Precious Metals

A-Mark acquires majority interest in SilverTowne Mint

The following excerpt is from a news release issued by A-Mark Precious Metals Inc.:

 A-Mark Precious Metals, Inc.(NASDAQ:AMRK), a full-service precious metals trading company and an official distributor for all the major sovereign mints, has acquired a majority ownership stake in Indiana-based SilverTowne Mint and entered into an exclusive supplier agreement with Asahi Refining USA Inc. a subsidiary of Asahi Holdings (TSE: 5857), a global refiner and producer of precious metals.

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Founded in 1973 in Indiana, SilverTowne Mint is a leading producer of fabricated silver products. Over the last 12 months, the company has produced approximately 12.5 million ounces of silver, and has the capacity to produce up to 20.0 million ounces annually.

Under the terms of the agreement, Asahi Holdings, which refines in excess of 75 million ounces of silver annually, will act as the exclusive supplier of LBMA-approved silver feedstock to SilverTowne Mint. The arrangement will provide SilverTowne Mint with a consistent supply of silver feedstock, enabling the mint to produce significantly more fabricated bullion annually, which A-Mark will then distribute exclusively throughout Asia, Europe and North America.

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