Shirpur Gold Refinery Limited announced during the fiscal 2015-16, it had incorporated a step-down subsidiary in the name of `Precious Metals Mining and Refining Limited', at Papua New Guinea which also commenced it's operations on a trial basis in the past, however due to limited resources and other difficulties, it couldn't continue the same. Hence, the Board of Directors of the Company decided to close down the above step-down subsidiary. Accordingly, PMMRL applied to the Registrar of Companies, Papua New Guinea for striking off the name of the Company from the Register which was approved and the name of the subsidiary was removed from Register effective November 3, 2023.

The said subsidiary was non-operative and non-material.