ZAWYA: September 15, 2023

Emirates Gold enters new era with acquisition by Rockfire Resources plc

Emirates Gold to be bought by a precious metal and critical mineral company which is listed on the London Stock Exchange

LSE listed ownership and new management brings global reach to Emirates Gold

Emirates Gold to undergo a comprehensive change of its strategic direction, with a focus on building an unparalleled strong reputation for supply of ultra-high purity gold and silver bullion

UAE-Dubai: Emirates Gold DMCC, the UAE’s pioneer in precious metals refining, today announced that Rockfire Resources plc, the gold, base metal and critical mineral exploration company is executing a conditional share purchase agreement with Paloma Precious DMCC for the acquisition of its entire refining and minting franchise. 

The acquisition and the ensuing integration are expected to cover all aspects related to Emirates Gold’s operations, ranging from sourcing, refining, minting, product distribution and market presence.

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Emirates Gold Enters New Era with Acquisition by Rockfire Resources plc

  • Emirates Gold to be bought by a precious metal and critical mineral company which is listed on the London Stock Exchange
  • LSE listed ownership and new management brings global reach to Emirates Gold
  • Emirates Gold to undergo a comprehensive change of its strategic direction, with a focus on building an unparalleled strong reputation for supply of ultra-high purity gold and silver bullion

UAE-Dubai, 15 September 2023 – Emirates Gold DMCC, the UAE’s pioneer in precious metals refining, today announced that Rockfire Resources plc, the gold, base metal and critical mineral exploration company is executing a conditional share purchase agreement with Paloma Precious DMCC for the acquisition of its entire refining and minting franchise.

The acquisition and the ensuing integration are expected to cover all aspects related to Emirates Gold’s operations, ranging from sourcing, refining, minting, product distribution and market presence.

In parallel with this acquisition, Emirates Gold is poised to undergo a comprehensive refresh of its strategic direction, with a deep commitment to leveraging pioneering technologies in minting, silver electro refining, establishing a global reach for products, diversifying product lines and adhering to the highest industry compliance standards.

Simultaneously with this announcement, Emirates Gold introduces a key management change, prominently featuring the appointment of Daniele Provenzale as CEO. With an impressive track record spanning over three decades, Daniele brings a wealth of experience and expertise to steer the company toward its ambitious goals.

Speaking about the acquisition, Provenzale said: “Our vision is to elevate Emirates Gold to a symbol of trust and integrity within the global precious metals refining and minting industry. A major step in this strategy has been to integrate with a company listed on the globally-respected London Stock Exchange, providing a high degree of governance and reliability.

“The acquisition by Rockfire represents a strategic milestone for us, underscoring our dedication to reshaping the landscape of the precious metals sector. We are resolute in seizing fresh opportunities and guiding the industry toward an era marked by innovation and sustainability.”, he added.

“We deeply value our employees, suppliers, customers, and partners, and we enthusiastically anticipate a future rooted in steadfast values and responsible business practices.”

Emirates Gold, with a legacy spanning over 30 years in Dubai, stands as one of the most influential gold refineries in the GCC region. The company, a pioneer in the gold industry, is

known for its solid reputation, finest quality products, superior client service, great market acceptance and effective management.

The Directors of Rockfire are embarking on an ambitious growth strategy through the acquisition of Emirates Gold, a respected, cash-generating and profitable company. The Directors consider the transaction to represent a potentially transformational, value-enhancing transaction for its shareholders, which is expected to accelerate the Company’s growth strategy.

For all queries related to the acquisition, drop a line to corporate.communications@emiratesgold.ae

About Emirates Gold

Emirates Gold DMCC is a leading precious metals refining company based in the United Arab Emirates. With a rich heritage spanning over three decades, Emirates Gold has established itself as a trusted name in the global precious metals industry for its finest quality products. Headquartered in Dubai, UAE, Emirates Gold has a global presence, serving customers and partners across the Middle East, Asia, Europe, and beyond.

EMIRATES GOLD DMCC
Date: 15.09.2023

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WAM : Dec 07, 2022

Emirates Gold:  First shipment of UAEGD-compliant gold exported to Indian International Stock Exchange

ABU DHABI, 7th December, 2022 (WAM) –The UAE has announced the exportation of the first shipment of gold exports that conform to the UAE Good Delivery (UAEGD) standard to the International Bullion Exchange of India (IIBX).

The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices. It covers quality and technical specifications of refineries and gold production facilities in the UAE.

The deal consists of exporting about 100 kilograms of gold worth $4 million from the Emirates Gold Refinery to the Indian International Bullion Exchange, according to the Emirates Standard for Good Delivery of Gold. For his part, Anto Joseph, CEO of the Emirates Gold Refinery, said, “We feel proud of the completion of this deal, which enhances international confidence in the UAE’s national gold exports, and sends optimistic messages to investors in that vital sector in the UAE and India. The partnership and cooperation with the Indian Stock Exchange deepens channels cooperation, encourages the conclusion of more deals, and will work to increase UAE exports during the next stage.”

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The National : Oct 14, 2011

Mohamed Shakarchi:  the Man with a golden touch

The founder of the Emirates Gold refinery in Dubai has proved that even the most daunting of professional setbacks can be overcome and long-held dreams can eventually be realised with hard work and a little help from your friends, Hadeel Al Sayegh reports.

Mohamed Shakarchi can still remember when, as a boy in the 1940s, he would watch his father buying and selling gold at a street market in Beirut.

Traders from around the Levant would come to the Lebanese capital to deal in strips of gold, nicknamed “frenchfries”, in coffee shops thick with smoke from nargile pipes.

“Some of the men would be holding rosary beads saying, ‘I buy, I sell, I buy, I sell’ with every flick of the bead,” Mr Shakarchi recalls.

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Gulf News : January 9, 2007

Emirates Gold included in DMCC approved list

Dubai: Dubai Multi Commodities Centre (DMCC) yesterday announced that Emirates Gold, the only silver refinery in the UAE, has been awarded the Dubai Good Delivery (DGD) status, thereby enabling it to achieve international ranking.

The inclusion of Emirates Gold into DMCC’s approved list of silver refiners is expected to give silver manufacturing in the UAE a significant boost, as silver traders do not have to turn to international suppliers for their requirements.

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