A focus on identifying new global markets for Australia’s precious metal products has paid off for The Perth Mint.
The mint is delivering a record pre-tax profit of $41.04 million.
Australia is the world’s second largest producer of gold after China, and The Perth Mint added value to more than ten million ounces of gold and 22 million ounces of silver in 2015/16 through the export of a wide range of bullion products.
“It has been a good year for gold and silver sales,” said Chief Executive Officer, Richard Hayes. “International demand for precious metal was high and our operations were well positioned to take advantage of market opportunities,” he said.
The Perth Mint is a vertically integrated precious metals refining, manufacturing, minting, marketing and storage business, operating internationally across the precious metals value chain.
It also plays a significant role in supporting Australian producers of precious metals.
The Perth Mint Refinery maintained its industry leadership position in 2015/16 despite local and overseas competition, refining 94 per cent of Australia’s gold doré production.
“In 2015/16, $13.14 billion of gold was supplied by our refinery as value-added cast bars to overseas clients.” Mr Hayes said.
“Our Minted Products business more than tripled its production of gold, silver and platinum coins and minted bars over the period to 16.22 million, the majority of which was marketed and sold overseas. This was a significant factor in our record result,”