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.

Date: 15.09.2023

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The Management of Emirates Gold DMCC have noted the media articles written by several media groups concerning Emirates Gold DMCC’s suspension of its UAE Good Delivery accreditation and the suspension of its LBMA affiliation membership.  Management would like clarify the following points to our stakeholders:

  1. Emirates Gold DMCC has not lost its trading license as incorrectly reported in certain articles.
  • The suspension of its UAE Good Delivery accreditation is merely a temporary suspension and Management are working with the Emirates Bullion Committee to resolve their concerns and have the accreditation reinstated.
  • Emirates Gold has passed all recent compliance audits relating to the Emirates Bullion Committee Compliance requirements for UAE Good Delivery Accreditation, the LBMA Responsible Gold Guidance audit and the Anti Money Laundering audit. Emirates Gold has received highly positive feedback from its compliance auditors on the strength of its compliance processes.
  • The suspension by the Emirates Bullion Committee has nothing whatsoever to do with Emirates Gold’s compliance processes, activities or quality control practices and to the best of our knowledge the suspension has come about because of the Emirates Bullion Committee’s perceived risk to its reputation of our shareholding structure. There have been no concerns raised about Emirates Gold’s responsible sourcing and anti-money laundering practices.
  • Emirates Gold has at all times strictly followed the rules and processes of the UAE Good Delivery requirements, the LBMA responsible sourcing requirements and the UAE Ministry of Economy Anti Money Laundering rules.
  • Emirates Gold is run by a professional management team who maintain the strictest Anti Money Laundering practices who, to the best of its knowledge, and with the assurance of its strong compliance policies, procedures and implementation, have not been party to any money laundering activity as incorrectly reported on certain websites.
  • The LBMA suspension has been purely a reaction to the UAE Good Delivery Accreditation suspension.
  • To the best of our knowledge the LBMA has not established any breach of its rules by Emirates Gold as incorrectly implied in certain media reports.
  • Stakeholders can refer to our website at https://www.emiratesgold.ae/reports/  for copies of our recent compliance audit reports for both the UAE Good Delivery compliance audit and the LBMA compliance audit.
  • The ultimate beneficial owners of Emirates Gold have nothing to do with any allegations made by Al Jazeera in their “Gold Mafia Documentary” and are independent and separate from any persons mentioned in this so-called documentary.

We would like to assure our stakeholders that Emirates Gold will continue in business during this time of suspension of our UAE Good Delivery Accreditation and our LBMA affiliate membership whilst it works with the relevant entities to reinstate such accreditation and membership.

Emirates Gold humbly requests the general public not to fall victim to the unseen plot by some vested interests who stand to benefit from the outcome of the ongoing media attack on the company and its ultimate beneficial owners. We look forward to your support to tide over the most unfortunate phase of Emirates Gold’s history and its employees, many of whom have served, with loyalty and professionalism, the company and the industry for decades.

Date: 15.07.2023

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