Valcambi and Shiu Wing Steel Sign Letter of Intent
Swiss gold refinery Valcambi is planning to expand into the Asian market. A letter of intent for a joint project has been signed with a Hong Kong steel company Shiu Wing Steel.
Valcambi and Hong Kong steel producer Shiu Wing Steel want to set up a joint venture. On 7 October, a corresponding letter of intent was signed, as the company announced.
The joint venture is to process precious metals in Hong Kong, it said. A technologically advanced refinery with storage infrastructure is planned at Shiu Wing Steel’s site in Tuen Mun, Hong Kong.
The joint project is intended to combine Valcambi’s experience and technical know-how in processing precious metals with the Hong Kong partner’s industrial presence and market knowledge. The aim is to serve customers in the Asia-Pacific region and build a refinery platform that meets high standards for quality, traceability, responsible sourcing and operational efficiency, the company added.
On the occasion of the signing, Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, visited Valcambi’s facilities in Balerna. Hui had previously spoken at the annual conference of the London Bullion Market Association (LBMA) in Sorrento, Italy, where he presented Hong Kong’s strategic direction in the gold and precious metals sector.
Swiss Refining Expertise
Valcambi sees the cooperation as an opportunity to get closer to key customer markets. “Asia is a key market for the precious metals industry and will play an even more important role in the future,” said CEO Simone Knobloch.
Shiu Wing Steel was founded in 1956 and, according to the company, is Hong Kong’s only steel mill.
“Working with Valcambi gives us the opportunity to combine our local industrial capabilities and market knowledge with one of the world’s most widely recognized centres of excellence for precious metals refining,” explained Dario Pong, board member of Shiu Wing Steel.
Project is in the planning phase
With the letter of intent, the two companies want to further explore the establishment of the joint venture. The companies did not provide any specific details on the investment volume, the timetable for commissioning or the ownership structure. The completion of the transaction has therefore also not yet been confirmed.
