The Perth Mint signs off on record year
Soaring demand from investors for purest-quality, sustainably sourced and refined precious metals products alongside an ability to stay open for business through COVID has helped The Perth Mint deliver the biggest year in the organisation’s 122-year history.
The underlying profit (before tax and minority interests) for the year to 30 June 2021 of $55.96 million eclipsed the previous year’s record result of $47.5 million.
The Perth Mint returns 82.5c of every pre-tax dollar to the State Government for investment in front line services and infrastructure for the benefit of all West Australians. Almost $41 million in taxes and dividends was paid to the State Government during the year, taking the total paid over the past decade to more than $230 million.
CEO Richard Hayes said the record-breaking performance in 2020-21 was outstanding and a credit to The Perth Mint’s highly professional team of over 500 people who had risen to the challenges presented by COVID.
“The past financial year has been one of the most challenging the world has faced in many decades – but it also delivered unprecedented opportunities to further build The Perth Mint’s reach and reputation across the globe,”
“More so than in any other year in recent history, precious metals not only retained their status as safe-haven investments during turbulent market conditions but further cemented their role in an uncertain world."
“The demand for trusted gold and silver products was the highest that The Perth Mint has seen in its 122-year history, placing unprecedented pressure on our ability to service our worldwide client base.
“For example, at the height of the “silver squeeze” in February, demand from our global client base was such that we sold silver investment products as fast as we could make them, and precious metal holdings in our central bank-grade storage facilities increased to new levels as our customers from around the world looked for safe storage options.
“And the soaring demand from our customers enabled us to expand our workforce over the past year by 18 per cent – with 187 new full-time positions created – at a time when COVID was causing angst in so many workplaces around the State and Australia.
“The pandemic continues to cast a dark shadow over the world. However, I am confident in our ability to remain a safe and inclusive employer and the trusted leader in precious metals for our customers across Australia and the world.”
Turnover was up 10 per cent to $26.35 billion, continuing to cement The Perth Mint’s place as Western Australia’s third largest exporter by value.
The Perth Mint produced and sold 17.4 million coins and minted bars during the year, with 83 per cent of the volume exported throughout the world.
Led by the 2021 Australian Kangaroo 1oz 99.99% pure gold and silver bullion Australian legal tender coins, the organisation’s minted products attracted record buying support world-wide, with $3.47 billion worth of coins, medallions and minted bars sold, up almost 20 per cent on 2019/20 period.
And investors from around the world continue to entrust The Perth Mint with the management and safe storage of almost $6 billion worth of gold, silver and platinum – another record performance that underscores the organisation’s status as a global leader in precious metals. Two years ago, The Perth Mint’s Depository holdings were a then-impressive $3.5 billion – before COVID triggered an investor flight to safety and quality.
Being Australia’s only fully accredited London Bullion Market Association refiner, The Perth Mint continued to refine the vast majority of Australia’s newly mined gold. In 2020/21, The Perth Mint refined and added value to almost 500 tonnes of gold and silver for its mining customers.
“Offering the lowest risk, safest and best value for money refining option in the region, our staff worked tirelessly through the crisis to support the Australian gold industry and meet demand from domestic and international investors alike,” Mr Hayes said.
“Our core values of responsibility, integrity, safety and excellence will continue to guide us on our journey towards becoming the sustainability benchmark in the precious metals industry.”
FAST FACTS – FY2020-21 as at 30 June Turnover
- $26.35 billion – up 10 per cent on FY2019-20
Audited refining volumes
- 15.65 million ounces of gold and silver dore – down 3 per cent on FY2019-20
Global sales – minted products
- 17.39m bullion and collector coins, medallions and minted bars valued at $3.47 billion – up 19 per cent on FY2019-20
Global sales – gold cast bars
- 279 tonnes of gold cast bars valued at $22.54b – up 1 per cent on FY2019-20
- $5.9 billion in total, including
- 58.9 tonnes of gold holdings valued at $4.5b – up 3 per cent on FY2019-20
- 1,161.0 tonnes of silver holdings valued at $1.3b – up 6 per cent on FY2019-20
- 2.0 tonnes of other metal holdings (primarily platinum) valued at $87m – up 5 per cent on FY2019-20
The Perth Mint’s popular gold tours run daily and include viewing opportunities of ‘King Henry’, ‘The Karratha Queen’ and the Guinness World Record-holding One-Tonne Gold Coin.
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