WA plays key role in development of Olympic commemorative coins

9/10/97

Western Australia is playing a key role in the development of the official commemorative coins launched today to mark the Sydney 2000 Olympics.

Premier Richard Court said the Olympic coin program was a joint venture between the Perth Mint and the Royal Australian Mint and would convert almost 2.5 tonnes of gold - most of it extracted from WA mines - and 49 tonnes of silver, into proof coinage to be marketed around the world.

"I am extremely proud of our State's strong connections with the Sydney Olympics through the Perth Mint's involvement in the most significant international marketing program associated with the Sydney Games," Mr Court said.

"For Western Australians, the knowledge that our State was the source of most of the precious metal and that our mint produced many of the coins, will be a source of great pride and provide added reason to purchase the coins in this magnificent collection."

Mr Court said that striving for gold was at the heart of the Olympic ideal, and was an integral part of WA's history.

"Paddy Hannan made his famous gold discovery in Kalgoorlie in 1893 - just one year before the modern Olympic movement was established," he said.

"What is more, the first modern games were staged in Athens in 1896 - the year the foundation stone was laid for the Perth Mint."

Mr Court said Western Australia's role in the coin program underlined the strength of its gold industry and its importance to the State and the nation.

"Currently the State produces 76 per cent of Australia's gold and accounts for eight to nine per cent of world gold production," he said.

"WA's gold production increased in 1996 by 17 per cent to 222 tonnes. That figure is expected to rise to 330 tonnes in the next three years.

"The State is also the country's main focus for gold exploration - attracting 69 per cent of Australia's gold exploration expenditure.

"These coins are a wonderful way to commemorate the Sydney Olympics, but to me they are also a symbol of the strength of the State that has played a major role in producing them - Western Australia."

Media contact: Casey Cahill 9222 9475