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Australian Gold Shining In $11 Billion Chinese Market

August 8, 2017 Business News No Comments Email Email

The Perth Mint has created a strong new market for Australian gold producers with Chinese investors now buying more than 230 tonnes of Australian gold bullion, worth $11 billion, on the Shanghai Gold Exchange every year.

Chief Operating Officer David Woodford said the quality of Australian gold and the certainty of supply had seen gold exports to China dramatically increase in the recent years.

“In 2014, The Perth Mint became the first foreign refinery accredited on the Shanghai Gold Exchange and we have worked steadily to establish this new market,” Mr Woodford said.

“Today we are on track to achieve our goal of becoming the biggest source of imported gold in the Chinese market and that is great news for Australian gold producers and Australian mine workers.”

Australian gold exports into China have more than doubled from 110 tonnes in 2011 to 232 tonnes in the past year. Over the past 12 months alone, growth has been more than 8 per cent.

Mr Woodford said The Perth Mint had established direct distribution networks with both local Chinese banks and international banks operating across China.

“The majority of our exports are in the form of 1kg gold bullion bars which are certified at 99.99 per cent purity,” he said.

“Our direct relationships with the banks have enabled us to lift our sales volumes and we are confident this market will continue to grow.”

Australia is the second largest producer of gold in the world after China and The Perth Mint is focused on maximising export income from gold production.

“The Perth Mint has an established international reputation for excellence in refining and minting precious metals,” Mr Woodford continued.

“In the past year, we refined more than 330 tonnes of gold and 540 tonnes of silver.

“We are focused on promoting the Australian gold industry to the world to build long term markets which will bring real benefits to Australian producers and workers for decades to come.”

The Perth Mint – Shining for Western Australia for 118 years.

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