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UAE trader seeking investors for 2 gold refineries in Africa

United Arab Emirates-based Sakthi Trading Group is seeking US$246 million in investments as it looks to construct two gold refineries in Africa, Reuters reported May 15, citing company executives.

The privately held gold trader plans to build the refineries and related processing centers in Ghana and the Democratic Republic of the Congo.

CEO Hari Iyer said each refinery would cost US$53 million, while the 20 mine processing centers would cost about US$7 million each. The executive, however, declined to confirm how much investment the group has already secured.

He added that the company was considering listing in Singapore.

"Once we finish the initial round of funding for these refineries and the service [centers], we go out full-fledged to list ourselves," Iyer said, adding that it might take between 1 and 1.5 years.

Meanwhile, Sakthi CFO Mahesh Patil said the group was seeking partners to help build the plants.