The Australian National Bank (ANB) will open its first warehouse for storing gold and other precious metals in Western Australia.
The bank has signed a deal to open the Perth branch in 2019.
“The Perth warehouse will be able to house up to 1,000 tonnes of gold and platinum at one time,” ANB managing director Ian Wilson said.
“It will also be a great opportunity to provide Australian citizens and residents with a better alternative to storing their gold and precious metals abroad.”
The warehouse will hold up to 100 tonnes of the precious metal.
Mr Wilson said the Perth warehouse would be the first of its kind in the country.
“In many other countries, it’s a big expense to store gold and metal overseas,” he said.
Mr Walker said the ANB would also have the option of adding a gold vault.
“Gold and silver is the best metal in the world, so we have to find the best way to store that,” he told ABC Radio Perth.
“We’ll work closely with the gold industry and with other countries to find a solution.”
Mr Wilson noted the ANR is currently looking for a warehouse in South Australia.
“There’s been an ongoing discussion in SA between the Government and the ANU about having a gold warehouse there,” he explained.
“They’re really interested in the idea and looking to explore it.”
Mr Walker noted the company has secured the contract to lease space at the warehouse for five years.
“Our team is working very closely with ANU, the SA Government and all stakeholders to make sure we deliver on that,” Mr Wilson said in a statement.
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