Royal Canadian Mint achieves $1 billion in revenue in single quarter for first time in its history
Milestone highlighted in Corporation's second quarter financial report
OTTAWA, Aug. 27, 2013 /CNW/ - Today, the Royal Canadian Mint reported the achievements of an extraordinary second quarter with an increase in consolidated revenues of 93.8% to $1.05 billion in the 13 weeks ending June 29, 2013.
"This unprecedented result was due to the soaring demand for the Mint's world-renowned Gold and Silver Maple Leaf bullion coins and sustained popularity of our expertly handcrafted numismatic products," said Ian E. Bennett, President and CEO of the Royal Canadian Mint. "Our employees continue to surpass customer expectations while the Mint remains at the forefront of new technologies and innovations."
The volume of Gold Maple Leaf sales increased 144% to 403,000 ounces during the same period in 2012, while sales of Silver Maple Leaf coins increased to 6.4 million ounces from 4.0 million ounces. The Mint's Numismatics and Collectibles Business Line continued to grow, with revenues increasing 29.6% to $40.7 million. The issuing of 51 collector coins during the quarter resulted in 13 sell-outs, with the most popular coins featuring new technologies and special characteristics such as ultra high relief, niobium and the glow-in-the dark application.
Other notable Mint achievements in the second quarter include:
- The official opening of the expansion to the plating facility in Winnipeg as well as the Hieu C. Truong Centre of Excellence for Research and Development;
- The introduction of two new coin finishes, specifically a double annealing process that reduces the amount of nickel required to finish an alloy coin and a non-cyanide bronze finish. These new processes are key to expanding the products offered by the Foreign Business Line; and
- The completion of the popular War of 1812 circulation coin program, with the release of the 25-cent coin commemorating Laura Secord's instrumental role in this pivotal event in Canadian history.
To read more of the Mint's second quarter financial report, please visit www.mint.ca.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown Corporation responsible for the minting and distribution of Canada's circulation coins. An ISO 9001-2008 certified company, the Mint is recognized as one of the largest and most versatile mints in the world, offering a wide range of specialized, high quality coinage products and related services on an international scale. For more information on the Mint, its products and services, visit www.mint.ca.
SOURCE Royal Canadian Mint, Government of Canada