❓ Hon James Hayward questions Gold Corporation's gold refining processes, specifically regarding purity levels and potential cost savings. The Minister confirms a process change in 2021 due to Shanghai Gold Exchange standards but declines to adjust processes for cost savings.
AnsweredQoN 279Legislative Council
QuestionView source ↗
GOLD CORPORATION —
GOLD BAR CONTENT
279. Hon JAMES HAYWARD to the parliamentary secretary to the
Minister for Mines and Petroleum:
I refer to the Gold Corporation gold
refining processes.
(1) Can the
minister confirm whether Gold Corporation implemented a process change in 2021
to ensure all gold bullion was 99.996 per cent pure gold?
(2) If yes to (1), why was this
process change made?
(3) Will the
minister direct Gold Corporation to adjust its processes to reduce the amount
of gold given away to customers above 99.990 per cent purity to achieve savings
for the taxpayer?
(4) If no to (3), why not?
GOLD BAR CONTENT
279. Hon JAMES HAYWARD to the parliamentary secretary to the
Minister for Mines and Petroleum:
I refer to the Gold Corporation gold
refining processes.
(1) Can the
minister confirm whether Gold Corporation implemented a process change in 2021
to ensure all gold bullion was 99.996 per cent pure gold?
(2) If yes to (1), why was this
process change made?
(3) Will the
minister direct Gold Corporation to adjust its processes to reduce the amount
of gold given away to customers above 99.990 per cent purity to achieve savings
for the taxpayer?
(4) If no to (3), why not?
AnswerView source ↗
I thank the member for some notice
of the question. I answer of behalf of the parliamentary secretary representing
the Minister for Mines and Petroleum. The following response has been provided
by the Minister for Mines and Petroleum.
(1) Yes.
(2) In September 2021, there was a complaint that a number
of gold bars exceeded the Shanghai Gold Exchange threshold of no more than 50 parts per million of silver in the 0.01 per
cent component of the bar. Following an internal inquiry, Gold
Corporation reverted to its former practice of refining gold bars to an average
minimum 99.996 per cent purity.
(3) No.
(4) The average
Gold Corporation gold kilobar contains at least 99.99 per cent gold, which is
the standard for gold bars.
of the question. I answer of behalf of the parliamentary secretary representing
the Minister for Mines and Petroleum. The following response has been provided
by the Minister for Mines and Petroleum.
(1) Yes.
(2) In September 2021, there was a complaint that a number
of gold bars exceeded the Shanghai Gold Exchange threshold of no more than 50 parts per million of silver in the 0.01 per
cent component of the bar. Following an internal inquiry, Gold
Corporation reverted to its former practice of refining gold bars to an average
minimum 99.996 per cent purity.
(3) No.
(4) The average
Gold Corporation gold kilobar contains at least 99.99 per cent gold, which is
the standard for gold bars.
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