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Perth Mint sold diluted gold to China, tried to cover it up
By Angus Grigg, Ali Russell, Stephanie Zillman, and Meghna Bali
Australian Broadcasting Corp., Sydney
Sunday, March 5, 1013
The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or "doped" bullion to China and then covering it up, according to a leaked internal report.
ABC's "Four Corners" program has uncovered documents charting the Western Australian government-owned mint's decision to begin "doping" its gold in 2018, and then how it withheld evidence from its largest client in an effort to protect its reputation.
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While the gold remained above broader industry standards, the report estimated up to 100 tonnes of gold sent to Shanghai Gold Exchange (SGE) potentially did not comply with the exchange's strict purity standards for silver content.
One Perth Mint insider, who asked not to be named and risk five years in jail if the insider's identity is revealed, says it is a "scandal of the highest level."
"I don't know if I've ever seen one this big," the insider says.
The mint is the largest processor of newly mined gold in the world, one of Perth's top tourist attractions, and is well known for producing commemorative coins to mark everything from royal weddings to a new James Bond film.
Last year alone it sold A$20.3 billion in gold. It is the only mint in the world that has a government guarantee.
But in recent years the 124-year-old institution, officially known as Gold Corporation, has been plagued by a series of scandals. ...
... For the remainder of the report:
https://www.abc.net.au/news/2023-03-06/perth-mint-gold-doping-china-cover-up-four-corners/102048622
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