Perth Mint to be Sold?

A

Agnostic

Active Member
Silver Stacker
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...

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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.
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Fellow stackers, what do you make of this?
 
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?
 
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
 
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
 
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.
 
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.
 
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.
 
bron suchecki said:
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.
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Correct me if I am wrong, however doesn't the Federal Reserve already do this in the USA?
 
The FED only prints Federal Reserve Notes I think, coins are minted by Treasury??? Like to know if this is the case too.

boston said:
bron suchecki said:
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.
Click to expand...
Correct me if I am wrong, however doesn't the Federal Reserve already do this in the USA?
Click to expand...
 
Yes Coins are minted debt free - notes, and all electronic cash produced by the con artist Fed
 
bron suchecki said:
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.
Click to expand...
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
 
renovator said:
bron suchecki said:
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.
Click to expand...
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
Click to expand...

Yes, but the federal government would not be buying actual coinage from them anymore.
 
gooby said:
Yes, but the federal government would not be buying actual coinage from them anymore.
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Perth Mint does not produce circulating coinage - that is done by the Royal Australian Mint.
 
trew said:
gooby said:
Yes, but the federal government would not be buying actual coinage from them anymore.
Click to expand...

Perth Mint does not produce circulating coinage - that is done by the Royal Australian Mint.
Click to expand...

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

Sorry, renovator!
 
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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