New Delhi: MMTC has signed a pact with Swiss metal company PAMP to set up a gold refinery in Sohna, Haryana. The alliance is being set up with an initial investment of $50 million in the first phase, and is likely to be operational later this year. The refinery will have an initial gold refining capacity of 360 tonnes and gold medallion manufacturing capacity of 16 tonnes. MMTC will hold 26 per cent in the joint venture and the private partner 24 per cent. PAMP is currently the largest importer of gold. There are 29 organisations comprising some banks, which are importing gold. The company has planned the idea of setting up of a regulator for the mining industry on the lines of a regulator in the telecom industry.
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