Perth Mint Publishes Annual Report

Gold Corporation, which trades as The Perth Mint, has released its 2022-23 annual report, which reports a pre-tax profit of $52.67 million for the year to end June.

Net profit after tax was $36.83 million, and the full-year profit was built on historically high revenue of $23.19 billion. The report also notes delivery of $14.25 million in tax equivalents to the Mint’s owner, the Western Australian Government.

The Mint’s refinery processed 15.99 million ounces of gold and silver doré, down from 17.68 million ounces in the previous period – although, according to the report, its refinery processed approximately 78% of the newly mined gold doré produced in Australia in 2022-23.

Global sales reached 19.22 million collector coins, medallions, and minted bars, which were valued at $3.67 billion in total, with the leading markets continuing to be the US 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. The report notes that the value of the Mint’s holdings rose above $7 billion in May 2023, attributing this to the rise in Australian dollar gold price above $3,000 per ounce at that time.

The volume of gold held in the Mint’s secure storage facilities by the end of the period was down 7% year-on-year, whilst silver volumes were down 3.9%.

Visitor numbers to the Mint’s gold tour at its East Perth location recovered following three years of COVID-19 disruptions, with 78,910 visitors, the highest number since 2013.

In its report, the Mint also noted that the year saw ‘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’.