The Western Australian (WA) Government is looking to commission an independent options analysis for Gold Corporation, which owns and operates The Perth Mint, to minimise risks and ensure value for WA taxpayers.
The options analysis will review the functions Gold Corporation performs for its stakeholders, whether the WA community and State Government receive value from it, and the extent to which its ownership structure aligns with the State’s goals.
The analysis will consider all options for the future of Gold Corporation, including any potential impacts on Gold Corporation’s stakeholders, including the gold industry, tourism providers and the WA community.
The Department of Treasury will select a commercial advisor to consider the options available to manage the State’s risks concerning its ownership of Gold Corporation, including regulatory, financial and other risks.
The State Government has allocated $1 million to support the independent process.
The findings and recommendations of the options analysis will be considered by Government later in the year after the conclusion of the external audit of Gold Corporation that was ordered by the Commonwealth regulator AUSTRAC.
Commenting on the matter, Mines and Petroleum Minister Bill Johnston said ensuring the ownership and operation of Gold Corporation aligns with the best interests of taxpayers as it supports the State Government’s commitment to responsible financial management.
“Today’s announcement is about ensuring value for the benefit of the WA community and the State Government, while assessing the role Gold Corporation fulfills for its many stakeholders, including Australia’s world-leading gold mining sector,” Minister Johnston added.
He noted that the process would build on the work underway at Gold Corporation to consolidate its core business and strengthen its compliance with the laws and regulations that govern its operations.
“This options analysis will be informed by the findings of a strategic review already commenced by Gold Corporation to help guide the best way forward,” Minister Johnston said.
