Perth Mint to be Sold?

Discussion in 'General Precious Metals Discussion' started by Agnostic, Sep 22, 2013.

  1. Agnostic

    Agnostic Active Member Silver Stacker

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    Just noticed an article on page 5 of today's Sunday Times.

    After general discussion about Colin Barnett's premiership and the recent credit rating downgrade, there is a list of State assets that might be sold.

    And the Perth Mint tops the list...

    -----
    FOR SALE? By Political Editor Joe Spagnolo

    GoldCorp (including Perth Mint): Likely to be sold.

    Sale of GoldCorp would not generate riots in the streets. The public would not object.
    -----

    Fellow stackers, what do you make of this?
     
  2. Eureka Moments

    Eureka Moments Well-Known Member Silver Stacker

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    Group buy! :D
     
  3. bull_bear

    bull_bear New Member Silver Stacker

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    Interesting, first thing that springs to mind is that its probably got fairly good profitability.. Asset sales are often controversial, so to get Best bang for your political buck is to sell assets that could generate a large amount (and usually therefore good return in the private sector for new owners)
    Does anyone know of any other publically listed mints?
    What other state assets were on the list?
    Link to article?
     
  4. bull_bear

    bull_bear New Member Silver Stacker

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    Haha, put me down for one roll!
     
  5. Agnostic

    Agnostic Active Member Silver Stacker

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    The possible asset sale list was:

    1. GoldCorp - likely to be sold
    2. Lotterywest - unlikely to be sold
    3. TAB: likely to be sold
    4. Water Corporation - unlikely to be sold
    5. Synergy-Verve - likely to be sold
    6. Western Power - unlikely to be sold
    7. Insurance Commission of WA - unlikely to be sold
    8. Fremantle Port - unlikely to be sold
    9. Land holdings - likely to be sold

    http://www.perthnow.com.au/news/wes...or-colin-barnett/story-fnhocxo3-1226724480641
     
  6. Franko

    Franko Member Silver Stacker

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    Not anymore just posted this else where.




    A question mark hangs over which WA Government-owned assets will hit the chopping block, following the loss of West Australia's AAA credit rating.

    However, Mr Barnett was quick to discount rumours that the TAB or GoldCorp, which includes the iconic Perth Mint, faced privatisation during an interview on radio 6PR on Sunday morning.



    Read more: http://www.watoday.com.au/wa-news/q...ty-sell-off-20130922-2u7jd.html#ixzz2fchPKKl5
     
  7. goldpelican

    goldpelican Administrator Staff Member

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    Not sure the federal Treasury would be so keen on permitting a private sector mint to produce Australian legal tender - albeit that's only part of the mint's operations.

    You could bet there were some Chinese state fund managers salivating at the prospect of it being privatised - because we all know that's who the buyer would be. Control over the refining and sale of circa 300t of gold a year including most Australian mine production? How do they says "Dibs!!!" in Mandarin?

    No doubt the article that included the list was just written by a journo speculating.
     
  8. miniroo

    miniroo Well-Known Member Silver Stacker

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  9. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    The new LNP Qld Govt called in Peter Costello to audit the books and recommend which state assets to sell.

    Colin Barnett will probably do the same.

    We should also remember that Costello was the treasurer that sold off most of our nation's Gold Reserve.
     
  10. AngloSaxon

    AngloSaxon Active Member

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    Can't say I wouldn't mind being a shareholder in a privatised Perth Mint. But it won't happen.
     
  11. bron suchecki

    bron suchecki Active Member Silver Stacker

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    If the Perth Mint was privatised the Federal Govt would not allow it to make legal tender coins - blanks may be made by private companies but governments always do the minting, they aren't going to let a private firm make money. So there goes all the profit from that major line of business.
     
  12. trew

    trew Active Member Silver Stacker

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    They could sell it to the Fed govt
     
  13. boston

    boston Well-Known Member Silver Stacker

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    Correct me if I am wrong, however doesn't the Federal Reserve already do this in the USA?
     
  14. neonuke

    neonuke Well-Known Member Silver Stacker

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    The FED only prints Federal Reserve Notes I think, coins are minted by Treasury??? Like to know if this is the case too.

     
  15. Ronnie 666

    Ronnie 666 Well-Known Member Silver Stacker

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    Yes Coins are minted debt free - notes, and all electronic cash produced by the con artist Fed
     
  16. renovator

    renovator Well-Known Member

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    Im not sure your correct ...The new owners would just mint them without the legal tender status .The $1 face value is pitiful & meaningless anyway imo.If the quality stayed the same im sure most people would still buy them regardless.

    There is plenty of mints selling rounds without legal tender status & making profit
     
  17. gooby

    gooby New Member Silver Stacker

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    Yes, but the federal government would not be buying actual coinage from them anymore.
     
  18. trew

    trew Active Member Silver Stacker

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    Perth Mint does not produce circulating coinage - that is done by the Royal Australian Mint.
     
  19. gooby

    gooby New Member Silver Stacker

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    Oh, my apologies. I just kind of assumed they both did. Thanks for correcting me.

    Sorry, renovator!
     
  20. bron suchecki

    bron suchecki Active Member Silver Stacker

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    US Mint is US Treasury, not Fed.

    Yes a private Perth Mint could make non-legal tender but the fact is legal tender is preferred so we would not sell as many, therefore less profit therefore WA Govt gets less for the Mint than it thinks it will get. There are a lot of other areas where we would be impacted negatively so that is why Colin said it won't happen.
     

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