PRIME MINISTER
CHECKAGAINST DELIVERY EMBARGOED AGAINST DELIVERY
LAUNCH OF THE AUSTRALIAN NUGGET BULLION COIN
SYDNEY 23 APRIL 1987
Ladies and gentlemen,
Today we launch the Australian Nugget gold bullion coins,
marking the culmination of two years of co-operation between
the Federal Government and the Government of Western
Australia.--Many groups deserve recognition for this achievement,
including the West Australian Development Corporation,
trading as Goldcorp Australia, the Perth Mint, the
Commonwealth Treasury and the Royal Australian Mint. While
congratulating them all, I want to pay special tribute to
the initiative and drive of my friend the Premier of Western
Australia, Brian Burke.
Thanks to Brian and to the many other people involved with
this project, a new range of gold bullion coins is entering
the marketplace. Late last year, a limited ed -ition of proof
coins of the Australian Nugget series was released for the
numismatic market. The oversubscription of that edition
suggests a bright future awaits the Australian Nugget series
on the gold bullion market.
The discovery of gold in the last century played a central
role in the development of the Australian nation. Gold
attracted new settlers, it generated new cities and towns,
it helped forge our political traditions and was a great
spur to more diversified economic growth.
2.
It is no accident that the idea for the Australian Nugget
coins should have originated in Western Australia,
Australia's largest gold producing State. And the theme of
these gold coins famous Australian Nuggets signifies the
importance of the discovery of gold in the development of
the Australian nation.
As these coins show, gold has been discovered in many
corners of the Australian continent, from northern Western
Australia to southern Victoria, by prospectors using shovels
in the last century to those using metal detectors in recent
years. The 1 ounce coin depicts the Welcome Stranger, the largest
nugget ever found, which was unearthed in 1869 near Dunolly,
in Victoria. The Hand of Faith Nugget, depicted on the 1/ 2
ounce coin, was also discovered in Victoria, at Wedderburn,
some 111 years later in 1980.
But the Little Hero, shown on the 1/ 10 ounce coin, was
discovered thousands of kilometres away, at Marble Bar, in
Western Australia, while the Golden Eagle on the 1/ 4 ounce
coin was found in 1931 near Norseman.
The 1980s have seen a massive and rapid resurgence of gold
production in Australia.
My Government recently decided not to remove the tax-exempt
status of the gold mining industry. That decision, along
with the high price of gold and the development of new
mining techniques, has helped make gold again a major
contributor to the nation's economic development.
In 1986, Australian gold production grew by 24 per cent to
the highest level recorded since 1913. of the 73,000
kilograms produced last year, 57,000 were exported, earning
Australia $ 955 million in revenue, or nearly 3 per cent of
total exports. In the first three months of 1987 gold
exports have already earned $ 422 million nearly 5 per cent
of export revenue so far this year.
By the end of the year, some 140 gold mines will be
operating in Australia, with more than 200 gold mining
companies actively exploring for gold or producing it.
Australia is now the world's fastest growing gold producer.
So it makes good sense that we should be one of the world's
top producers of bullion coins.
Since gold bullion coins became available in the early
1970s, they have made an important contribution to an
expanding world market for gold.
Like all gold bullion coins the true value of the Australian
Nugget coins will essentially be determined by the world
price of their gold content. However the coins will be
legal tender in Australia, so buyers can be confident of
their quality and standards.
Ladies and gentlemen,
My Government's policies are aimed at restoring Australia's
economic performance and ensuring the future prosperity of
all Australians.
I believe the gold industry from the mining of gold ores,
to the production and export of refined gold, to the
development of a market for Australian gold coins has an
important part to play in achieving those goals.
The flair and entrepreneurial drive of the organisers of
this project is to be commended. It is therefore with very
great pleasure that I launch the Australian Nugget gold
bullion coins.