Gold refineries in South Africa refine and smelt gold or ore received from various customers, namely depositors. Very often, the refineries also act as agents and therefore sell and export the gold on behalf of these depositors. Gold from more than one depositor is typically required to make up the volume ordered for sale or export. After the refining or smelting, it is difficult to determine which depositor’s gold is sold or exported because the gold loses its original identity during refinery and smelting.
Source: bowmanslaw.com
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