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What's the News about the Koala 2022 ?


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With a release date expected January 10th you would imagine the primary dealers would have a pre-order in place.
Looks as if this coin could be (a) hard to source and (b) relatively expensive for a regular bullion ounce.
Chards is showing the coin but price TBC.
I fear the worst and perhaps a reason to stop collecting this series should the price become unreasonable.

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The Perth Mint ERP system has been messed up of late, since they launched their new website. Perhaps relevant, perhaps not. 🤷‍♂️


Ex-Perth Mint chief executive Richard Hayes left the government-owned gold refiner after it burnt through $100 million of taxpayers’ money in a dysfunctional technology upgrade project that is now six years overdue with the cost blowouts buried within the organisation’s accounts.

Mr Hayes, who signed on for another five-year contract with the Perth Mint last November, resigned suddenly on October 13 citing health reasons, with employees told he would leave the gold refiner in April next year.

But an investigation by The Australian Financial Review can reveal Mr Hayes left the Mint after a board meeting on October 17, alongside chief investment officer Brad Wearn who only re-joined the Perth Mint in August.

Mr Wearn was previously an employee of the Perth Mint, and his appointment to CIO marked the sixth change to the head of the IT department over the last six years.

Perth Mint director John Collins, former chief of the WA Treasury Corporation, is temporarily acting as CEO. It is believed he is working two days a week. The Perth Mint did not respond to questions.

The new Enterprise Resource Planning (ERP) system, developed to run financial accounting and metal accounts, was given the green light in 2014, with a $16 million budget and an 18 to 24-month timeline. The project cost has now ballooned to more than $100 million.

Within the Perth Mint annual reports, the Financial Review can reveal the company classified the software upgrade as an intangible asset, capitalised some of it and amortised the rest over the six-year period.

Systems crashed
Mr Hayes’ abrupt departure comes after questions were put to the Gold Corporation, the parent company of the Perth Mint, during a West Australian Senate estimates session in September regarding the software project.

According to insiders, there are 80 staff and contractors working on the project, with Mr Hayes providing oversight during his tenure, alongside a steering committee made up of board members.

PwC is the contracted project manager and Empire IT Services and Churchill’s, where Mr Wearn was also previously employed, are also independently overseeing the project.

According to documents seen by the Financial Review, the ERP system went live at the end of November but crashed the Perth Mint’s systems, which were offline for at least 24 hours, restricting the Mint’s capacity to accept, dispatch or check stock levels.

Mr Hayes has been the chief executive of the Perth Mint for seven years, and helmed the government-owned entity throughout revelations last year that the Mint was unwittingly buying up to $200 million of “conflict gold” annuallyfrom a company run by a convicted killer in Papua New Guinea, breaching its global accreditation and the company’s own supply chain policies.

At the time, West Australian Premier Mark McGowan ordered an “urgent review” of the Mint’s processes.

Ultimately, the Mint was not stripped of its accreditation by The London Bullion Market Association (LBMA), but Mr Hayes was also embroiled in another scandal after senior staff members raised concerns they were facing pressure over hiring decisions and procurement contracts in 2017.

The Mint was then the subject of inquiries by the WA Corruption and Crime Commission (CCC).

“Of all the things the Mint has gone through over the last few years, it’s surprising to think a software blowout is the thing that has toppled Hayes,” one ex-employee who worked with the executive team for many years told the Financial Review on the condition of anonymity.



The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary. - H.L. Mencken

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51 minutes ago, StackemHigh said:

Koala's can be and usually are the worst Perth  mint offering to the market every year.

you forgot about the silver kangaroo, the only coin from PM that is  milking

Edited by daca
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