Page 14 - Bullion World Volume 02 Issue 10 October 2022_Neat

Bullion World | Volume 2 | Issue 10 | October 2022

Looking forward with

confidence

100 years later and Rand Refinery continues to reshape
value for clients, mines and the planet

Mr Praveen Baijnath
CEO, Rand Refinery

Our approach, however, has the crisis while delivering on time to
always been to look forward with the bullion market ecosystem.
optimism while navigating uncharted
waters. During the uncertain Innovation, disruption and reshaping
days of Covid-19 lockdowns, our value have certainly held us in good
operations were approved as stead through all the ups and downs
essential services by the regulators, of the past 100 years. Good timing
The unprecedented disruption requiring minimal scale down and has also been a hallmark of our
wreaked by Covid-19 was not the an immediate reshaped response to success. Rewind a decade before
first storm Rand Refinery has had business continuity. The refinery’s Rand Refinery was conceptualised,
to weather. When we commenced operation relied heavily on inbound and South African mines were
refining operations in late 1921, the and outbound logistics, which were spending more than £51 million
world was recovering from Spanish grounded. However, throughout this today to ship gold to London. These
flu and World War I – worse to disruption, we remained committed exorbitant costs gave voice to calls
come as the Great Depression was to our obligations and, with a for change, but the Bank of England
bubbling. purpose, were able to look through had other ideas and wanted to build

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