12/10/2016 - 15:28

Perth Mint doubles pre-tax profit

12/10/2016 - 15:28

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The state owned Gold Corporation, which trades as The Perth Mint, has doubled pre-tax profit to $41 million, with a big increase in sales of minted coins among the factors assisting the result.

Gold Corporation chief executive Richard Hayes commenced in that role in 2015.

The state owned Gold Corporation, which trades as The Perth Mint, has doubled pre-tax profit to $41 million, with a big increase in sales of minted coins among the factors assisting the result.

It comes in a time of strong domestic dollar gold prices, which earlier this year reached a record high as a result of the Brexit vote in the United Kingdom.

That has been a tailwind for the Mint, which has also benefitted from a restructure about a year a go to reduce costs.

Gold Corporation chief executive Richard Hayes estimated that would have reduced costs on a like for like basis by about 10 per cent.

“It has been a good year for gold and silver sales,” Mr Hayes said

“International demand for precious metal was high and our operations were well positioned to take advantage of market opportunities.

“In 2015/16, $13.14 billion of gold was supplied by our refinery as value-added cast bars to overseas clients.

“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.”

About 94 per cent of gold dore produced in Australia is refined by Gold Corporation.

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