The Western Australian government is set to gain full ownership of Australia's only gold refinery after the three partners in AGR Matthey decided to dissolve their partnership.
Newmont Mining, which has a 40 per cent interest in the partnership, said in a statement emailed to WA Business News that the partners have agreed to dissolve the partnership subject to certain conditions.
Other partners are the state government, which holds a 40 per cent interest through Gold Corporation, and Johnson Matthey.
"Newmont's focus in Australia is on gold production and the refining business interest has been deemed a non-core activity," the gold miner said.
Newmont has agreed a long term refining contract with the Perth refinery for its Australian/New Zealand production and is not looking to establish a refining business."
Gold Corporation chief executive Ed Harbuz said the state government will gain full ownership of the gold and silver refining business in Perth while Johnson Matthey will retain the platinum and silver brazing allows division.
WA Business News understands the partners have been in discussions over the partnership for some months, and the business will continue to run as per normal.
AGR Matthey was the state's second biggest exporter for 2009/10 on a standalone basis with total exports of $16.5 billion.
AGR refines all gold produced in Australia as well as large tonnages of gold produced in Papua New Guinea, Thailand, New Zealand, Fiji and Malaysia.
