❓ Hon James Hayward questions the Perth Mint's gold refining practices, specifically regarding the purity of gold bars and the rationale behind decisions made in 2021. The Minister's response clarifies the reasons for adhering to Shanghai Gold Exchange standards.
AnsweredQoN 367Legislative Council
QuestionView source ↗
GOLD CORPORATION — GOLD BAR CONTENT
367. Hon JAMES HAYWARD to the parliamentary secretary
representing the Minister for Mines and Petroleum:
I refer to the gold-refining
practices of the Perth Mint.
(1) Why did the
Perth Mint press release of 8 March 2023 state that new processes have been
implemented to ensure a minimum average gold purity of 99.996 per cent in gold
bars if it was a matter of reverting to former practices?
(2) What was the
rationale for the 2021 decision to revert to the former practice of refining
gold bars to an average minimum gold purity of 99.996 per cent?
(3) If the 2021
decision to revert to the practice of refining gold bars to an average minimum
gold content of 99.996 per cent was not a commercial or operational decision by
Gold Corporation, did the minister direct or consult with Gold Corporation to
do so?
367. Hon JAMES HAYWARD to the parliamentary secretary
representing the Minister for Mines and Petroleum:
I refer to the gold-refining
practices of the Perth Mint.
(1) Why did the
Perth Mint press release of 8 March 2023 state that new processes have been
implemented to ensure a minimum average gold purity of 99.996 per cent in gold
bars if it was a matter of reverting to former practices?
(2) What was the
rationale for the 2021 decision to revert to the former practice of refining
gold bars to an average minimum gold purity of 99.996 per cent?
(3) If the 2021
decision to revert to the practice of refining gold bars to an average minimum
gold content of 99.996 per cent was not a commercial or operational decision by
Gold Corporation, did the minister direct or consult with Gold Corporation to
do so?
AnswerView source ↗
I thank the member for some notice
of the question. On behalf of the representative parliamentary secretary, I provide
the following answer on behalf of the Minister for Mines and Petroleum.
(1) The media
statement by the Perth Mint of 8 March 2023 referred to a range of new
operational processes that have been
implemented to ensure an average minimum gold purity of 99.996 per cent in 99.99
per cent gold kilo bars produced by the Perth Mint.
(2) The rationale
for the 2021 decision was to ensure that the maximum non-gold component in a gold
kilo bar is 0.004 per cent, which adheres to
the non-gold specification standards of the Shanghai Gold Exchange.
(3) The minister
was informed after the issue had been resolved.
of the question. On behalf of the representative parliamentary secretary, I provide
the following answer on behalf of the Minister for Mines and Petroleum.
(1) The media
statement by the Perth Mint of 8 March 2023 referred to a range of new
operational processes that have been
implemented to ensure an average minimum gold purity of 99.996 per cent in 99.99
per cent gold kilo bars produced by the Perth Mint.
(2) The rationale
for the 2021 decision was to ensure that the maximum non-gold component in a gold
kilo bar is 0.004 per cent, which adheres to
the non-gold specification standards of the Shanghai Gold Exchange.
(3) The minister
was informed after the issue had been resolved.
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