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'Operational decision' by Perth Mint to dilute gold bars with other metals



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Western Australian Premier Mark McGowan has faced questions in Perth over a scandal revelation in which an ABC Four Corners investigation raised questions about the governance of the Perth Mint and the percentage of gold in their bars.

Mr McGowan says the “decision” was made by the Perth Mint to dilute gold with a percentage of other metals and it is something mints do “all over the world” to maximise value.

“It was a decision by the Perth Mint, an operational decision, and that’s what mints do all over the world to try and maximise value – the gold component of the gold bars the West Australia mint sells is above 99.99 per cent which is international best practice,” he said during a media conference on Wednesday.

“The issue – it’s the .01 per cent that is not gold, in a gold bar, ordinarily that is silver, lead and copper, a mixture of those things – the Shanghai Gold Exchange requests that only half of that .01 per cent can be silver and the remaining half needs to be copper or lead.”
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