Gold Corp chair on embattled Perth Mint

Sam Walsh has used his platform as the chair of the Gold Corporation to address the tarnished reputation of the Perth Mint amid investigations into the embattled refinery.

“It is impossible to discuss the past year without acknowledging that too often the Mint found itself in the headlines for the wrong reasons,” he wrote in Gold Corporation’s annual report.

“Most of these related to historical matters that we are working extremely hard to address and remedy.”

The comments follow a tumultuous few months since a Four Corners report alleged the Perth Mint had diluted its gold bullion with silver between 2018 and 2021 in a bid to save up to $620,000 per year.

The report also alleged the mint sold $27,000 to a former gang member without sufficient background checks.

Mr Walsh's comments come against a backdrop of two investigations into the Perth Mint, one by financial crimes watchdog AUSTRAC over a potential breach of anti-money laundering laws and another by a federal government select committee over regulatory compliance.

The WA government is also undertaking a strategic review into Gold Corporation, which is owned by the state government and is the operator of the Perth Mint.  

The chairman also used his foreword in the report to take a swipe at the media, hitting out at the “adverse headlines” printed.

He said the negative headlines reflected “past practices” that do not speak to their values.

“I touched earlier on the adverse headlines that affected the Mint’s reputation and tested the resilience of our people,” Mr Walsh said.

“No one at the organisation enjoyed this attention, but Jason and his leadership team did not let it distract them from their focus on strengthening our capability and compliance.

“This has included full and open engagement with AUSTRAC to assist with the independent audit of our historical practices, a strong and respectful relationship with the London Bullion Market Association and a fully funded, $34 million remediation program of our anti-money laundering systems and processes.

“We have to accept the negative headlines, but the reality is they reflect past practices that do not speak to our values.”

The comments were made in Gold Corporation’s annual report, which also revealed the entity recorded a $23.19 billion turnover and $52.67 million profit before tax.

The Mint processed 244 tonnes of mined ore in the financial year, down from 263 tonnes in 2021-22.