two-week closure that disrupted global supply of the metal.
Valcambi, Argor-Heraeus, and PAMP, located near the Swiss border with Italy, were shut March 20 by a local government order that closed non-essential industry to contain the spread of the coronavirus.
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Together they process about 1,500 tonnes of gold a year -- equivalent to a third of global supply -- and are a key transit point, purifying mined material and reshaping metal moving between markets that require gold in different sizes and shapes.
Fears that it would be impossible to turn enough 400-ounce bars stored in London into 100-ounce bars used in New York drove U.S. gold futures sharply above London prices after the refiners closed.
Valcambi and Argor said on Sunday they had received government approval to partially reopen on April 6. PAMP said on Friday it had permission to restart. They said this was on condition that they observe more stringent hygiene and safety measures.
Valcambi and PAMP said this meant they would operate at less than 50-percent capacity. Argor said it would have a “reduced-work regime,” splitting staff into three groups working separate shifts. ...
... For the remainder of the report:
https://uk.reuters.com/article/uk-precious-refining/swiss-gold-refinery-...
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