The Perth Mint – Celebrating 125 Golden Years

By SAWAN TANNA, Treasurer, The Perth Mint

For 125 years, The Perth Mint has stood as a testament to the timeless allure and enduring value of gold. Opened in 1899, this iconic Western Australian institution has evolved from its colonial origins as a branch of the Royal Mint into Australia’s largest fully integrated precious metals enterprise, renowned for its gold purity, commitment to quality, and its exceptional craftsmanship of precious metal coins, cast bars and minted products.

When The Perth Mint opened on June 20, 1899, its goal was to make sovereigns using gold from the West Australian goldfields as currency for countries in the British Empire. More than a century on, the Mint no longer makes circulating currency, though it is a key player in the global precious metals market, offering a variety of highquality products and services for collectors and investors worldwide.

Global Reputation for Quality

Accredited by the London Bullion Market Association for both gold and silver, customers can have confidence in the stated weight, purity and integrity of all Mint products. With a collective experience of more than 150 years within the laboratory team, the Mint’s highly trained chemists and technicians pride themselves on delivering fast, flexible, and responsive service while providing consistent, reliable, and accurate results. Having rebuilt its lab with state-of-the-art equipment in 2017, The Perth Mint operates one of the most technologically advanced laboratories in the southern hemisphere, providing analysis bullion assaying; ICP base metal scans on doré (instrumental analysis); high purity precious metals analysis, concentrates and slag analysis; and UMPIRE or independent mine check analysis for other refiners and precious metals producers around the world.

The Perth Mint’s refinery is a partner of choice for gold mining companies who rely on it for accuracy, scale and security, as well as its ethical and sustainable processes. In 2022-23, 78 per cent of the gold mined in Australia was refined by The Perth Mint.

Our refinery operations have been part of the business ever since the very beginning, initially in the East Perth premises, where tourists now gather to watch a live gold pour in the original melt house. The last gold bars were cast at this heritage-listed building on April 26, 1990 – ending a 91-year-old tradition – when operations moved to a new refinery near Perth Airport.

Recently the refinery has been undergoing upgrades and modernisation to keep pace with the need to process precious metals sustainably and safely. This work is redefining refining and will set the organisation up for the future and cement our place supporting a strong gold industry. The Mint has partnered with internationally renowned manufacturers to collaborate on research to ensure its plant is among the most innovative in the world. In addition to flameless tunnels, which are producing 1,000-ounce silver bars of exceptional quality, the Mint has installed compact casting lines that can weigh, cast and quality check hundreds of bars in a day, while reducing manual handling risks. This results in the same high-quality product with the same high levels of gold purity the Mint is renowned for being produced far more efficiently.

This investment in new technologies also reflects the Mint’s commitment to ESG values and compliance. The Perth Mint is committed to meeting the Western Australia government’s 2050 target for net zero emissions as quickly as possible, working with suppliers and other stakeholders to accelerate this time frame. The Mint is also committed to the wellbeing of its people and to the communities in which it operates. Priorities include ethical supply chains and the safety and wellbeing of employees and stakeholders.

The Pursuit of Purity

The Perth Mint is renowned for the purity of its gold. In 1957 the Mint refined gold close to six nines, when it produced a trial plate deemed to have results of “nearly 999.999 parts per 1,000” as verified by the Goldsmiths’ Company. Its purity was so remarkable the Royal Mint sought – and was granted – permission to retain a portion of it.

This commitment to purity continues to this day with all our gold cast bars, including 1-kilogram cast bars, being produced on average with a gold purity of 99.996 per cent. The result is gold that is not only valuable but also a symbol of The Perth Mint’s commitment to quality. These remarkable precious metals are then exported around the world by a dedicated team of Treasury specialists. The team is the bridge between mines and markets, offering competitive pricing, location swaps and physical metals sales to bullion banks, central banks, government bodies and bullion exchanges globally. This is complemented by the Mint’s Depository team which provides a number of investment products to both institutional and private investors. Most significantly, The Perth Mint is owned by the Western Australia government and all precious metal holdings are backed by a government guarantee enshrined in law. This makes The Perth Mint one of the lowest risk precious metals custodians in the world, giving peace of mind to customers.

Future Focused

While The Perth Mint’s history is a source of great pride, the organisation is always looking ahead. In planning for the future, the business remains committed to maintaining its high standards while continuing to innovate. We continue to explore new technologies and techniques to enhance our operations and expand our product offerings. This approach ensures that The Perth Mint will continue to be a leader in the precious metals industry for many years to come.

SAWAN TANNA has over 18 years of experience in the investment and commercial banking and finance sector and precious metals industry. He previously worked at ANZ Banking Group Limited in Perth, Royal Bank of Canada and UBS Investment Bank in London. Sawan was awarded the title of a Chartered Accountant (CA) from The Institute of Chartered Accountants in Scotland, after attaining a Bachelor of Arts in Accounting and Finance with First Class Honours from Lancaster University.