Gold Corporation, the Western Australian Government-owned operator of The
Perth Mint and 40% owner of the AGR Matthey gold refining joint venture, has
announced an after tax profit of $4.84 million compared to the previous year’s
result of $1.35 million. Total sales revenue grew by 136% from $396 million to
$933 million, reflecting both substantially increased business activity and the
significant increase in precious metal prices.
Since the establishment of Gold Corporation on 30 June 1988, income tax
equivalent and dividend payments to the Government of Western Australia have
totalled over $35 million. Royalties paid to the Australian Treasury on Australian
legal tender coins produced by The Perth Mint have been nearly $17 million
during the same period.
Gold Corporation is the official producer of Australia’s legal tender gold, silver
and platinum bullion coins and these are marketed to investors throughout the
world. It also mints Australian commemorative or numismatic coins and
produces numismatic coins on behalf of some overseas issuing authorities.
Precious metal used in coins during the year amounted to 5.2 tonnes of gold,
36.7 tonnes of silver and about a third of a tonne of platinum. Over a million
coins were sold of which about 80% were sold overseas.
The significant increase in precious metal prices during the year generated
renewed interest in investing in precious metals and Gold Corporation’s precious
metal depository business experienced dramatic growth. At the financial year
end the value of precious metal held on behalf of over 3,400 clients, domiciled in
more than eighty countries, was nearly $900 million.
The number of visitors to the Mint increased to about 130,000, with 86,000
paying to enter the gold exhibition, which incorporates the famous Gold Pour.
Many of the visitors were tourists.
The highlight for coin collectors was the launch of the three year “Discover
Australia” series portraying Australia’s most exciting places, its unique animals
and its beautiful wild flowers on pure silver, gold and platinum coins. Two launch
events were held; in Brisbane in January 2006 and at the World Money Fair in
Berlin in February 2006. Some of the many other themes on coins issued by The
Perth Mint were Her Majesty Queen Elizabeth’s eightieth birthday, the fortieth
anniversary of the issuing of Australian decimal currency and the 400th
anniversary of recorded European contact with Australia. The manufacture of
precious metal blanks for use by other mints around the world in the manufacture
of their own coins also increased during the year.
AGR Matthey, the gold refining and distribution joint venture in which Gold
Corporation is in partnership with two major international companies, refined
most of Australia’s gold, gold from surrounding countries and a large amount of
secondary metal received as a result of the rising gold price. This business, one
of the largest gold refiners in the world, had a successful year and contributed to
Gold Corporation’s pleasing result.
Business activity continues at a high level and the outlook for the future is
exciting. Although metal prices have fallen somewhat and this might affect parts
of the business, Gold Corporation has a full order book and should have another
successful year.
For information:
Ed Harbuz, Chief Executive Officer, Gold Corporation, operator of The Perth Mint.
Telephone: (08) 9421 7200