Sydney-based ABC Refinery has poached three senior Perth Mint employees to join its treasury and trading team as it ramps-up its competition with the government-owned business.
Sydney-based ABC Refinery has poached three senior Perth Mint employees to join its treasury and trading team as it ramps-up its competition with the government-owned business.
Former Perth Mint deputy chief executive, treasurer and chief commercial officer Joe Metcalfe has been appointed treasurer at ABC, after seven years at Gold Corporation, which trades as The Perth Mint.
Nishan Kodituwakku will be deputy treasurer at ABC after serving as Perth Mint deputy treasurer and former Perth Mint senior trader Michael Dymock has been appointed as a senior trader at the refinery.
ABC Refinery head of training Mike Ward said the expansion of the treasury and precious metals trading operation transforms it into one of the biggest and most experienced teams in the region.
“This will also significantly increase ABC Refinery’s share of the precious metals trading market in the face of surging global demand,” Mr Ward said.
Pallion chief executive Andrew Cochineas said the hires are fresh evidence of the company’s position as market leader and an employer of choice in the global precious metals space.
“This expansion of our precious metals trading and treasury team, in conjunction with Pallion’s unique vertically integrated model, positions our group to deliver substantial benefits to the Australasian precious metals sector.”
A spokesperson from the Perth Mint said Mr Metcalfe, Mr Kodituwakku and Mr Dymock had resigned from the Perth Mint to explore new opportunities but in line with their succession planning, it was business as usual.
“Our trading activities continue, our team is maintaining contact with clients, and we continue to offer a premium service,” they said.
Mr Metcalfe, Mr Kodituwakku and Mr Dymock join other Perth Mint executives who have made the switch to ABC Refinery and Pallion group including Perth Mint former chief operating officer David Woodford, who is now Pallion’s chief commercial officer.
ABC Refinery was accredited by the London Bullion Market Association in December 2015, making it the second gold refiner in Australia that could be used in the inter-bank bullion trade.
The move provided competition for the Perth Mint which previously had the monopoly.
ABC Refinery claims it controls 43 per cent of Australia’s gold and silver output.
