- State Government launches process to explore strategic options for Gold Corporation to minimise risk and ensure value for WA taxpayers
- Independent process to assess the role Gold Corporation performs for its many stakeholders
The State Government will commission an independent options analysis for Gold Corporation, which owns and operates The Perth Mint.
The Department of Treasury will engage a commercial advisor to consider the options available to manage the State's risks, including regulatory, financial and other risks, in relation to its ownership of Gold Corporation.
The options analysis will assess the role Gold Corporation performs for its many stakeholders, whether the Western Australian community and State Government receive value from it and the extent to which its ownership structure aligns with State Government 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 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 this year, after the conclusion of the external audit of Gold Corporation that was ordered by the Commonwealth regulator AUSTRAC.
As stated by Mines and Petroleum Minister Bill Johnston:
"It is important to ensure the ownership and operation of Gold Corporation aligns with the best interests of the people of Western Australia. This process is in keeping with the State Government's commitment to responsible financial management.
"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. The process will build on the significant work underway at Gold Corporation to consolidate its core business and strengthen its compliance with the laws and regulations that govern its operations.
"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."
