List of 5 Major Gold Refineries in South Africa
Gold Refineries in South Africa: South Africa has been synonymous with gold for over a century. From the 1886 Witwatersrand Gold Rush that built Johannesburg to the present day, the country remains one of the world’s most important players in the global gold market.
While South Africa is no longer the largest gold producer (that title belongs to China and Australia), it still refines a disproportionately large share of the world’s newly mined and recycled gold, thanks to a handful of world-class gold refineries that enjoy global trust and accreditation.
In 2025, the phrase “gold refineries in South Africa” is searched thousands of times monthly by investors, jewelers, mining companies, and industrial buyers looking for reliable, LBMA-accredited sources of responsibly refined gold.
This comprehensive guide covers everything you need to know about the leading gold refineries in South Africa, the gold refining process in South Africa, export statistics, sustainability efforts, and why these facilities continue to matter on the world stage.’
Why South Africa Remains a Global Gold Refining Hub
Even though South Africa’s gold production has declined from its 1970 peak of over 1,000 tonnes per year to around 90–110 tonnes in recent years, the country still refines far more gold than it mines.
This is because South African refineries, especially Rand Refinery, process large volumes of doré (semi-pure gold) from neighboring countries such as Ghana, Tanzania, Mali, Burkina Faso, and Zimbabwe. Rand Refinery alone refines approximately 400–500 tonnes of gold annually — roughly 12–15% of global annual mine production.
Only five refineries in Africa are on the London Bullion Market Association (LBMA) Good Delivery List for gold, and one of them — Rand Refinery — is in South Africa. This accreditation is the gold standard (pun intended) for institutional and central-bank buyers worldwide.
Top Gold Refineries in South Africa (2025)
1. Rand Refinery Limited – The Undisputed Leader
- Location: Germiston, Gauteng (15 km east of Johannesburg)
- Established: 1920
- Ownership: Owned by South African mining companies (AngloGold Ashanti, Harmony Gold, Sibanye-Stillwater, DRDGOLD, and Gold Fields)
- Annual Capacity: Over 600 tonnes of gold refined per year
- Key Accreditations: LBMA (since 1921), Shanghai Gold Exchange (SGE) International Board, COMEX, TOCOM, Dubai DMCC
Rand Refinery is not just the largest gold refinery in South Africa — it is one of the largest single-site precious-metal refineries in the world. It produces the famous “Rand Refinery” 400 oz (≈12.44 kg) Good Delivery bars stamped with the iconic springbok emblem, as well as minted 1 oz bars and the legendary Krugerrand coin blanks (minted by the South African Mint).
Special Features in 2025:
- First African refinery to achieve full LBMA Responsible Gold Guidance v9 compliance
- On-site continuous-emission monitoring and zero liquid discharge water systems
- Blockchain-based provenance tracking pilot with partners
2. South African Mint (SA Mint) – Home of the Krugerrand
- Location: Centurion, Pretoria, Gauteng
- Established: 1923 (as a branch of the Royal Mint); fully South African since 1941
- Parent: South African Reserve Bank (SARB)
While primarily known as a mint, the SA Mint operates a high-security precious metals refinery that supplies Krugerrand blanks and other bullion products. In 2025, the Krugerrand remains the world’s most widely held and traded one-ounce gold bullion coin, with over 61 million ounces sold since 1967.
Services:
- Refining of mine doré and recycled gold
- Production of Krugerrands (1 oz, 1/2 oz, 1/4 oz, 1/10 oz) and Protea series
- Limited-edition collectible coins
3. Sibanye-Stillwater Precious Metal Services (formerly Rand Refinery Services Division)
- Location: Westonaria and Brakpan, Gauteng
- Parent Company: Sibanye-Stillwater (NYSE: SBSW)
After acquiring the assets of the former Lonmin and Aquarius platinum operations, Sibanye-Stillwater now operates one of the most advanced integrated PGM and gold refining complexes in the world. Their gold refining stream processes by-product gold from platinum and palladium operations.
2025 Highlights:
- Strong focus on green refining (uses renewable energy certificates)
- Supplies major automotive and jewelry manufacturers directly
4. Umicore Precious Metals Refining South Africa
- Location: Springs, Gauteng
- Parent: Umicore SA (Belgium-based global materials technology group)
Umicore’s South African operation focuses heavily on secondary (recycled) gold and silver from electronic waste, spent catalysts, and jewelry scrap. While not LBMA Good Delivery for primary gold, it plays a critical role in the circular economy.
2025 Note: Umicore achieved carbon-neutral refining status at its global network, including the South African plant.
5. Metal Concentrators SA (MetCon)
- Location: Krugersdorp, Gauteng
- Specialty: Small-to-medium scale refining and toll refining services
MetCon serves smaller miners and recyclers who cannot access Rand Refinery’s minimum lot sizes. Popular among artisanal and junior miners.
The Gold Refining Process in South Africa (Step-by-Step)
South African refineries predominantly use two core processes to achieve 99.99%+ purity:
1. Miller Chlorination Process (Most Common)
- Used by Rand Refinery as the primary process
- Impure gold (typically 90–98% from mines) is melted in a graphite crucible
- Chlorine gas is bubbled through the molten gold
- Base metals (copper, iron, zinc) form volatile chlorides and are removed
- Silver forms silver chloride (AgCl) and is skimmed off
- Result: 99.5–99.7% pure gold
2. Wohlwill Electrolytic Process (For 99.99%+ “Four-Nines” Gold)
- Gold from the Miller process becomes the anode in an electrolytic cell
- Electrolyte: Gold chloride + hydrochloric acid solution
- Pure gold deposits on a titanium or pure-gold cathode
- Impurities fall as anode slime (recovered for PGMs, silver, etc.)
- Used for Krugerrand blanks and investment-grade 1 kg bars
3. Smelting & Granulation
Before refining, mine doré is first smelted with fluxes (borax, soda ash, silica) to separate slag, then granulated for easier handling.
4. Final Fabrication
Refined gold is cast into 400 oz LBMA bars, 1 kg gold bars, or minted into coins and smaller bars.
South Africa Gold Production & Export Statistics (2024–2025)
|
Year |
Mine Production (tonnes) |
Gold Refined (tonnes) |
Value of Gold Exports (USD) |
|
2022 |
110 |
~480 |
~$7.2 billion |
|
2023 |
100 |
~460 |
~$8.1 billion |
|
2024 |
95 |
~450 |
~$9.8 billion (est.) |
Primary export destinations (2024):
- China: 28%
- India: 22%
- Switzerland: 18%
- Hong Kong: 12%
- UAE: 8%
Environmental & Social Responsibility in 2025
The South African gold industry has faced heavy criticism in the past for acid mine drainage, high water usage, and energy intensity. The major refineries have responded aggressively:
- Rand Refinery: Achieved net-zero Scope 1 & 2 emissions target by 2030 (already 68% renewable electricity in 2025)
- Water recycling rates exceed 90% at most large facilities
- All LBMA-accredited refineries follow OECD Due Diligence Guidance and the Responsible Gold Mining Principles (World Gold Council)
- Increasing use of blockchain and platforms like IBM’s Responsible Sourcing Blockchain Network for full chain-of-custody transparency
Regulatory Framework & Certifications That Matter
To sell into institutional markets, South African refined gold must comply with:
- LBMA Responsible Gold Guidance (v9)
- London Bullion Market Association Good Delivery Rules
- OECD Due Diligence Guidance for Responsible Supply Chains
- Conflict-Free Gold Standard (World Gold Council)
- South African Precious Metals Act (Act 37 of 2005) and regulations by the South African Diamond and Precious Metals Regulator (SADPMR)
Only gold accompanied by proper assay certificates and provenance documentation is accepted by major banks and vaults in London, Zurich, New York, and Shanghai.
FAQs About Gold Refineries in South Africa
Q: Which is the largest gold refinery in South Africa?
A: Rand Refinery in Germiston is the largest and most important.
Q: Is all South African gold LBMA-accredited?
A: Only gold refined by Rand Refinery carries automatic LBMA Good Delivery status. Other refineries can produce high-purity gold but may require individual assaying.
Q: Can private individuals sell scrap gold directly to these refineries?
A: Generally no — minimum lot sizes are large (kilograms). Use registered dealers or smaller refiners like Metal Concentrators.
Q: How much gold does South Africa refine annually?
A: Approximately 400–500 tonnes (far more than the 90–100 tonnes mined domestically).
Q: Where is most South African refined gold exported?
A: China and India are the largest buyers, followed by Switzerland and Hong Kong.
Conclusion: Why South African Gold Refineries Still Matter in 2025 and Beyond
Even as mine output declines, South Africa’s gold refineries — led by the iconic Rand Refinery — continue to occupy a central position in the global gold supply chain. Their combination of scale, LBMA accreditation, responsible sourcing commitment, and geographic proximity to rising African gold producers ensures they will remain critical infrastructure for decades.
For investors, jewelers, or industrial buyers seeking responsibly refined, fully traceable African gold, the refineries profiled above represent the gold standard — literally.
Whether you are considering investment in physical gold, exploring business opportunities in the South African bullion market, or simply fascinated by the journey from deep-level mine to gleaming 400 oz bar, South Africa’s gold refineries remain at the heart of one of humanity’s oldest and most enduring industries.