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New Era, New Opportunities

By Praveen Baijnath, CEO, Rand Refinery

Published on September 10, 2021

If Charles Darwin were alive today and studied the second industrial revolution, he would certainly have advanced Rand Refinery as evidence to his theory that it is not necessarily the fittest or the first that survives, but the most adaptable.

As Rand’s centenary year gets underway and we look back at the refinery’s rich history, it becomes clear that our legacy is Darwin’s theory at work.

The year 2021 marks 100 years since refining operations commenced at Rand Refinery. It was officially registered in 1920 with a start-up capital of £50,000 and shares were split between the gold mining companies who were members of the Chamber of Mines (now the Minerals Council of South Africa). Today, the refinery is headquartered at the same address in Germiston, though the premises have now expanded to keep pace with the demand for our services and products.

A global player and active in every international bullion market, Rand Refinery’s products are sought out as much for their reputational value as the metal content they carry. The refinery, a single site refining and smelting complex, is a valued and established provider of products and solutions that meet the needs of sovereign governments, central banks, trade and industry as well as corporates and individuals.

The refinery’s products include Good Delivery bars, kilobars, minted bars, coin blanks and value-added products which are part of its signature offerings as well as one of the world’s most widely held and actively traded gold bullion coin, the Krugerrand – a the 22-carat gold bullion coin, produced with the South African Mint. In excess of 60 million ounces of South African gold has been sold as Krugerrands since it was first stuck in 1968. At recent peaks, over 2.5 million Krugerrand coins are minted per annum.

We also produce our own range of minted bars that is sold globally. Delivering these minted bars into the market involves the full value chain from design through manufacturing to marketing and sales into North American, European and Asian markets. While Rand Refinery prefers to design, develop and market our own product range, we have on occasion worked with select partners on specific campaigns.

Our capabilities in sampling, assaying, smelting and refining are among the best in the world. Our century-long history and experience in dealing with complex and geographically diverse mine dore deposits has built industry trust and dependability in the sampling and assaying processes, as precise content reflection for the depositing customer is paramount. In terms of our refining services, we serve some of the largest mining groups and can boast of best-in-class out turn (from dore received to settled payments).

Rand Refinery remains as innovative today as it was at inception with much of its success attributed to its understanding of the market and its partner’s mindset. As one of the handful of London Bullion Market Association (LBMA) Good Delivery Referees and the only one in the southern hemisphere, we are the go-to-market specialists, combining knowledge, deep understanding of our partner’s value systems and industry leading technological capabilities.

COMMITMENT TO RESONSIBLE SOURCING

Responsible sourcing is becoming increasingly scrutinised and progressively consumers are asking the questions about origin and impact. Our sourcing processes are a key strategic differentiator as we have robust systems and processes and only deal with credible mines. All the gold received at Rand Refinery can be classified as certified gold or responsible gold, meaning it comes from sources that can be verified through tracking, traceability including geological fingerprinting.

Rand Refinery’s adherence to the LBMA standard follows a framework that was established by the Organisation for Economic Co-operation and Development (OECD) Due Diligence Guidance for Responsible Supply Chains of Mineral from Conflict-Affected Areas. The LBMA guidelines, which we implement through our policies and processes, ensures that all gold sourced and refined at Rand Refinery comes from responsible parties.

In terms of further commitment to responsible sourcing, we introduced the RandPure mark which has become a symbol of our ability to certify that the gold produced is responsible, conflict-free and traceable, from specific mines to the consumer.

ADAPTING TO SURVIVE

Our adaptability over time has been the key to our survival. Not many companies can claim to create and maintain a hundred-year legacy with people, partners and the planet at the centre of it. As we enter a new era, no doubt our journey will be equally evolutionary. The current crisis has shown that even with our size, we can pivot at will.

We pride ourselves on the quality of partnership we bring to our relationships in the industry. Even during the tumultuous period of rolling Covid lockdowns across the continent, we worked with stakeholders and depositing mines by redoubling our efforts to ensure the value chain from extraction to distribution was not disrupted. Even fewer companies can say that their work during this time put valuable foreign exchange in the hands of governments to lead their own fight against the pandemic.

Refining is a highly competitive business, but we firmly believe that our values that have kept us in good stead for the past 100 years, will continue to empower us to reshape future value. At the cusp of the fourth industrial revolution, we are bigger than we ever were, with more employees, more partners, more products and a bigger footprint of the planet from where we source.

At 100 years old, our journey looks as exciting as it was in the roaring ‘20s.

Contributor PRAVEEN BAIJNATH is a chemical engineer and MBA graduate with more than 30 years’ experience in minerals beneficiation, refining and smelter operations, and the chemical process industry. He was appointed as chief executive of Rand Refinery in 2015. He was group CEO of Delta EMD from 2009 to 2015, and as well as CEO of Gold Reef Speciality Chemicals. His previous roles spanning a period of 20 years was with Huntsman Corporation’s titanium dioxide business in process and chemical engineering, plant management and executive management roles in operations, EHS, technical and strategic development.

* This article was published in partnership with Rand Refinery

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Singapore Bullion Market Association Secretariat-Lee-Jia-Yi

Lee Jia Yi

OPERATIONS & ADMIN EXECUTIVE
Before joining SBMA, Jia Yi worked as an Admin & Reporting Officer in her previous role. She holds a Diploma in Business & Social Enterprise from Ngee Ann Polytechnic. Jia Yi is responsible for managing and maintaining physical and digital files in SBMA, supporting invoicing processes, reconciling receivables and payables, coordinating meetings and conferences. Additionally, she will provide support to the team and assist the Business Director in managing the Association’s office operations and general administrative activities.

SECRETARIAT SBMA-Emily-Oh

Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

SECRETARIAT SBMA Clara-Chang

Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

SBMA Committee-Photo-john-levin

Mr John Levin

Global Metals
TD Securities
John Levin is the Head of Metal Sales & Trading – APAC at the Toronto Dominion Bank’s Singapore office. Prior to this role, he devoted seven years to leading precious metal sales for the ANZ banking group in his home country, Australia. Notably, from 2009 to 2011, John played a significant role on the management committee of the London Bullion Market Association while serving as the Head of Precious Metals Sales for HSBC Global Banking and Markets in the UK.

SBMA Secretariat-Fabian-Lew

Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

SBMA-margare-secretariat

Margaret Wong

BUSINESS DIRECTOR

Margaret Wong, Business Director at SBMA (Singapore Bullion Market Association), brought valuable experience from her previous role at the World Gold Council (WGC). Her tenure at WGC provided her with extensive exposure to the gold community in Singapore and the broader region. This background has been instrumental in establishing strong working relationships within the industry.

Margaret’s role at SBMA encompasses a diverse range of responsibilities. She oversees office management, business support processes, finance, and administrative functions essential for the smooth operation of the team and management committee. Additionally, Margaret handles membership matters, member communications, and addresses public inquiries related to SBMA.

One of Margaret’s key responsibilities is coordinating with the Event Management Company for SBMA’s prestigious annual event, the Asia Pacific Precious Metals Conference. This flagship conference plays a crucial role in the industry, making her involvement pivotal in its success.

Described as resourceful and self-motivated, Margaret Wong brings a wealth of skills and experience to her role at SBMA, ensuring efficient operations and effective engagement within the precious metals community in Singapore and beyond.

SBMA-Albert-secretariat

Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA, represents the interests of the Association, and is responsible for all the legal and regulatory aspects of the work of the Association. He is the primary contact for regulators and government bodies on bullion market development.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

SBMA-Shaokai-Fan

Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

SBMA-Committee-Alan-Liew

Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

SBMA-Committee-Nikos

Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.

SBMA-Committee-khun nuttapong

Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

SBMA Committee-Photo-Raman-Walia

Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
JP Morgan Chase Bank N.A.

Raman is Executive Director and Head of Commodities Sales, APAC, for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

SBMA Committee-Photo-Andrew-Clarke

Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

SBMA Committee-Photo-Kazuya-Naoki

Mr Kazuya Naoki

Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch

Kazuya (Kaz) Naoki is the Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

SBMA Committee-KL-Yap

Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.