Perth Mint makes profits of $38m



2015-06-26 11:40:29

Perth Mint makes profits of $38m

Gold prices reach near-record levels as investors look for secure investments

Also known as Gold Corporation, the Perth Mint has made profits of A$38m, up from A$3.7m last year.

Its only investor, the West Australian Government, receives a handy A$29.1m (A$16m dividend and A$13.1m in tax), and some employees will pick up bonuses of A$5,000.

Ed Harbuz, Chief Executive of the Mint, puts the sharp rise down to the company's ability to benefit from the increased interest in gold coins, alongside bullion.

The company sold A$2.7m gold coins this year, up nearly 50% on last year, and now has a 9% share of the gold bullion coin market.

"Despite the global economic downturn, demand increased across Gold Corporation's numismatic coin business, with sales of commemorative collector coins strong both in Australia and in worldwide markets." Harbuz explained.

The Mint now has deposits of $2bn.

It's not just sales that have helped their profits though.

The Perth Mint welcomed 77,000 tourists to their attraction centres, reflecting a depth of interest in gold, especially in coin form. The company is redeveloping its Visitor Experience to make the most of this.

The increases are likely due in part to other countries becoming more interested in investing, especially China, where citizens are currently being encouraged in such investments.

It's certainly an exciting time to be a coin collector.

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