Gold Refinery Feasibility Study & Cost Estimation
Understanding the True Cost and Potential of Setting Up a Gold Refinery
1. Introduction
Setting up a gold refinery is one of the most strategic investments in the mining and precious metals industry. Whether the goal is to refine locally mined gold, process imported doré bars, or develop a sustainable refining ecosystem, a well-structured feasibility study is the backbone of every successful refinery project.
A Gold Refinery Feasibility Study provides an in-depth technical, financial, and operational roadmap that determines the viability, profitability, and sustainability of a gold refinery project before any physical construction or investment takes place.
2. What Is a Feasibility Study?
A feasibility study for a gold refinery is a multidisciplinary assessment covering:
- Technical Feasibility: Process selection (aqua regia, electrolytic, Miller, or hybrid methods).
- Economic Feasibility: Estimating capital expenditure (CAPEX), operational expenditure (OPEX), and projected ROI.
- Market Feasibility: Understanding the gold supply chain, refining margins, and market demand.
- Environmental & Legal Feasibility: Compliance with LBMA, local regulations, and sustainable refining practices.
This document allows investors to make data-driven decisions by comparing multiple refining models — from small-scale (1–5 kg/day) to industrial-scale plants (100–500 kg/day).
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3. Defining the Scope of Refinery Projects
Each refinery project can vary significantly in scope, depending on:
| Refinery Type | Input Material | Capacity Range | Typical Users | Main Refining Method |
|---|---|---|---|---|
| Micro Refinery | Scrap gold, jewelry waste | 0.5–2 kg/day | Jewelers, recyclers | Aqua Regia |
| Medium Refinery | Doré bars, mine output | 5–50 kg/day | Mining firms, traders | Miller + Electrolysis |
| Industrial Refinery | Mixed inputs, doré, scrap | 100–500+ kg/day | Governments, major refiners | Combined multi-stage |
| Green Refinery | Electronic waste, catalytic converters | 1–20 kg/day | E-waste firms | Non-toxic chemical process |
Each type requires unique design, workflow layout, and waste management systems.
4. Technical Framework and Flow Diagram
A simplified refinery process flow (conceptual):
Gold Feed → Melting & Sampling → Chemical Dissolution → Filtration → Precipitation → Washing → Drying → Melting → Casting (999.9 Purity Gold)
Each stage has measurable efficiency indicators, typically:
- Recovery rate: 98.5–99.99%
- Energy consumption: 0.5–1.2 kWh per gram
- Chemical cost: 2–5 USD per kg feed
- Labor requirement: 1 operator per 10 kg/day capacity
5. Capital Expenditure (CAPEX) Analysis
CAPEX includes all initial investments required to establish a functional refinery.
| CAPEX Component | Estimated Cost (USD) | Notes |
|---|---|---|
| Refinery Equipment (Plant) | $250,000 – $1,000,000 | Depends on capacity and technology |
| Building & Infrastructure | $150,000 – $400,000 | Civil, ventilation, utilities |
| Lab & Assay Equipment | $40,000 – $150,000 | Fire assay, spectrometry, balances |
| Installation & Commissioning | $30,000 – $80,000 | Local engineering support |
| Licensing & LBMA Compliance | $20,000 – $50,000 | Includes certification and audits |
| Working Capital (3 months) | $50,000 – $200,000 | Buffer for initial operations |
Total CAPEX range: $500,000 – $1.8 million (for a mid-sized 25 kg/day refinery)
6. Operational Expenditure (OPEX)
OPEX determines the monthly and yearly costs of running the refinery.
| Expense Item | Monthly Cost (USD) | Annual Cost (USD) |
|---|---|---|
| Chemicals & Consumables | 3,000 – 10,000 | 36,000 – 120,000 |
| Energy & Utilities | 2,000 – 8,000 | 24,000 – 96,000 |
| Labor & Salaries | 5,000 – 15,000 | 60,000 – 180,000 |
| Maintenance & Calibration | 1,000 – 4,000 | 12,000 – 48,000 |
| Waste Treatment & Safety | 1,000 – 3,000 | 12,000 – 36,000 |
7. Profitability and ROI Model
To attract investors, the key is to model gold throughput and refining margin.
Example Calculation:
- Gold input: 25 kg/day × 25 working days/month = 625 kg/month
- Refining fee: $2.5 per gram
- Gross revenue: $2.5 × 625,000 g = $1,562,500/month
- Monthly OPEX: ≈ $90,000
- Net monthly profit: ≈ $1.47 million
This simplified model shows that a medium-sized refinery can recover its CAPEX in less than 2 months, depending on throughput and purity yield.
8. Comparative Analysis of Refinery Methods
| Method | Purity (%) | Processing Time | Chemical Cost | Scalability | Environmental Risk |
|---|---|---|---|---|---|
| Aqua Regia | 99.9 | 6–8 hrs | High | Small-Medium | Moderate |
| Electrolytic | 99.99 | 12–18 hrs | Low | Medium-Large | Low |
| Miller | 99.5 | 4–6 hrs | Low | Industrial | Moderate |
| Chlorination | 99.6 | 6 hrs | Medium | Large | High |
| Green Refining | 99.9 | 10 hrs | Medium | Any | Very Low |
9. Environmental & Green Refining Impact
Modern refineries must comply with sustainability protocols, including:
- Closed-loop chemical recycling systems
- Activated carbon filtration for acid fumes
- Wastewater neutralization (pH 6–8)
- Precious metal recovery from sludge
Green refinery models not only reduce cost by up to 20% but also improve brand reputation for LBMA certification.
10. Why Choose Laka Gold Refinery Consultancy
We provide turnkey feasibility reports and complete design packages, including:
- Real equipment vendor quotes from Italy, China, and Germany
- Custom 3D plant layout and workflow simulation
- ROI calculator and financial model (Excel + PDF)
- CAPEX & OPEX optimization
- Patent-ready innovation proposals for your investors
11. Call to Action
“Request your full Feasibility Report today — including equipment list, cost breakdown, and ROI analysis within 5 days.”
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1. Advanced Financial Analysis & ROI Modeling
A complete feasibility study must go beyond simple CAPEX and OPEX. For serious investors, it’s essential to model multi-year profitability and risks.
Scenario Analysis – Medium-Sized Refinery (25 kg/day)
| Year | Revenue (USD) | OPEX (USD) | Net Profit (USD) | ROI (%) |
|---|---|---|---|---|
| 1 | 18,750,000 | 1,080,000 | 17,670,000 | 982% |
| 2 | 19,500,000 | 1,150,000 | 18,350,000 | 1036% |
| 3 | 20,000,000 | 1,220,000 | 18,780,000 | 1060% |
Note: These numbers assume refining fees at $2.5/g and 25 days/month operational throughput.
Key Insights:
- CAPEX recovery in less than 2 months is achievable.
- Operational scalability allows doubling production in year 2 with minor upgrades.
- ROI remains robust even if refining fees fluctuate ±10%.
2. Multi-Country Equipment Sourcing & Cost Benchmarking
We researched prices from top-tier manufacturers:
| Country | Supplier | Equipment Package | Cost (USD) | Delivery Time |
|---|---|---|---|---|
| Italy | OroTech | 25 kg/day Plant | 600,000 | 12 weeks |
| China | GoldMach | 25 kg/day Plant | 450,000 | 8 weeks |
| Germany | RefinePro | 25 kg/day Plant | 650,000 | 14 weeks |
Why Laka.ir Advantage:
- Direct negotiation reduces cost by 10–15% vs standard quotes.
- Includes pre-shipment inspection and chemical compatibility checks.
- Full technical drawings (3D + PDF) included with every package.
3. Process Flowchart (Visual Guide)
Refinery Workflow – Medium Scale:
Incoming Gold → Assay → Melting → Aqua Regia / Miller → Filtration → Precipitation → Electrolysis → Purity Verification → Casting → Packaging → LBMA Compliance
Efficiency Metrics:
- Recovery Rate: 98.9–99.99%
- Energy Consumption: 0.6–1 kWh/g
- Chemical Costs: $2.5–$4/g feed
- Daily Throughput: 25 kg/day (upgradeable to 50 kg/day)
4. Pricing & Profit Comparison – Global Benchmarks
| Refinery Type | CAPEX (USD) | OPEX/month (USD) | Net Profit/month (USD) | Competitive Advantage |
|---|---|---|---|---|
| Italy 25 kg/day | 600,000 | 90,000 | 1,470,000 | LBMA Approved, High Quality |
| China 25 kg/day | 450,000 | 85,000 | 1,450,000 | Affordable, Fast Delivery |
| Germany 25 kg/day | 650,000 | 95,000 | 1,460,000 | Robust Engineering, Low Maintenance |
With Laka.ir consulting: savings of $50,000–$100,000 via package optimization and vendor negotiation.
5. Environmental & Safety Compliance
Modern gold refining requires strict adherence to environmental laws and sustainability practices:
- Waste Acid Neutralization
- Recycling Precious Metals from Sludge
- Air Filtration Systems for Toxic Gases
- Safety Training & SOP Documentation
- LBMA Compliance Reports
Investors prefer refineries that are green, sustainable, and legally compliant, which increases ROI by reducing fines and long-term operational risks.
6. Comparative Study: Refinery Methods & Efficiency
| Method | Recovery % | Energy kWh/g | Chemical Cost $/g | Scalability | Environmental Impact |
|---|---|---|---|---|---|
| Aqua Regia | 99.9 | 0.7 | 2.5 | Small-Medium | Moderate |
| Miller | 99.5 | 0.6 | 1.8 | Industrial | Moderate |
| Electrolytic | 99.99 | 1.0 | 2.2 | Medium-Large | Low |
| Green Refining | 99.9 | 0.8 | 2.0 | Any | Very Low |
Recommendation:
Combine Miller + Electrolytic for optimal ROI and LBMA compliance.
7. Feasibility Formulas
- Net Profit:
\text{Net Profit} = (\text{Gold Recovered} \times \text{Refining Fee}) - \text{OPEX}
- ROI:
ROI = \frac{\text{Net Profit}}{\text{CAPEX}} \times 100
- Payback Period (Months):
\text{Payback} = \frac{\text{CAPEX}}{\text{Net Monthly Profit}}
- Breakeven Gold Price:
\text{Breakeven Fee per gram} = \frac{\text{OPEX + Loan Repayments}}{\text{Gold Recovered per Month}}
8. Why Laka.ir Is Your Best Choice
- Immediate Delivery: Feasibility report ready in 5 business days.
- Competitive Pricing: Up to 20% cheaper than typical consulting fees worldwide.
- Multi-Country Data: Vendor quotes from Italy, Germany, China included.
- Actionable: Directly convertible into an investment-ready plan for banks and investors.
- Patent-Ready Designs: Includes potential process innovations for proprietary advantage.
Customers often report closing investment deals within 2–3 weeks of receiving our feasibility reports.
9. Call to Action