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Wednesday, June 10, 2020 - 11:25:37 AM
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Mining News Pro - ABC Refinery, which refines more than 20 per cent of all gold mined in Australia, has received accreditation from the CME Group, one of the world’s largest gold exchanges which trades the equivalent of nearly 27 million ounces ($70 billion) daily.
The accreditation for ABC Refinery’s premier gold product, the COMEX “GC” gold futures contract, opens up a significant new market for Australian gold producers, the company stated.
ABC Refinery managing director Phillip Cochineas said in a time of “unprecedented” global demand for gold, a new market for Australian gold producers was good news for the commodity’s long-term demand.
“The significant demand for physical gold during the global COVID-19 pandemic demonstrates the long-term appeal of gold as an asset class, particularly in times of upheaval,” Cochineas said.
“The accreditation of ABC Refinery also evidences the increasing importance of the Australian gold sector to global markets and is a substantial increase in the physical gold supply chain for COMEX.
“(It) ensures ABC Bullion bars will continue to be a preferred brand in the global marketplace and remain sought after for years to come.
“(This) has enabled us to achieve high international standard and furthers our support of the Australian gold industry by increasing demand for Australian gold.”
ABC Refinery has been refining and processing precious metals in Australia since 1951.
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