What were the reasons for you wanting to join LBMA and what do you see as the key benefits of Membership?
Following increased involvement in the refinery and minting sector since the 2000s, IKOI S.p.A. has naturally engaged with LBMA for more than 26 years. At the 2013 LBMA Assaying & Refining Conference, IKOI was invited to officially present our Flameless Tunnel system.
Since then, IKOI has attended every Assaying & Refining Conference and Global Precious Metals Conference, each time presenting a technological innovation.
Thanks to this existing history, it was natural for us to join LBMA as an Affiliate Member and further consolidate our position within the global precious metals industry and align ourselves with the most authoritative international benchmark for market integrity, technical excellence and responsible practices.
Tell us about your company’s role in the precious metals market.
IKOI S.p.A. designs, engineers and supplies advanced industrial plants for foundry, refining and casting applications in the precious metals sector. Our role is to support refiners, mints, and customers worldwide by delivering tailor-made technological solutions that combine efficiency, reliability and compliance with the highest industry standards.
Over the years, IKOI has played an active role in technological innovation within the sector.
Through continuous research and development (R&D) and close collaboration with our clients, we contribute to improving production processes, enhancing product quality, and supporting the industry’s transition towards more efficient and sustainable operations.
What’s the background and history of the company?
From the 1970s to the early-2000s, we have been the leading supplier of thermal and pyrometallurgical equipment for the jewellery industry. Even today, thousands of our machines and plants are still installed worldwide.
In 1996, collaborating with one of the biggest South African refineries, Giovanni Faoro (IKOI Chairman) and his R&D team invented the first tunnel furnaces for the automated industrial production of gold and silver bars.
In the 2000s, IKOI patented the Flameless Tunnel. Its market success was remarkable, with the majority of bars being produced using similar systems by 2026.
The innovative ALS (Acidless Separation System) is shifting the industry paradigm for pre-refining and refining. We’ve also introduced the FCC (Flameless Casting Chamber), a revolutionary system for big bar production; the UltraBite, created to destroy Doré bars and other big bar sizes in order to produce shavings which improve operational efficiency in chemical refining and ingots/bars production plants; and the Density Booster, machinery suitable for compacting the individual shavings until they become mechanical grains or compacting silver crystals with the Sandense® process, which avoids melting and casting grains.
We recently finalised the acquisition of OPI Srl, a producer with decades of experience in refining plants. The acquisition expands IKOI's capabilities with a dedicated refining division, complementing its established foundry and casting portfolio and enabling IKOI to serve customers as a single end-to-end partner across the entire value chain.
Mr. Stewart Murray (1947-2024) – ex-CEO of LBMA Mr. Giovanni Faoro – Chairman and Head of R&D Department of IKOI LBMA Assay & Refining Conference 2013, London. Mr. Giovanni Faoro presenting the Flameless Tunnel technology
What factors do you expect to impact your business in the short to long term?
In the short to medium term, investment decisions in refining capacity will continue to be influenced by market volatility, geopolitical developments and macroeconomic conditions. Regulatory evolution — particularly in relation to sustainability, environmental impact and process transparency — is also a key factor shaping demand for new plants and technological upgrades.
Looking further ahead, we expect technological innovation, automation, and digitalisation to increasingly influence plant design and operation. Energy efficiency, sustainability, and the reduction of environmental footprint will remain central drivers, reinforcing the importance of advanced, future-proof refining and casting solutions.
What are your future plans for the business?
IKOI S.p.A.’s future plans focus on strengthening its role as a trusted technology partner for the global precious metals industry. We aim to further develop innovative foundry, refining and casting solutions that address evolving market requirements, with particular attention to ESG guidelines, efficiency, sustainability and compliance with international standards.
We also intend to expand our international presence and continue contributing actively to the industry dialogue through our involvement with LBMA. By combining engineering excellence with a forward-looking approach, we aim to support the long-term development and resilience of the market.
IKOI’s ALS and Compact machineries IKOI S.p.A. facility: via L. Einaudi 45, 36056 Tezze sul Brenta (VI), Italy OPEN DAY 20th-21th June 2024 Mr. Giovanni Faoro & guests