❓ Hon Neil Thomson questions the Gold Corporation WA regarding expenditure related to an Enforceable Undertaking with AUSTRAC, its funding source, and its impact on net profit. The Minister clarifies the funding source and timeline, stating the remediation program predates the Undertaking.
AnsweredQoN 2101Legislative Council
QuestionView source ↗
I refer to the Gold Corporation WA
2024-25 Budget Paper No 2 Volume 1, and Note 5 on page 253, in relation to the Enforceable
Undertaking following agreement with Australian Transaction Reports and Analysis Centre (AUSTRAC) to address governance shortcomings in the Anti-Money Laundering and Counter Terrorism Financing Act 2006 , and I ask: (a) what has/will be the total expenditure needed to address issues raised in the Enforceable Undertaking; (b) is the Enforceable Undertaking work to be wholly or partly funded from retained dividends from the 2023-24 year; and (c) is payment for the Enforced Undertaking the primary reason why net profit after tax is significantly down in 2023-24 and 2024-25 when compared to 2022-23 and current outyear estimates?
2024-25 Budget Paper No 2 Volume 1, and Note 5 on page 253, in relation to the Enforceable
Undertaking following agreement with Australian Transaction Reports and Analysis Centre (AUSTRAC) to address governance shortcomings in the Anti-Money Laundering and Counter Terrorism Financing Act 2006 , and I ask: (a) what has/will be the total expenditure needed to address issues raised in the Enforceable Undertaking; (b) is the Enforceable Undertaking work to be wholly or partly funded from retained dividends from the 2023-24 year; and (c) is payment for the Enforced Undertaking the primary reason why net profit after tax is significantly down in 2023-24 and 2024-25 when compared to 2022-23 and current outyear estimates?
AnswerView source ↗
Answered
11 September 2024
Responded by
Leader of the House representing the Minister for Mines and Petroleum
Response time
7 days
(a) As has been publicly disclosed, the expected cost of the Remediation Program is $34 million. Gold Corporation remains highly confident that the Program will be delivered within this budget.
(b) No. The Remediation Program is funded from Gold Corporation’s operating cashflows. This is expected to remain the case through to its completion.
(c) The premise of this question is technically incorrect. The Remediation Program was scoped, funded and underway before the Enforceable Undertaking was implemented. The $34 million expenditure was approved in the 2022-23 Mid-Year Review process. The Enforceable Undertaking was not entered into until November 2023.
(b) No. The Remediation Program is funded from Gold Corporation’s operating cashflows. This is expected to remain the case through to its completion.
(c) The premise of this question is technically incorrect. The Remediation Program was scoped, funded and underway before the Enforceable Undertaking was implemented. The $34 million expenditure was approved in the 2022-23 Mid-Year Review process. The Enforceable Undertaking was not entered into until November 2023.
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