History of AGR Matthey
Our activities comprise precious metal refining and the global distribution of product, largely gold bars, together with the manufacture, import and wholesaling of industrial products and jewellery items.
Before 1998 there were three major competitors in Australia, each with a gold refinery and manufacturing operations. These were the Western Australian Mint (usually known as The Perth Mint), Johnson Matthey (Aust.) Limited and Golden West (Australasia) Limited.
The Mint was originally developed in the late 1890s by the State government to refine gold produced in the gold rush at that time and to mint sovereigns as circulation currency for the colony of Western Australia. Under the management of Gold Corporation from 1986 onwards it modernised and also expanded its activities interstate and internationally.
Johnson Matthey was established as a regional subsidiary of the UK-based Johnson Matthey Limited in the 1940s, with its headquarters in Sydney. Following the acquisition in 1990 of the Melbourne-based precious metals business of Deak International in Australia and New Zealand, it relocated these activities to Melbourne.
Golden West was founded in 1988, with its head office in Perth, and subsequently acquired Harringtons as well as a half share in Alloy & Gold Sales (NSW) Pty Ltd.
All three competitors developed national sales networks, and both Johnson Matthey and Golden West also operated in New Zealand.
Volume is a key to survival and profitability in this global industry, and consolidation among competitors was inevitable. In December 1998 the Western Australian Mint and Golden West established the AGR Joint Venture partnership, which assumed all of Golden West’s activities and the refining and precious metals manufacturing operations of the Mint. (AGR stands for Australian Gold Refineries.) The Mint retained its precious metal minting, depository, retail and other activities under the overall ownership of Gold Corporation.
The partnership created and appointed AGR Management Services Pty Ltd to manage the business and employ its staff.
In 2001 Golden West sold its half share in AGR Joint Venture to Australian Gold Alliance Pty Ltd, an indirectly owned subsidiary of USA-based Newmont Limited.
In mid-2002 AGR Joint Venture acquired two jewellery wholesalers, Australian ArtImports Pty Ltd and Atlantis Chain (Aust.) Pty Ltd, and in October that year the partnership was enlarged to include the Australian and New Zealand operations of Johnson Matthey. A new partnership, AGR Matthey, was created, with its head office, treasury and refining operations in Newburn, Western Australia, adjacent to Perth’s international airport. Precious metal manufacturing is carried out by the Products Division at its Thomastown, Melbourne, factory.