❓ A WA parliamentary question probes Gold Corporation (Perth Mint) regarding changes to its gold refining process, specifically concerning gold purity levels and the rationale behind adopting a higher purity standard. The answer clarifies the standard and explains the change was due to a complaint.
AnsweredQoN 342Legislative Council
QuestionView source ↗
GOLD CORPORATION —
GOLD BAR CONTENT
342. Hon JAMES HAYWARD to the parliamentary secretary
representing the Minister for Mines and Petroleum:
I
refer to the media release issued by Gold Corporation on 8 March 2023 titled ''The
Perth Mint responds to ABC TV allegations''.
(1) What was the
rationale for adopting a new refining process that ensures that gold bullion
produced by the Perth Mint is above 99.996 per cent pure gold, as announced by
the Perth Mint CEO?
(2) Is it correct
to say that the Perth Mint has reverted to a refining process that ensures
99.996 per cent gold purity or that it is a new process and the Perth Mint has
never had a refining process in place prior to 2021 to ensure 99.996 per cent
gold purity?
(3) What
potential savings per annum could be achieved by the Perth Mint if it were to
adopt a refining process that ensured only an average minimum gold content of
99.992 per cent?
(4) If the
decision to implement a new refining process to ensure a minimum average gold
content of 99.996 per cent was not a commercial decision by Gold Corporation,
who made the decision and why?
GOLD BAR CONTENT
342. Hon JAMES HAYWARD to the parliamentary secretary
representing the Minister for Mines and Petroleum:
I
refer to the media release issued by Gold Corporation on 8 March 2023 titled ''The
Perth Mint responds to ABC TV allegations''.
(1) What was the
rationale for adopting a new refining process that ensures that gold bullion
produced by the Perth Mint is above 99.996 per cent pure gold, as announced by
the Perth Mint CEO?
(2) Is it correct
to say that the Perth Mint has reverted to a refining process that ensures
99.996 per cent gold purity or that it is a new process and the Perth Mint has
never had a refining process in place prior to 2021 to ensure 99.996 per cent
gold purity?
(3) What
potential savings per annum could be achieved by the Perth Mint if it were to
adopt a refining process that ensured only an average minimum gold content of
99.992 per cent?
(4) If the
decision to implement a new refining process to ensure a minimum average gold
content of 99.996 per cent was not a commercial decision by Gold Corporation,
who made the decision and why?
AnswerView source ↗
I thank the member for some notice
of the question. I answer on behalf of the parliamentary secretary representing
the Minister for Mines and Petroleum. The following answer has been provided by
the Minister for Mines and Petroleum.
(1)–(4) The
average Perth Mint gold kilobar contains at least 99.99 per cent gold, which is
the standard for gold bars. This is the average gold purity and there is always
variation in the trace elements in each gold bar. This is due to the fact that
gold is a naturally occurring material and the nature of the refining process.
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 made a decision
to revert to its former practice of refining gold bars to an average minimum
99.996 per cent gold purity.
of the question. I answer on behalf of the parliamentary secretary representing
the Minister for Mines and Petroleum. The following answer has been provided by
the Minister for Mines and Petroleum.
(1)–(4) The
average Perth Mint gold kilobar contains at least 99.99 per cent gold, which is
the standard for gold bars. This is the average gold purity and there is always
variation in the trace elements in each gold bar. This is due to the fact that
gold is a naturally occurring material and the nature of the refining process.
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 made a decision
to revert to its former practice of refining gold bars to an average minimum
99.996 per cent gold purity.
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