The Perth Mint will work with ASX Ltd to develop precious metals derivatives that will be traded on the Australian exchange, the companies said on Thursday. "The derivatives products will provide precious metals market participants with a transparent and relevant forward price curve, enabling them to more effectively hedge their exposures," Perth Mint said in an emailed statement. The first product is expected to be launched in the second half of 2016. Australia is the second largest producer of gold after China and the fourth biggest producer of silver.