Strong performance delivers $52.67m full-year profit

Sep 21, 2023

The Perth Mint has delivered another strong full-year performance to underscore the organisation’s status as a partner of choice across the gold and precious metals sectors.

The Mint reported a profit before tax of $52.67 million for the year to 30 June 2023, amid sustained demand worldwide for gold and precious metals over much of the year. Net profit after tax came in at $36.83 million. The full-year profit was built on historically high revenue of $23.19 billion.

The Mint remains on a strong financial footing and paid $14.25 million in tax equivalents to the WA Government in 2022-23. The $21.14 million dividend which would ordinarily have been payable was retained – with Government endorsement – to be reinvested in the Mint business.

Internally, the 2022-23 year has seen a strong focus on improved safety performance and progressing a fully funded remediation program which is undertaking a comprehensive refresh of the organisation’s customer records.

The Mint continued to be a significant employer, with a total workforce of 712 at 30 June 2023.

The Mint’s results are contained in Gold Corporation’s 2022-23 annual report, which was tabled in State Parliament today. Gold Corporation trades as The Perth Mint.

Chief Executive Officer Jason Waters said the Mint performed well across all segments, which was a credit to the organisation’s dedicated employees and the ongoing support of customers.

“From the gold miners who trust us to refine their precious metal doré to retail clients and investors across the world who seek out our range of quality products, we thank all of them for their strong support of The Perth Mint.”

— Jason Waters

“In my meetings with the Mint’s key stakeholders in WA and around the world, it was confirmed to me the high regard in which the Mint is held and the trust that continues to be placed in us – from the refinery through to the minted products division, our treasury department and depository, and our retail and tourism offering.

“I am pleased with the progress the Mint team has made to remediate our customer base, address matters of historical non-compliance and modernise our practices and processes to ensure that this organisation, which next year celebrates its 125th anniversary, remains fit for purpose and a leader in the precious metals sector.”

The Mint’s refinery processed 15.99 million ounces of gold and silver doré, down from 17.68 million ounces in 2021-22. The refinery processed approximately 78% of the newly mined gold doré produced in Australia in 2022-23, underscoring the crucial role the Mint plays as the gold mining sector’s partner of choice.  

The Mint’s exceptional quality collector and investor coins, medallions and minted bars, designed and crafted in Perth, continued to be in demand around the world, with 19.22 million units with a combined value of $3.67 billion sold over the year. The leading markets continued to be the United States and Germany.

The value of precious metal in the Mint’s depository holdings increased to $6.4 billion from $6.23 billion over the course of the year. Notably, the Australian dollar gold price rose above $3,000 per ounce in May 2023, helping to lift the value of the Mint’s holdings to more than $7 billion at that point.

Some depository customers capitalised on the high gold price environment to liquidate some of their holdings, with the volume of gold held in the Mint’s secure storage facilities at 30 June 2023 down 7 per cent year-on-year and silver volumes down 3.9 per cent.

Visitor numbers to the Mint’s gold tour in its century-old East Perth location bounced back after three years of COVID-19 disruptions, with 78,910 people through the doors to deliver the best result since 2013.


Samia O'Keefe
Manager, Corporate Communications
2022-23 AT A GLANCE

Revenue – $23.19 billion; up from $21.77 billion in FY22.

Profit before tax $52.67 million; up from $40.28 million in FY22. 

Profit after tax$36.83 million; up from $28.18 million in FY22. 

Workforce – 712 individual employees, up from 593 in FY22, with the most significant source of the increase being the expansion of the AML Remediation Program.

Lost Time Injury Frequency Rate (LTIFR) – 1.79, compared with 3.10 in FY22, because of a renewed focus on improving operational safety and processes.

Total refining volume – 15.99 million ounces of gold and silver doré; down from 17.68 million ounces in FY22, partly as a result of unexpected and temporary disruption to our supply chain.

Global sales – 19.22 million collector coins, medallions and minted bars sold valued at $3.67 billion; down from 19.7 million in FY22, because of changes in customer demand. Gold demand remained high but a change in the tax treatment of silver in Germany – one of our key markets – led to a reduction in sales in the second half of the year.

Client investments - $6.4 billion of client metal on deposit at 30 June 2023; up from $6.23 billion on 30 June 2022 because of increases in precious metal prices. 

Visitors to Perth Mint Gold Tour – 78,910; up from 34,440 in FY22, as COVID-19 restrictions were removed.