Gold refiner Asahi wins auction for Republic Metals Corp- sources

Rajesh Exports

01/02/2019 16:16

By Peter Hobson
    LONDON, Feb 1 (Reuters) - Precious metals refiner Asahi has
won an auction for the assets of bankrupt Miami-based refiner
Republic Metals Corporation (RMC), outbidding its Swiss rival
Valcambi, three sources familiar with the matter said on Friday.
    RMC was one North America's largest precious metals
refineries before it filed for bankruptcy in November.
 urn:newsml:reuters.com:*:nL5N1ZU629
    Asahi won the auction in a New York bankruptcy court on
Thursday with a bid of $25.5 million, one of the sources said. 
    The court did not comment. RMC and its lawyers did not
respond to requests for comment.
    If the purchase is completed, it will cement Asahi's
position in the Americas. 
    Owned by Japan's Asahi Holdings  5857.T , the company is
already the largest refiner of gold mined in the region with
smelters in Canada, the United States, and Japan and offices in
Mexico and Chile.      
    The sale will be finalised at another hearing later in
February at which any objections from RMC's creditors will be
heard, according to the sources and court documents. 
    Valcambi, owned by Indian jeweller Rajesh Exports  REXP.NS 
and whose Swiss precious metals refinery is the world's largest,
had sought to buy RMC before it declared bankruptcy. 
    Valcambi opened the bidding for RMC's assets with an offer
of $16 million.  urn:newsml:reuters.com:*:nL8N1Z961B
    

 (Reporting by Peter Hobson; Editing by Veronica Brown and David
Evans)
 ((Peter.Hobson@thomsonreuters.com; +44 207 542 0083;))