Precious Metals

Mauritius plans commodity exchange to include gold

MINDEX, Mauritius's commodities exchange, hopes to expand its reach to include a refinery and bullion storage facility.

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The Indian Ocean island nation of Mauritius is projecting the ability to, within five years, annually trade $6.5 billion (in U.S. dollars) worth of gold through MINDEX, the Mauritius International Derivatives and Commodities Exchange.

Plans toward achieving this goal include construction of a facility to store bullion and a refinery to process ore.

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MINDEX is already forecasting it will trade 31 tons (997,000 ounces) of gold during calendar year 2019, increasing to 156 tons by 2023, according to Hirandre Misra, chairman of Mauritius’s Financial Services Commission.

MINDEX is supported by a consortium which includes UK-based GMEX Group, where Misra serves as the chief executive officer, and Five Rings Commodities SA, an independent gold trading house in Luxembourg.

The MINDEX project includes a capital investment of $35 million, to build the gold refinery and a secure vault, and launch an advanced technologically enabled spot exchange, derivatives exchange and clearing house.

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