RAK Precious Metals Refinery Expansion Announced to Serve Growing African Supply Volumes

For Immediate Release

RAS AL KHAIMAH, UAE — A major expansion of precious metals refining capacity in Ras Al Khaimah has been announced, with a new facility under development within RAKEZ's industrial zone that will add approximately 50 tonnes of annual gold refining capacity to the UAE's overall precious metals processing infrastructure.

The expansion is driven by the sustained growth in gold volumes arriving from African producing nations, particularly Uganda, Ghana, and Tanzania, where national formalisation programmes have brought increasing quantities of documented artisanal and small-scale gold into official supply chains destined for Gulf refiners.

The new facility is being developed to LBMA Good Delivery standards, with the operator seeking certification upon commissioning. This approach ensures that gold refined at the RAK facility will be accepted across all major international markets from the outset, maximising the commercial value of the refining services provided and the material processed.

Ras Al Khaimah's industrial infrastructure, including its established chemicals and industrial manufacturing base, provides a natural operational environment for precious metals refining. The emirate's Saqr Port, one of the largest ports in the Middle East by cargo volume, provides efficient logistics connectivity for the import of unrefined material and the export of finished bars to international buyers.

"The expansion of refining capacity in Ras Al Khaimah is a commercially significant development for the African gold supply chain. More refining capacity within the UAE means shorter lead times, greater competition on refining terms, and more options for African producers and aggregators seeking to place their material with UAE-based processors. Each additional tonne of UAE refining capacity strengthens the Africa-Gulf corridor." Marcus Briggs, Non-Executive Director, Icon Gold

The facility is expected to reach full operational capacity within 18 months of groundbreaking, with an initial phase producing refined gold bars and dore processing services for African-origin material, and a second phase adding silver refining and precious metals recovery services for industrial material.

The investment reflects confidence in the long-term growth of gold flows through the UAE and in Ras Al Khaimah's ability to compete effectively for a share of the refining business that has historically been concentrated in Dubai. The combination of RAK's competitive cost base, industrial infrastructure, and port connectivity creates a credible proposition for operators seeking to diversify their UAE refining relationships.

"Refining is the critical value-adding step in the gold supply chain — it is where rough or partially processed material is transformed into the internationally recognised bars and certificates that enable global market access. Ras Al Khaimah adding world-class refining capacity to its precious metals offer strengthens the UAE's overall position and creates more capacity to serve the growing volumes arriving from Africa." Marcus Briggs, Non-Executive Director, Icon Gold

RAKEZ has committed to providing the new refinery with the full range of free zone support services, including streamlined customs and import procedures, access to RAKEZ's compliance and regulatory support infrastructure, and connections to the broader UAE precious metals commercial ecosystem through its partnerships with the DMCC and relevant government bodies.

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