SYDNEY, April 20 (Reuters) - Western Australia state
said on Thursday it will launch a review of its ownership of The
Perth Mint, the world's largest processor of newly mined gold,
as the company battles allegations it sold diluted gold to
China.
Australian media reported last month Perth Mint may have to
recall a potential $9 billion worth of diluted or "doped"
one-kilogram gold bars sold to top consumer China.
The Perth Mint rejected the allegations and remains
accredited by the London Bullion Market Association, the world's
top accreditor of gold refiners.
Western Australia will commission an independent assessment
of the regulatory, financial and other risks stemming from state
ownership of Gold Corporation, which owns and operates The Perth
Mint, it said in a statement on Thursday.
The review will assess the value which the state government
receives from Gold Corporation and whether "its ownership
structure aligns with State Government goals".
All options will be considered, the statement added.
Findings are due later this year after an audit ordered by
federal anti-money laundering regulator the Australian
Transaction Reports and Analysis Centre (AUSTRAC).
“It is important to ensure the ownership and operation of
Gold Corporation aligns with the best interests of the people of
Western Australia," Mines and Petroleum Minister Bill Johnston
said in the statement.
(Reporting by Lewis Jackson; editing by Jason Neely)
@lewjackk))
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