Polygel Group and Muscat Precious Metals Refinery (MPMR) have signed an agreement to jointly develop an integrated and sustainable value chain for recycled precious metals and critical minerals across Asia-Pacific and Oceania.
The deal was signed by founder and CEO of Polygel Group Luv Shah and founder and CEO of MPMR Shihab Al-Busaidi. The strategic alliance comes in response to the rising global demand for sustainably sourced materials and the increasing value placed on circular economy practices.
Currently, the global demand for gold stands at approximately 4,500 metric tonnes annually, representing a market worth around USD500 billion. Recycled gold accounts for about 1,250 metric tonnes, valued at USD135 billion.
The growing emphasis on recycled materials is further driven by Asia, which accounts for 60 percent of global gold demand, with India and ASEAN collectively representing half of that figure, according to the World Gold Council.
The shift is not limited to gold alone. There is an increasing need for platinum group metals such as platinum, palladium, rhodium, and ruthenium. Similarly, rare-earth elements, heavy mineral sands, and light metals like lithium have emerged as critical materials that underpin the future of electric mobility, energy storage, and high-tech manufacturing. These resources are being referred to as the new-age gold, fuelling the next wave of global commodity demand.
Recognising this opportunity, Polygel Group and MPMR will collaborate across multiple streams including recycled precious metals from sources like catalytic converters and metal dust, mine tailings, smelting dross, rare-earth and heavy mineral sands, and critical light metals.
Their operations will also incorporate top-up minerals and metals to ensure a robust and consistent supply chain. Sourcing will extend across New Zealand, Australia, Indonesia, and Papua New Guinea, with Brunei Darussalam positioned as the central hub for processing and strategic operations.
Brunei offers a compelling base for this initiative. Its central location in Southeast Asia, strong governance, stable currency, and legal infrastructure provide a solid foundation for international partnerships. The country also boasts high standards in education, healthcare, safety, and quality of life, along with access to clean air, water, and abundant energy.
MPMR is a state-of-the-art precious metals refinery based in the Sultanate of Oman with an annual refining capacity of 40 metric tonnes. It is backward integrated with mining operations in Tanzania and holds a majority stake in Singapore Digital Asset Exchange (SDAX), which links physical commodities to digital investment products through tokenisation and exchange-traded funds.
Polygel Group is headquartered in the Republic of Singapore, with active operations in Brunei Darussalam and the Republic of India. It is a fast-growing enterprise in catalysts, additives, and intermediates, with a strong foundation in research and development and a global sales footprint that spans more than 50 countries, including major markets such as the United States and India.
Its Brunei-based subsidiary, Polygel Organometallic (B) Sdn Bhd, operates as a joint venture with the Strategic Development Capital Fund under the Ministry of Finance and Economy of Brunei Darussalam.
The foundation of this partnership lies in the shared vision of both companies to drive innovation and sustainability through integrated supply chains, advanced processing technologies, and the digitisation of physical assets.
With Brunei’s supportive business environment, MPMR has committed an investment of USD10 million in Polygel Group to further strengthen this strategic collaboration.
The partnership also positions both companies at the forefront of a transformative era in global resources, paving the way for a more sustainable and technologically advanced future in metals and minerals.
THE BRUNEIAN | BANDAR SERI BEGAWAN
